"We all should look in the mirror .... Most of our economic suicide takes place at the cash register." -- Bob Hall
Yes, but all tax legislation begins in the United States House of Representatives!
We all should send make-up mirrors (made in China) to every member of Congress who fails to actfor a real tax revolt!
Want to run for office in 2012 on a populist platform? Try a proposal that leaps out of the facts presented at David Cay Johnston's Reuters blog comparing income tax paid by working people in China and income tax paid by working people USA! (Johnston isn't even reaching corporate income tax here!)
Excerpted for review purposes from Reuters blogs (David Cay Johnston) --
These tax favors [IRC provisions such as mortgage interest deduction] tend to be skewed up the income ladder. Less than half of homeowners, for example, make enough to get any savings from deducting mortgage interest. The share of people benefiting from tax breaks for retirement plans and healthcare rises with income, an upside subsidy system for the affluent. ... The total [cost in 2007 of a few tax favors] came to $950 billion.
... for every dollar of individual income tax revenue the federal government collected that year Congress gave tax breaks worth 80 cents ...
If we dumped all the tax favors, all else being equal, we could make one of three choices. We could cut tax rates across the board. We could bring in enough money to make the perennial federal budget deficits the kind of minor concern they were before the Reagan era. Or we could exempt at least 72 percent of American workers from paying income tax, as China did until this month.
Imagine the talk in Washington if, as in China now, 92.3 percent of American workers were exempt from income tax. Imagine also how much simpler and pleasant life would be if, as with China today and America long ago, we had an income tax so simple you need not file a return unless you were highly paid and, even then, could file a return in a couple of minutes.
Then again, the Chinese "leaders might [come to] model themselves after American politicians, who hand out ever more tax favors and then decry complexity and the tax rates required to make up for those favors.
It's not true when doing a temporary, government run one time issue. Also, employment by citizenship status is not under this agreement, as are a host of other procurement procedures.
Seriously, you're pulling a GOP talking point. Case in point, Canada is on the list and you should see all of the "Buy Canada" programs they have into place.
Employment, by citizenship status has NEVER been part of any agreement, including WTO GATS mode 4. India BPO industry is trying, but it is not.
USA has been bound by this agreement since it entered into force 1 January 1996. China (including Hong Kong) have been parties to the agreement since 19 June 1997.
From the text of the GPA (btw: note Art. III, ¶ 3) --
Article III: National Treatment and Non-discrimination
1. With respect to all laws, regulations, procedures and practices regarding government procurement covered by this Agreement, each Party shall provide immediately and unconditionally to the products, services and suppliers of other Parties offering products or services of the Parties, treatment no less favourable than:
(a) that accorded to domestic products, services and suppliers; and
(b) that accorded to products, services and suppliers of any other Party.
2. With respect to all laws, regulations, procedures and practices regarding government procurement covered by this Agreement, each Party shall ensure:
(a) that its entities shall not treat a locally-established supplier less favourably than another locally-established supplier on the basis of degree of foreign affiliation or ownership; and
(b) that its entities shall not discriminate against locally-established suppliers on the basis of the country of production of the good or service being supplied, provided that the country of production is a Party to the Agreement in accordance with the provisions of Article IV.
3. The provisions of paragraphs 1 and 2 shall not apply to customs duties and charges of any kind imposed on or in connection with importation, the method of levying such duties and charges, other import regulations and formalities, and measures affecting trade in services other than laws, regulations, procedures and practices regarding government procurement covered by this Agreement [i.e., when such customs duties and charges are general, not particular to government procurement].
..........
Article VIII: Qualification of Suppliers
In the process of qualifying suppliers, entities shall not discriminate among suppliers of other Parties or between domestic suppliers and suppliers of other Parties.
50 of the country makes $26k or less, but still, I'd have to realty check that number. The uber-rich have a tendency to save, invest, not spend proportionate to income inequality. i.e. they get another $10k they spend another $10k doesn't work like that.
Middle class, poor on the other hand, spend it immediately, mainly because they are so broke, they are immediately spending money to buy food, gas, needs.
@Bob Hall said "Consumer spending is 70% of our entire economy"
Ahh, but the top 5% account for 37% of that outlay (see link), maybe the top 20% most of the rest. Hence you can easily see it is reasonable to allow 80% of the population to live in tent camps in the desert.
and they discovered that infamous "it's cheaper" if made from China didn't hold water. They retrofitted entire homes with made in America products, swapping out the Chinese, overseas counterparts and found they could get American made products for the same amounts.
So, much of this has to do with capital investments in EEs, all for Wall Street, once again and "investors".
Also, labor costs are maybe 20% maximum in advanced manufacturing, it's really plant, processes that are costly. So, the never ending claim U.S. workers must cut their wages to slave wages in order to compete is another lie.
It's not true, just yet another excuse to wealth transfer from workers to the uber-rich.
But this post is purely about government spending and actions as economic stimulus. There, it really is a waste of taxpayer dollars for to get those high multipliers the money must re-circulate within that domestic economy as much as possible.
Be nice if an additional condition would be anyone directly or indirectly receiving stimulus funds benefit be required to only spending, consume, products made in the United States with that corresponding disposable personal income received.
We all should look in the mirror. Consumer spending is 70% of our entire economy, and most of our economic suicide takes place at the cash register. We vote with our dollars. Every time we make a purchase, we vote for "Made in USA" -- or we vote for something else, like the People's Liberation Army.
Put a pencil to it. If everyone in the U.S. simply reallocated one dollar per day, from foreign-made to U.S.-made, we'd create a lot of jobs. Ten dollars or more per day and our troubles could be over.
Please see my "College Girl, Economy, Jobs" video, then, if you like, my platform at:
Unbelievable, he was before some union workers "campaigning" and talked about "Big business" blocking opening up markets to sell our products.
Absolutely insane, he's talking about the Korea, Panama and Columbia trade deal which are not going to create U.S. jobs and it's all about offshoring more jobs, tax havens and multinational corporations demands.
I have voted for this comment because after puzzling and puzzling over it, I can only conclude that it's some of the craziest logic I've heard in a long time .... so there must be something to it!
So the Financial Sector makes investing in anything else a bad idea yet investing in the Financial Sector is treated like it’s a bad idea too! A logical person might conclude that the Financial Sector, on the whole, does MUCH more harm than good to our economy and must be taken down – obviously it just doesn’t work on any level.
A less logical person (like us) might conclude that investors are idiots and that BCS or XLF are fantastic buys at this price for the PATIENT investor, who is willing to scale into a position over time and would be happy to double down should the Financials fall another 50%, rather than bail out with a 50% loss.
It's a long read, but what else do you have to do while unable to get to sleep anyway, sweating out the hours between London's closing and New York's open? Or ....
... just buy gold and hold onto it for dear life, so much easier than thinking ... sleep well, 'nighty night'!
"Did you really mean to suggest that bankers only lend real money, not the stuff the Fed cooks up in its basement?" --Frank T.
NO. Anyway, not exactly my view of things. The Fed can create currency, but the Fed does a terrible job of managing that monopolistic authority, because the Fed is owned by and for the benefit of fractional-reserve privately-owned banks. See, American Monetary Institute webpage on the Federal Reserve system.
I support the American Monetary Act, which has been proposed in Congress by Rep. Dennis Kucinich (D-Ohio).
Why is monetary reform so critically important? Because the money power has more impact on citizens day to day lives than the Executive, Legislative and Judicial branches. It’s really a fourth branch of government – or should be – and leaving it in private hands is dangerous and unacceptable – it negates the balancing of powers principle of our constitution and creates an aristocracy – a plutocracy – the rule by wealth. --- Stephen Zarlenga
I am a democratic monetarist, meaning that 'printing up' money is just fine, if you are needing a medium of exchange. The thing is that money needs to also be a measure of worth, applicable to planning over a period of time measured in years, not days. It's a matter of maintaining a sane and well-governed monetary system.
There is no need whatsoever for currency to be a lasting store of value, like over centuries. Indeed that idea, except in times such as the period of exploitation of American resources by the Spanish Crown, tends to result in a disincentive for investors who might invest in the real lasting store of value, which is river of life itself. In any event, such systems as the gold standard inevitably become, if they do not always originate as, entrenched systems designed for the exploitation of labor by militaristic imperialists.
