March 4th, 2005
Greenspan voices support for consumption tax (in testimony to a Bush tax panel yesterday). The Span has really turned into a sandwich-board for the Used Car Salesmen in the White House. I don't know why. He never seemed so far-right ideologically. I guess he just doesn't have the balls of his plutonium-orbed predecessor, Paul Volcker.
The consumption tax is another step in the UCS dismantling of our democracy. It's non-progressive, of course -- ie hits lower-income people hardest and, like the two tax-cuts-for-the-rich, doesn't foster demand, hence is pretty non-stimulative. I guess they must want to live in the third world.
Speaking of which...
HSBC will be hiring analysts in Bangalore. They changing the way they do research, to long-term, big-picture. (Actually, there's a carve out for "trading ideas", which sounds pretty much like research-as-usual to my mind). They're doubling their analyst staff in Hong Kong, New York and wherever the hell else they have offices, and also intending, apparently, to hire about 100 "junior analysts" in Bangalore. First it was call centers, then accountants and draughtsmen. Get the trend here? As education improves in countries like India, so outsourcing will more higher up the scale. Production = Capital + Labor. Capital is global, and in time so will be labor, I suppose.
Productivity numbers for Q4 2004 were revised upward, to a growth rate of 2.1%. If it gets high enough we'll evnetually be able to do without Labor altogether. At least a few of us, anyway.
The consumption tax is another step in the UCS dismantling of our democracy. It's non-progressive, of course -- ie hits lower-income people hardest and, like the two tax-cuts-for-the-rich, doesn't foster demand, hence is pretty non-stimulative. I guess they must want to live in the third world.
Speaking of which...
HSBC will be hiring analysts in Bangalore. They changing the way they do research, to long-term, big-picture. (Actually, there's a carve out for "trading ideas", which sounds pretty much like research-as-usual to my mind). They're doubling their analyst staff in Hong Kong, New York and wherever the hell else they have offices, and also intending, apparently, to hire about 100 "junior analysts" in Bangalore. First it was call centers, then accountants and draughtsmen. Get the trend here? As education improves in countries like India, so outsourcing will more higher up the scale. Production = Capital + Labor. Capital is global, and in time so will be labor, I suppose.
Productivity numbers for Q4 2004 were revised upward, to a growth rate of 2.1%. If it gets high enough we'll evnetually be able to do without Labor altogether. At least a few of us, anyway.
posted by econoclast at 1:03 PM
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