Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Wall Street Still Finds Ways to Hire Foreigner
Wall Street Journal ^ | April 15 | Robin Sidel

Posted on 04/15/2009 3:47:18 AM PDT by PghBaldy

"There are no U.S. immigration restrictions on people working outside the U.S., so anyone who wants to can have folks work in London versus New York," says Allen Erenbaum, a lawyer specializing in immigration issues at Mayer Brown LLP in Los Angeles.

Under the federal economic-stimulus package signed by President Obama in February, companies that receive TARP funds face additional hurdles before they can hire skilled foreign workers who need temporary work permits known as H-1B visas. Firms that have received government money must prove they have tried to recruit American workers for those jobs and that the foreigners aren't replacing U.S. citizens...

Lloyd Blankfein, Goldman's chief executive, described the visa restrictions as "protectionist and self-defeating" in a speech this month to the Council of Institutional Investors.

"Especially at this time in our economy, do we really want to tell individuals who will help companies to grow and innovate -- ultimately creating more jobs -- that they should go work elsewhere?" Mr. Blankfein said.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government
KEYWORDS: bailout; h1b; wallstreet
How "free trade" of anything has helped us, We lose manufacturing, call centers (which WERE good paying jobs in the mountain states a while back), service sector employees... Even radiology has been outsourced to India.
1 posted on 04/15/2009 3:47:18 AM PDT by PghBaldy
[ Post Reply | Private Reply | View Replies]

To: PghBaldy

In the not too distant past I recall being told that we were no longer a manufacturing country because we had transformed into a high-tech services country.

Everyone was supposed to leave manufacturing and get their high-tech certification or degree.

Now these high-tech jobs are either being offshored or foreigners are being brought in to replace Americans.

The middle class is screwed.


2 posted on 04/15/2009 3:57:12 AM PDT by TSgt (Extreme vitriol and rancorous replies served daily. - Mike W USAF)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PghBaldy

Well, now, sounds like youre a booster for Socialism. “Tell the companies that they cant hire foreigners!”. “Make em keep those jobs here”. Free trade, pal. It isnt your money theyre using to hire those people. If a company bears the risk, theyre free to do what they want with their money! And the same for the individual human being!


3 posted on 04/15/2009 4:03:32 AM PDT by ketelone
[ Post Reply | Private Reply | To 1 | View Replies]

To: ketelone
So, how are things in Hyderabad, "Bobby"? /sarc>

Cheers!

4 posted on 04/15/2009 4:10:12 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: PghBaldy
Good call center jobs. LOL

First laugh of the morning, thanks.

5 posted on 04/15/2009 4:14:41 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 1 | View Replies]

To: PghBaldy

6 posted on 04/15/2009 4:17:30 AM PDT by knarf (I say things that are true ... I have no proof ... but they're true.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PghBaldy
Disgusting. I hope all of these welfare queen companies that took our bailout money for their poor business decisions go under. All of them.

They are no better than those bums who took oil from Hugo Chavez. If you're going to be a bum in America... at least be a pro-American bum!

7 posted on 04/15/2009 4:28:54 AM PDT by pnh102 (Save America - Ban Ethanol Now!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ketelone

I saw mention of TARP money, which is MY and OUR money.


8 posted on 04/15/2009 4:29:24 AM PDT by badbass
[ Post Reply | Private Reply | To 3 | View Replies]

To: ketelone
It isnt your money theyre using to hire those people.

When these companies took TARP money, it became our money.

9 posted on 04/15/2009 4:30:06 AM PDT by pnh102 (Save America - Ban Ethanol Now!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: PghBaldy
And the United States Postal Service has been hiring foreigners for years who can't even read or speak English!

I remember a time when American military veterans were giving preference for postal jobs and I've MET foreigners who are postal delivery employees who can't even read street signs!!!

10 posted on 04/15/2009 4:51:47 AM PDT by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MikeWUSAF

When 95% of the people in the US are no longer needed and have their hands out, what do you think the “final solution” will be?


11 posted on 04/15/2009 5:10:34 AM PDT by The Duke (I have met the enemy, and he is named 'Apathy'!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: ketelone

Then you are a fascist. The banks are using TAXPAYER/borrowed money. They shouldn’t have taken the money. If banks can use tax money to pay FOREIGNERS, then it was a LIE when Paulson/Geithner/Bernanke said the TARP etc was needed to protect US jobs. Since when did conservatism=welfare for big corporations?


