I read an interesting piece today in the paper that for some reason the web site will not recognize to allow me to copy. It seems the banking industry has been steadily contributing to the American jobless rate by laying folks off only to replace them with foreign workers they can get at reduced salaries.

The number of visas the banks were seeking under the H-1B visa program (which allows temporary employment of foreign workers in specialized skill and advanced degree positions) increased by nearly one third in fiscal 2007, at the same time huge numbers of banking employees were being laid off.

The average annual salary for those jobs was $90, 721 which is nearly twice the median income for U.S. households.

Foreigners are attractive hires because there are sufficient loopholes allowing them to be paid less, even though they may have higher levels of education.

Senators Chuck Grassley (R-IA) and Richard Durbin (D-Ill), disgusted by these practices, are pushing for legislation to make employers go to American workers first when recruiting for jobs. Is this another example of isolationist policy, or is it about time we look after our own first?

Thanks Dubya, for your farewell financial aid to these assholes who gave you and the American tax-payers the finger while continuing their greedy practices.

The money given to the banks should have been given to the people and used to pay down debt which would have meant the banks got money and people had less debt.

Uhm it's our government and our tax money, so our money should be spent on American citizens who pay said taxes.

Uhm it's our government and our tax money, so our money should be spent on American citizens who pay said taxes.


Welcome to "You and 300 million other Americans are getting fucked"

I work at an Investment Bank. On my team, there are 5 people - 4 of them are from India (I'm the only one that isnt). In my group, there are approximately 20 people, only 1 is an American - me. All the rest are from India (mostly), Asia, etc.

All working in America. Some on H1-B's, some with Green Cards (came here originally on H1-B's). The ones I've spoken to with Green Cards do not intend to become citizens - they told me they just got them so that they could continue to work in the US.

Take that anecdotal evidence as you will.

Are you the guy in charge of your team? Of your Group?

Yes to team, no to group.

The money given to the banks should have been given to the people and used to pay down debt which would have meant the banks got money and people had less debt.

While I don't agree for a second with how the banks have used our money, doing what you suggest is not feasible in our monetary system. It's a nice thought, but would've left the whole system in even worse shape for banks and individuals alike.

Apparently our monetary system as a whole is not feasible...I say go for it...

If they gave us all billions of new, fake money, it would inflate the dollar proportionally. You would only end up better off if you had less dollar based savings than the average amount of the "stimulus".

Meanwhile, the banks would just be making new loans for higher amounts due to the inflation and we'd owe them greater interest based on that "money bubble". It would hurt us more than them to do something like that.

It's important to consider that while what Rover proposed isn't a workable idea, it is MORE WORKABLE than what we did with the TARP.

Why not allow the US government to become a lender?

Allow banks to fail that must fail while at the same time keeping the flow of credit open.

Yes, we would be much better off if the government were to regain control over the money supply.

Unfortunately, there's no possible way that the average US citizen is ever going to understand our monetary system well enough to push for the sort of reform that's needed, and there's no way more than a handful of politicians will ever oppose the current system.

Well it seems to me that we need something while the banks go through the times that they brought on themselves.

I wouldnt mind seeing the financial industry go though a period of pain, reorganization and eventual transformation.... but the problem is that the rest of America will have to suffer along with them for their sins. It really isnt the average persons fault that banks over leveraged to the tune of 30 to 1. Fuck em.

But, at the same time, loans need to be made. Why not allow the government, on a temporary basis, issued a one year renewable charter, to step in and become a lender?
Money could be loaned out, and repaid at profit back to the government. The government could then in the future, sell these assets to banks at low rates, enabling them to quickly reconstitute themselves.

This wouldnt be printing money then would it? Money lent out for a profit is wealth creation as I understand it. And money lent out to create businesses or produce goods is also generating wealth, as long as the loans are good and the people are repaying the loan back.

You are very correct L2, many of my clients rely on credit lines to operate. Due to the present environment I am currently owed more money than I want to even think about.

Last January 2008 my salary draw was $17000.00 this January 2009 was $2000.00

Well it seems to me that we need something while the banks go through the times that they brought on themselves.

I wouldnt mind seeing the financial industry go though a period of pain, reorganization and eventual transformation.... but the problem is that the rest of America will have to suffer along with them for their sins. It really isnt the average persons fault that banks over leveraged to the tune of 30 to 1. Fuck em.

But, at the same time, loans need to be made. Why not allow the government, on a temporary basis, issued a one year renewable charter, to step in and become a lender?
Money could be loaned out, and repaid at profit back to the government. The government could then in the future, sell these assets to banks at low rates, enabling them to quickly reconstitute themselves.

This wouldnt be printing money then would it? Money lent out for a profit is wealth creation as I understand it. And money lent out to create businesses or produce goods is also generating wealth, as long as the loans are good and the people are repaying the loan back.

Some banks have acted irresponsibly and unethically, but they aren't the root of the problem. Letting them rot on the vine won't solve anything. In fact, your hometown bank branch where you might apply for a loan could be barely complicit in this whole fiasco, if not completely innocent. It's the I-Banks that really screwed us.

The problem with the ideas down this path is that the US government does not control its own money supply. If it were to make direct loans of US dollars, it would have to do so by selling treasuries and, yes, inflating the money supply.

If someone has the sack to take on the FED, we certainly could regain control of our money and make stimulus loans that would benefit everyone. Lincoln and Kennedy both issued real, debt-free money via executive order, for example.

The root of almost all our (macro) financial problems is that US dollars cannot be created without debt (and interest) backing them. We've willingly dug ourselves into a hole that is mathematically impossible to climb out of.

I think we are long overdue for some isolationism. Our country gave up alot for the sake of redistribution of global wealth and acting as the globe's cops. Screw this policy of allowing cheap foriegn labor to sit as a priority hire under the guise of "Low available domestic labor". Plenty of people want to work, but not for what you pay Majunjabar based on the cost of education to qualify but even then these large companies might be in for a surprise. With current events, most Americans would probably work for alot less then these corporate dosche bags have engrained in their fat heads. Reduced pay is better than no pay at all.

The whole cheap labor to keep prices down is bullshit anyway. All that is done is they pocket the difference. Prices do not go down. Look at shoes. Same cost when they were made in Oregon as now oversea's paying 70 dollars a month. Its a fucking scam. Higher Americans pay them money, and fuck you if you are stuck only having 100million instead of 500million.