Wednesday, Sep 17, 2008
A raid on private pensions?
Information Clearing House: US Economy: Rudderless and Reeling From Direct Hits
Call centers, IT operations, back-office operations, and manufacturing have long been moved offshore. Now high-value-added proprietary activities such as research and development, engineering, product development, and analytical services are being sent offshore. All that’s left is finance, and it is crumbling before our eyes.
Independent broker-dealers are disappearing: Merrill Lynch, Bear Stearns, Lehman Brothers. These venerable institutions were too thinly capitalized for the risks that they took. Merrill Lynch is now part of the Bank of America, and Lehman Brothers is history.
If we look realistically at the US economy, we see that what is not moved offshore is being bailed out.
Posted by malct @ 12:42 PM (175 views) Add Comment
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