Jim Hightower:
The Wall Street giants get foreign employees to whom they can pay a fraction of American salaries. But what does our society get? The products and services are not improved, nor are they cheaper – the labor savings are not passed on to customers, but pocketed by those at the top. It further widens the disparity between the very wealthy and the rest of us, weakening America’s economy and undermining our democratic ideals.
If Wall Street doesn’t give a damn about Americans, why should America be underwriting Wall Street?
Outsourcing isn't new, but here's a side of it I haven't seen covered elsewhere: the banking bailout will siphon off how much of that 1 1/2-2 trillion dollars overseas, instantly??
Like Lambert keeps asking, And we get???
So far, the answer seems to be, nothing of any real value.
And ponies apt to arrive dead.
That's not fair to the small equines, either.
Call, write, email, walk down and bend a staffer's ear at the local office. Let Congress know: NO bailout.
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China shut the $$ spigot off today too
-- http://www.reuters.com/article/marketsNe... -- "Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries. ..."