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Hi Rich,The point wasn't to tell Americans to move. It's that there are three million job openings in the U.S. right now that can't be filled (at a time when 13 million Americans are out of work). What it signals is a mismatch between the jobs that are open and the people who fill them. Some of this may be a skills mismatch. And some of it comes down to the fact that, because of the housing situation, people have less flexibility to move.
Here's a story we wrote on the topic:http://www.businessweek.com/magazine/content/09_19/b4130040117561.htm?chan=magazine+channel_top+stories
Ah! you think investment bankers work hard! I am an artist and a professor of painting. I have two full-time careers that are both extremely demanding, competitive, and financially unrewarding. I repeat: TWO FULL-TIME CAREERS. Top that investment bankers.
Regarding comments about census jobs being created. I was hired a month ago by the Census Bureau as an enumerator and was let go today along with all others in my crew of 20. I believe there are tens of thousands of other workers across the country who are in a similar situation. It sounds reasonable that 80,000 positions may have been created a month ago, that an equal number are being eliminated this month, and that another new wave of temporary positions may be created and filled later this year.
As an enumerator, my job was to verify census mapping and address lists to ensure that everyone in my assigned area receives a questionaire later this year. Those questionaires, I believe, will be the primary basis for the census, with door to door canvassing being done for questionaires not properly completed or returned. Please check the Census Bureau website for more information.
bet you're wrong rich! live richly!
This editor from Business Week thinks we should all now relocate for work. What is this a replay of the "Grapes of Wrath". Her comments aren't realistic.
re shrinking pie -- that's the "people collecting unemployment" number .
The government can't prevent this from happening? The government prevented this kind of thing from happening for 50 years!
Guests: It's May, 2012. What's different?
(the above comment comes from someone consulting inside this industry during the referenced period.)
Back in 2005-07 stress tests among hedge funds were flavor of the day on the admin (back end) and investment sides. Without SEC oversight private companies sprung up offering "stress tests" to make sure they really were more than just a phone, a logo and a yacht. Personally I think that systemic weakness was revealed to all, more than strength.
From my indirect perspective, it seemed that when banks forced Congress in 05 to harden bankruptcy laws, this quite transparently expressed their own fears and their plans for increased near-term risk. Then, the collapse in 06 of Amaranth seemed to confirm the financial quicksand underground upon which we tread today.
My theory is that -- armed with this perspective, hedge funds (along with pirate, er private equity) found a way to financially exploit the result of that systemic due diligence and continue to do so. I am not criticizing this as "wrong" but it does present another reason that hedge funds need to be regulated too, as hedge funds are now scooping up so many tax dollars (along w any competent traditional bankers jangling around). Being awarded tax cash cows does make it worse than just jumping last millennium victims like Warren Buffet and clutches of Mediterranean royals.
The above relates to the current banking situation because there is no doubt that banks and regulators have known for more than a decade the bad condition of the banks (and the type of people running them). Vouching for the health of the overall system just hurts the credibility of the US govt. and its inevitable future actions to regulate the system toward increased transparency and weeding out the criminals.
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