12 posted on 04/15/2009 5:12:36 AM PDT by PghBaldy (Rendell to call for gun ban 4/15/09 http://kdka.com/local/Governor.Ed.Rendell.2.984771.html)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ketelone

the USA can never compete against “lowest standard of living” countries. The global and elctronic economy have changed a lot of things in regards to where a job has to be done, and negated some transport issues.

US Constitution, Sect II Article 8:

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow Money on the credit of the United States;

To regulate Commerce with foreign Nations


13 posted on 04/15/2009 5:18:19 AM PDT by Puddleglum (Obama's just another word for nothin' left to lose)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ketelone
Well, now, sounds like youre a booster for Socialism. “Tell the companies that they cant hire foreigners!”. “Make em keep those jobs here”. Free trade, pal. It isnt your money theyre using to hire those people. If a company bears the risk, theyre free to do what they want with their money! And the same for the individual human being!

So you support selling out your fellow American for thirty pieces of silver?

We aren't talking about offshoring jobs Judas. This is about bringing in foreign labor to take AMERICAN jobs that AMERICANS are qualified to do.

I guess you like the idea of eliminating the middle class and becoming a 3rd world country?
14 posted on 04/15/2009 5:21:22 AM PDT by TSgt (Extreme vitriol and rancorous replies served daily. - Mike W USAF)
[ Post Reply | Private Reply | To 3 | View Replies]

To: PghBaldy

“How “free trade” of anything has helped us, “

.
Because we now live in the age of ‘newspeak’. That which is presented as ‘free trade’ by the globalists who negotiated various ‘free trade’ agreements (Nafta, CAFTA, etc.) is probably not what most think of as ‘free trade’.

In these agreements, US sovereignty, & national security are sacrificed to open borders needed for the unimpeded movement of goods and natural persons, i.e. units of labor.
US business (not global corporations) and US workers are placed at a severe disadvantage by onerous taxes, extreme environmental regulations, political correctness. Countries such as China and India are excused from even minimal environmental regulations,from what we would consider even minimal humane working conditions, and any semblance of political correctness.

In addition, most other countries have a VAT (Value Added Tax). If the VAT is say 15%, other countries refund that 15% when goods are exported here. These countries then add 15% to US goods imported there, putting US manufacturers at a 30% disadvantage.

When it comes to the elite who negotiate ‘free’ trade agreements in our names, both Republicans and Democrats have been bought and paid for by global corporations and global bankers.


15 posted on 04/15/2009 6:31:26 AM PDT by algernonpj (He who pays the piper . . .)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MikeWUSAF; ketelone

“I guess you like the idea of eliminating the middle class and becoming a 3rd world country?”

.
MikeWUSAF,

kelelone and a few others who post here seem to be either trolls or deluded into thinking that they are SO special and bright and competitive and flexible that so called ‘free trade’ will never have a negative impact on them.


16 posted on 04/15/2009 6:43:46 AM PDT by algernonpj (He who pays the piper . . .)
[ Post Reply | Private Reply | To 14 | View Replies]

To: MikeWUSAF

No, I dont like the idea of eliminating middle class jobs. But at the same time, I dont like this bizarre dictatorial streak which seems to be advocating a closed economy.

Yes, Id like to see production happening in the US. Yes, Id rather not have to buy a bike made in China for my kids, Id rather not have to worry that its made out of old recycled hypodermic syringes, yes Id rather not talk to tech support in “Hyderabad” as old whiskers seems to think Im from, Id rather not do any of those things.

But hey- talk is cheap. Are you guys willing to work in manufacturing? Would you work in a call center? Dyou know anyone who would? Are you willing to pay the extra cash which will be passed on to you as the salary of an american worker?

Personally, I wouldnt mind. Its a small price to pay. But I know that most people would.

And I didnt see the bit about TARP funds. If thats the case, then its wrong, but I think those funds come with riders that disallow beneficiaries from hiring foreigners, so I think theres some mistake somewhere.

If a normal company is making a profit, and wants to hire someone it thinks will benefit it, I think its the height of hypocrisy to want the government hand out of your pocket and your life, and then to advocate just such draconian laws.