Gold standard isn't the answer, never was the answer. For the USA now to adopt a gold standard would accomplish nothing but the resurrection of William Jennings Bryan from his grave. One of the best moves FDR ever made was his EO 6102 (3 April 1933), aka "gold confiscation order" -- but that option was bequeathed to Roosevelt by the populist campaigning of William Jennings Bryan some decades previous.
Having said that, it may be that a return to silver certificates (and coins with silver content) would be a good idea. But I would prefer to see a multi-metallic system than a bimetallic. It could be a good idea for the USA to institute a basket of commodities approach as has been famously proposed by the economist Hayek. (Gaussian copula theory could be put to good use here!) Such a move shouldn't be necessary, since really the basic thing is mutual trust among intelligent citizens believing in themselves, in working and living in a democracy -- and understanding what that means. But as a practical matter, an intelligent citizenry can decide to make use of the basket approach as part of an overall monetary plan based on control of the money supply under a system of democratically enacted law.
Objections to monetarism as the fundamental truth of monetary theory are really, at their core, objections to democracy. For example, the von Mises Institute -- with which the goldbug Rep. Ron Paul (R-Texas) is generally associated -- is openly anti-democracy.
I acknowledge that democracy has its pitfalls. But, from the point of view of individual liberty requiring the avoidance of concentrations of power, is there any honorable way around it?
You take on democracy as a matter of faith, or you don't.
Excerpts from William Jennings Bryan's 'Cross of Gold' speech (1896) --
There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. ....
My friends, we shall declare that this nation is able to legislate for its own people on every question without waiting for the aid or consent of any other nation on earth ....
I shall not slander the ... people [by saying that they] will declare our helpless impotency as a nation to attend to our own business. It is the issue of 1776 over again. ....
If they dare to come out in the open field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands for a gold standard by saying to them, you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold.
---- William Jennings Bryan, addressing the Democratic National Convention, 1896
I'm convinced much is simply HFT. No rhyme or reason. But this time, I think overall the global economy is slowing and the problem is the politicians are absolutely insane, we have "austerity" in Europe and the counter version, "Tea party" in the United States, which is precisely the wrong prescription at the moment.
Also, I've seen many comments here by anonymous drive-bys asking "what they should do with their 401ks" and such and that's even more frightening. Obviously in the middle of a crash it's too late, but who in their right mind would take advice from unknown forces?
Shows the desperation and why the destruction of traditional pensions, now social security is a disaster.
"It seems better to pay low wages to workers in this country, even if those workers have bee imported than to send the jobs overseas." -- BDaddy
Depends on whether you are paying the low wages or trying to live on them. Also depends on whether you plan to sell products and services in this country or in your community, or not.
The market is completely decoupled from reality.I would be surprised if the Dow dropped as much Europe did today (.04%), if it drops at all. The Dow is certainly no indicator of the economy six months out and is an indicator of the fraud that is being perpetrated. IMO
What the US public fails to understand is that the bankers WANT us unemployed. And they WANT the US wrecked and they WANT the Chinese to be our overlords. Why? Because Americans are too productive and create TAX SURPLUSES like we did in the late 90s, which allow Americans to pay CASH for cars and houses. Paying CASH means NO NEED for bankers' loans!
Adaptec - Indian CEO Subramanian Sundaresh fired.
AIG (signed outsourcing deal in 2007 in Europe with Accenture Indian frauds, collapsed in 2009)
AirBus (Qantas plane plunged 650 feet injuring passengers when its computer system written by India disengaged the auto-pilot).
Apple - R&D CLOSED in India in 2006.
Australia's National Australia Bank (Outsourced jobs to India in 2007, nationwide ATM and account failure in late 2010).
Bell Labs (Arun Netravalli took over, closed, turned into a shopping mall)
Boeing Dreamliner ES software (written by HCL, banned by FAA)
Bristol-Myers-Squibb (Trade Secrets and documents stolen in U.S. by Indian national guest worker)
Caymas - Startup run by Indian CEO, French director of dev, Chinese tech lead. Closed after 5 years of sucking VC out of America.
Caterpillar misses earnings a mere 4 months after outsourcing to India, Inc.
Circuit City - Outsourced all IT to Indian-run IBM and went bankrupt shortly thereafter.
ComAir crew system run by 100% Indian IT workers caused the 12/25/05 U.S. airport shutdown when they used a short int instead of a long int
Deloitte - 2010 - this Indian-packed consulting company is being sued under RICO fraud charges by Marin Country, California for a failed solution.
Dell - call center (closed in India)
Delta call centers (closed in India)
Fannie Mae - Hired large numbers of Indians, had to be bailed out. Indian logic bomb creator found guilty.
GM - Was booming in 2006, signed $300 million outsourcing deal with Wipro that same year, went bankrupt 3 years later
HP - Got out of the PC hardware business in 2011 and can't compete with Apple's tablets. HP was taken over by Indians and Chinese in 2001. So much for 'Asian' talent!
HSBC ATMs (software taken over by Indians, failed in 2006)
Intel Whitefield processor project (cancelled, Indian staff canned)
Lehman (Spectramind software bought by Wipro, ruined, trashed by Indian programmers)
Medicare - Defrauded by Indian national doctor Arun Sharma & wife in the U.S.
Microsoft - Employs over 35,000 H-1Bs. Stock used to be $100. Today it's lucky to be over $25. Not to mention that Vista thing.
MIT Media Lab Asia (canceled)
MyNines - A startup founded and run by Indian national Apar Kothari went belly up after throwing millions of America's VC $ down the drain.
PeopleSoft (Taken over by Indians in 2000, collapsed).
PepsiCo - Slides from #1 to #3 during Indian CEO Indra Nooyi' watch.
Polycom - Former senior executive Sunil Bhalla charged with insider trading.
Qantas - See AirBus above
Quark (Alukah Kamar CEO, fired, lost 60% of its customers to Adobe because Indian-written QuarkExpress 6 was a failure)
Rolls Royce (Sent aircraft engine work to India in 2006, engines delayed for Boeing 787, and failed on at least 2 Quantas planes in 2010, cost Rolls $500m).
SAP - Same as Deloitte above in 2010.
Singapore airlines (IT functions taken over in 2009 by TCS, website trashed in August, 2011)
Skype (Madhu Yarlagadda fired)
State of Indiana $867 million FAILED IBM project, IBM being sued
State of Texas failed IBM project.
Sun Micro (Taken over by Indian and Chinese workers in 2001, collapsed, had to be sold off to Oracle).
UK's NHS outsourced numerous jobs including health records to India in mid-2000 resulting in $26 billion over budget.
Union Bank of California - Cancelled Finacle project run by India's InfoSys in 2011.
United - call center (closed in India)
Victorian Order of Nurses, Canada (Payroll system screwed up by SAP/IBM in mid-2011)
Virgin Atlantic (software written in India caused cloud IT failure)
World Bank (Indian fraudsters BANNED for 3 years because they stole data).
I could post the whole list here but I don't want to crash any servers.
Open for discussion for anything. The same is true for the series, the Saturday Reads, the Friday Night Movie and the Sunday Morning comics.
My current thought is flipping on the tube, the History channel is running yet another ridiculous semi-reality show about people buying junk throughout the U.S. and flipping it for profit.
Nice, not a single history documentary on labor day, labor, workers in 100 channels of cable. Pretty astounding huh, a national holiday and not one show, series, nothing on labor to be had.
"We all should look in the mirror .... Most of our economic suicide takes place at the cash register." -- Bob Hall
Yes, but all tax legislation begins in the United States House of Representatives!
We all should send make-up mirrors (made in China) to every member of Congress who fails to act for a real tax revolt!
Want to run for office in 2012 on a populist platform? Try a proposal that leaps out of the facts presented at David Cay Johnston's Reuters blog comparing income tax paid by working people in China and income tax paid by working people USA! (Johnston isn't even reaching corporate income tax here!)
See, EP's links-list-at-left or ...
http://blogs.reuters.com/david-cay-johnston/2011/09/06/a-simple-income-tax/
Excerpted for review purposes from Reuters blogs (David Cay Johnston) --
Sponsored by the US Chamber of Commerce to echo through various Politician puppet mouths.
They ran that on the 1st stimulus in order to weaken and loophole the buy American clause.
Also, other nations who think America is their toilet, i.e. their consumer market lobbied heavily.
It's not true when doing a temporary, government run one time issue. Also, employment by citizenship status is not under this agreement, as are a host of other procurement procedures.
Seriously, you're pulling a GOP talking point. Case in point, Canada is on the list and you should see all of the "Buy Canada" programs they have into place.
Employment, by citizenship status has NEVER been part of any agreement, including WTO GATS mode 4. India BPO industry is trying, but it is not.
When will we ever learn? (I know, I know, it's the oil!)
WTO 'Uruguay Round' -- "Agreement on Government Procurement ('GPA')"
USA has been bound by this agreement since it entered into force 1 January 1996. China (including Hong Kong) have been parties to the agreement since 19 June 1997.
"Most Parties have been bound by the Agreement since its entry into force on 1 January 1996. For some, it entered into force at a later date. Some Parties have joined the Agreement by way of accession."
From the text of the GPA (btw: note Art. III, ¶ 3) --
50 of the country makes $26k or less, but still, I'd have to realty check that number. The uber-rich have a tendency to save, invest, not spend proportionate to income inequality. i.e. they get another $10k they spend another $10k doesn't work like that.
Middle class, poor on the other hand, spend it immediately, mainly because they are so broke, they are immediately spending money to buy food, gas, needs.
@Bob Hall said "Consumer spending is 70% of our entire economy"
Ahh, but the top 5% account for 37% of that outlay (see link), maybe the top 20% most of the rest. Hence you can easily see it is reasonable to allow 80% of the population to live in tent camps in the desert.
http://blogs.wsj.com/wealth/2010/08/05/us-economy-is-increasingly-tied-t...
and they discovered that infamous "it's cheaper" if made from China didn't hold water. They retrofitted entire homes with made in America products, swapping out the Chinese, overseas counterparts and found they could get American made products for the same amounts.
So, much of this has to do with capital investments in EEs, all for Wall Street, once again and "investors".
Also, labor costs are maybe 20% maximum in advanced manufacturing, it's really plant, processes that are costly. So, the never ending claim U.S. workers must cut their wages to slave wages in order to compete is another lie.
It's not true, just yet another excuse to wealth transfer from workers to the uber-rich.
But this post is purely about government spending and actions as economic stimulus. There, it really is a waste of taxpayer dollars for to get those high multipliers the money must re-circulate within that domestic economy as much as possible.
Be nice if an additional condition would be anyone directly or indirectly receiving stimulus funds benefit be required to only spending, consume, products made in the United States with that corresponding disposable personal income received.
Good post.
We all should look in the mirror. Consumer spending is 70% of our entire economy, and most of our economic suicide takes place at the cash register. We vote with our dollars. Every time we make a purchase, we vote for "Made in USA" -- or we vote for something else, like the People's Liberation Army.
Put a pencil to it. If everyone in the U.S. simply reallocated one dollar per day, from foreign-made to U.S.-made, we'd create a lot of jobs. Ten dollars or more per day and our troubles could be over.
Please see my "College Girl, Economy, Jobs" video, then, if you like, my platform at:
www.facebook.com/BobHall2012Campaign
Unbelievable, he was before some union workers "campaigning" and talked about "Big business" blocking opening up markets to sell our products.
Absolutely insane, he's talking about the Korea, Panama and Columbia trade deal which are not going to create U.S. jobs and it's all about offshoring more jobs, tax havens and multinational corporations demands.
Just unreal.
Sign seen posted in front of closed factory:
"This year's company picnic will be held in Mexico"
I have voted for this comment because after puzzling and puzzling over it, I can only conclude that it's some of the craziest logic I've heard in a long time .... so there must be something to it!
Detailed analysis by Phil of Phil's Stock World (posted by Ilene) at Zero Hedge ...
titled "Monday Market Momentum - Down is the New Up"
Especially impressive is Phil's account of fundamentals, Phil being a chartist par excellence.
Pointing out that the Financial sector (thanks to Congress and the Fed) is sitting on over $1Tn of excess reserves. and quoting, with approval, a PDF (2010) International Institute for Labor Studies paper (Sameer Khatiwada) 'Did the Financial Sector Profit at the Expense of the Rest of the Economy?, Phil continues:
It's a long read, but what else do you have to do while unable to get to sleep anyway, sweating out the hours between London's closing and New York's open? Or ....
... just buy gold and hold onto it for dear life, so much easier than thinking ... sleep well, 'nighty night'!
" ... it's hyper expensive, it doesn't make a lot of sense to "cluster" but they do and their reasons are something to study." Robert Oak
"Did you really mean to suggest that bankers only lend real money, not the stuff the Fed cooks up in its basement?" --Frank T.
NO. Anyway, not exactly my view of things. The Fed can create currency, but the Fed does a terrible job of managing that monopolistic authority, because the Fed is owned by and for the benefit of fractional-reserve privately-owned banks. See, American Monetary Institute webpage on the Federal Reserve system.
I support the American Monetary Act, which has been proposed in Congress by Rep. Dennis Kucinich (D-Ohio).
Link to download PDF --
http://www.monetary.org/wp-content/uploads/2011/06/hr6550bill.pdf
See also, 'The 1930s Chicago Plan and the American Monetary Act' by Stephen Zarlenga (American Monetary Institute) --
I am a democratic monetarist, meaning that 'printing up' money is just fine, if you are needing a medium of exchange. The thing is that money needs to also be a measure of worth, applicable to planning over a period of time measured in years, not days. It's a matter of maintaining a sane and well-governed monetary system.
There is no need whatsoever for currency to be a lasting store of value, like over centuries. Indeed that idea, except in times such as the period of exploitation of American resources by the Spanish Crown, tends to result in a disincentive for investors who might invest in the real lasting store of value, which is river of life itself. In any event, such systems as the gold standard inevitably become, if they do not always originate as, entrenched systems designed for the exploitation of labor by militaristic imperialists.
Gold standard isn't the answer, never was the answer. For the USA now to adopt a gold standard would accomplish nothing but the resurrection of William Jennings Bryan from his grave. One of the best moves FDR ever made was his EO 6102 (3 April 1933), aka "gold confiscation order" -- but that option was bequeathed to Roosevelt by the populist campaigning of William Jennings Bryan some decades previous.
Having said that, it may be that a return to silver certificates (and coins with silver content) would be a good idea. But I would prefer to see a multi-metallic system than a bimetallic. It could be a good idea for the USA to institute a basket of commodities approach as has been famously proposed by the economist Hayek. (Gaussian copula theory could be put to good use here!) Such a move shouldn't be necessary, since really the basic thing is mutual trust among intelligent citizens believing in themselves, in working and living in a democracy -- and understanding what that means. But as a practical matter, an intelligent citizenry can decide to make use of the basket approach as part of an overall monetary plan based on control of the money supply under a system of democratically enacted law.
Objections to monetarism as the fundamental truth of monetary theory are really, at their core, objections to democracy. For example, the von Mises Institute -- with which the goldbug Rep. Ron Paul (R-Texas) is generally associated -- is openly anti-democracy.
I acknowledge that democracy has its pitfalls. But, from the point of view of individual liberty requiring the avoidance of concentrations of power, is there any honorable way around it?
You take on democracy as a matter of faith, or you don't.
American Monetary Institute
_________
Excerpts from William Jennings Bryan's 'Cross of Gold' speech (1896) --
I'm convinced much is simply HFT. No rhyme or reason. But this time, I think overall the global economy is slowing and the problem is the politicians are absolutely insane, we have "austerity" in Europe and the counter version, "Tea party" in the United States, which is precisely the wrong prescription at the moment.
Also, I've seen many comments here by anonymous drive-bys asking "what they should do with their 401ks" and such and that's even more frightening. Obviously in the middle of a crash it's too late, but who in their right mind would take advice from unknown forces?
Shows the desperation and why the destruction of traditional pensions, now social security is a disaster.
"It seems better to pay low wages to workers in this country, even if those workers have bee imported than to send the jobs overseas." -- BDaddy
Depends on whether you are paying the low wages or trying to live on them. Also depends on whether you plan to sell products and services in this country or in your community, or not.
The market is completely decoupled from reality.I would be surprised if the Dow dropped as much Europe did today (.04%), if it drops at all. The Dow is certainly no indicator of the economy six months out and is an indicator of the fraud that is being perpetrated. IMO
What the US public fails to understand is that the bankers WANT us unemployed. And they WANT the US wrecked and they WANT the Chinese to be our overlords. Why? Because Americans are too productive and create TAX SURPLUSES like we did in the late 90s, which allow Americans to pay CASH for cars and houses. Paying CASH means NO NEED for bankers' loans!
Adaptec - Indian CEO Subramanian Sundaresh fired.
AIG (signed outsourcing deal in 2007 in Europe with Accenture Indian frauds, collapsed in 2009)
AirBus (Qantas plane plunged 650 feet injuring passengers when its computer system written by India disengaged the auto-pilot).
Apple - R&D CLOSED in India in 2006.
Australia's National Australia Bank (Outsourced jobs to India in 2007, nationwide ATM and account failure in late 2010).
Bell Labs (Arun Netravalli took over, closed, turned into a shopping mall)
Boeing Dreamliner ES software (written by HCL, banned by FAA)
Bristol-Myers-Squibb (Trade Secrets and documents stolen in U.S. by Indian national guest worker)
Caymas - Startup run by Indian CEO, French director of dev, Chinese tech lead. Closed after 5 years of sucking VC out of America.
Caterpillar misses earnings a mere 4 months after outsourcing to India, Inc.
Circuit City - Outsourced all IT to Indian-run IBM and went bankrupt shortly thereafter.
ComAir crew system run by 100% Indian IT workers caused the 12/25/05 U.S. airport shutdown when they used a short int instead of a long int
Deloitte - 2010 - this Indian-packed consulting company is being sued under RICO fraud charges by Marin Country, California for a failed solution.
Dell - call center (closed in India)
Delta call centers (closed in India)
Fannie Mae - Hired large numbers of Indians, had to be bailed out. Indian logic bomb creator found guilty.
GM - Was booming in 2006, signed $300 million outsourcing deal with Wipro that same year, went bankrupt 3 years later
HP - Got out of the PC hardware business in 2011 and can't compete with Apple's tablets. HP was taken over by Indians and Chinese in 2001. So much for 'Asian' talent!
HSBC ATMs (software taken over by Indians, failed in 2006)
Intel Whitefield processor project (cancelled, Indian staff canned)
Lehman (Spectramind software bought by Wipro, ruined, trashed by Indian programmers)
Medicare - Defrauded by Indian national doctor Arun Sharma & wife in the U.S.
Microsoft - Employs over 35,000 H-1Bs. Stock used to be $100. Today it's lucky to be over $25. Not to mention that Vista thing.
MIT Media Lab Asia (canceled)
MyNines - A startup founded and run by Indian national Apar Kothari went belly up after throwing millions of America's VC $ down the drain.
PeopleSoft (Taken over by Indians in 2000, collapsed).
PepsiCo - Slides from #1 to #3 during Indian CEO Indra Nooyi' watch.
Polycom - Former senior executive Sunil Bhalla charged with insider trading.
Qantas - See AirBus above
Quark (Alukah Kamar CEO, fired, lost 60% of its customers to Adobe because Indian-written QuarkExpress 6 was a failure)
Rolls Royce (Sent aircraft engine work to India in 2006, engines delayed for Boeing 787, and failed on at least 2 Quantas planes in 2010, cost Rolls $500m).
SAP - Same as Deloitte above in 2010.
Singapore airlines (IT functions taken over in 2009 by TCS, website trashed in August, 2011)
Skype (Madhu Yarlagadda fired)
State of Indiana $867 million FAILED IBM project, IBM being sued
State of Texas failed IBM project.
Sun Micro (Taken over by Indian and Chinese workers in 2001, collapsed, had to be sold off to Oracle).
UK's NHS outsourced numerous jobs including health records to India in mid-2000 resulting in $26 billion over budget.
Union Bank of California - Cancelled Finacle project run by India's InfoSys in 2011.
United - call center (closed in India)
Victorian Order of Nurses, Canada (Payroll system screwed up by SAP/IBM in mid-2011)
Virgin Atlantic (software written in India caused cloud IT failure)
World Bank (Indian fraudsters BANNED for 3 years because they stole data).
I could post the whole list here but I don't want to crash any servers.
Open for discussion for anything. The same is true for the series, the Saturday Reads, the Friday Night Movie and the Sunday Morning comics.
My current thought is flipping on the tube, the History channel is running yet another ridiculous semi-reality show about people buying junk throughout the U.S. and flipping it for profit.
Nice, not a single history documentary on labor day, labor, workers in 100 channels of cable. Pretty astounding huh, a national holiday and not one show, series, nothing on labor to be had.
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