And to Algernon: Im no troll. Been here for a while. Nor am I delusional.


17 posted on 04/15/2009 7:09:52 AM PDT by ketelone
[ Post Reply | Private Reply | To 14 | View Replies]

To: algernonpj
Because we now live in the age of ‘newspeak’. That which is presented as ‘free trade’ by the globalists who negotiated various ‘free trade’ agreements (Nafta, CAFTA, etc.) is probably not what most think of as ‘free trade’.

It's rather ironic that, on a thread concerning enterprises hiring foreign workers to work in foreign branches of said enterprises, you seek to turn this into a discussion about tariffs on foreign goods (while observing that this is an age of newspeak).

18 posted on 04/15/2009 7:34:07 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 15 | View Replies]

To: algernonpj
In addition, most other countries have a VAT (Value Added Tax). If the VAT is say 15%, other countries refund that 15% when goods are exported here. These countries then add 15% to US goods imported there, putting US manufacturers at a 30% disadvantage.

If US goods and the foreign goods are both taxed at 15% in the foreign country, we are at no disadvantage.

If the US good and the foreign good each are taxed at a 0% VAT rate in the US, we are at no disadvantage.

Maybe you want to recheck your math?

19 posted on 04/15/2009 7:46:05 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Toddsterpatriot
What I find amusing is, the Euros refund/rescind/whatever their VAT on products that are exported (functioning as a boost to their exporting industries), but when someone speaks of giving a similar boost to U.S. exporters the pichforkers descend onto the thread railing that U.S. corporations are "unpatriotic."
20 posted on 04/15/2009 8:20:19 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 19 | View Replies]

To: Toddsterpatriot

“Maybe you want to recheck your math?”

.
You were correct I needed to check my math and be more specific.

VAT (Value Added Tax) is used to generate revenue for the national government in the countries in which it is used; it replaces part or all of the sundry taxes used to generate revenue for the national/federal government in the US.

The VAT is a direct tax on labor value added and capital value added. The ultimate burden falls on consumers, the purchasers of good and services.

So if the cost of raw materials, labor, and government are the same in a VAT using country and the US, say $100, and VAT = 15%,

Product A-EU manufactured in the EU, costs consumers in the EU $115. ($100 + $15 VAT)
Product A-EU manufactured in the EU, costs consumers in US $100. ($100 - $15 VAT)

The same product A-US manufactured in the US costs consumers in the US $115. ($100 + $15 sundry taxes)
Product A-US manufactured in the US costs consumers in the EU $~132.25. ($115 + 15% VAT)

There have been various attempts to level the playing field over time; to my knowledge, one by one they have been appealed to the WTO and the US has lost.

Say relief by US government is 5%,
Product A-US manufactured in the US costs consumers in the EU $~130.00. ($115 + 15% VAT – 5% relief)

In the US product A-US costs $115, product A-EU costs $100 – an inherent 15% disadvantage for the US manufacturer.
In the EU product A-US costs $130, product A-EU costs $100 – an inherent 30% disadvantage for the US manufacture.


21 posted on 04/15/2009 10:50:02 AM PDT by algernonpj (He who pays the piper . . .)
[ Post Reply | Private Reply | To 19 | View Replies]

To: algernonpj
Thanks for the correction. EU countries also have corporate taxes, although they are lower than our 35% rate.

it replaces part or all of the sundry taxes used to generate revenue for the national/federal government in the US.

More like it's layered on top of their "sundry taxes".

In the EU product A-US costs $130, product A-EU costs $100 – an inherent 30% disadvantage for the US manufacture.

Still wrong. In the EU, the VAT would make their product $115. And it's wrong to add corporate tax to our product and not to their product.

22 posted on 04/15/2009 11:36:45 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: algernonpj

“In the EU product A-US costs $130, product A-EU costs $100 – an inherent 30% disadvantage for the US manufacture.”

.
I am a far too optimistic proof reader. Should read:
“In the EU product A-US costs $130, product A-EU costs $115 – an inherent $15 disadvantage for the US manufacture.”


23 posted on 04/15/2009 1:55:01 PM PDT by algernonpj (He who pays the piper . . .)
[ Post Reply | Private Reply | To 21 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson