Must Read Posts for August 5, 2010

On The Economic Populist you might have noticed the right column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.

Sometimes though, one cannot say it better but miss those who did.

Must Read Post #1

An Aerospace Engineer states the obvious, the best job training is a job:

The problem was not the investment Cortney's family made in her education. The problem is our dangerously low level of job creation.

What happened to the jobs Cortney was counting on?

Investment creates jobs. GE invests billions in China. Microsoft invests billions in India. Boeing invests billions in Russia. General Motors builds more cars in China than in America. We are making millions of new jobs -- just not in America.

It is no surprise that our economy is hollowing out. Look at the huge global oversupply of cheap labor, combined with mobility of capital, rapid transfer of technology out of the country, and trade policies that encourage investment offshore.

Our immigration policies also hurt domestic students. If Cortney had graduated in my field, physics, she could compete for her entry-level job with about 700,000 foreign temporary high-tech workers on H-1B visas. If she wanted an internship, she could compete with an additional 40- to 50,000 foreign students in the Optional Practical Training program. Incomprehensibly, Congress is considering making masters degrees in science and engineering a straight-line path to citizenship. Foreign students already make up 60 to 70% of many graduate programs in science and technology. Adding citizenship as an incentive to foreign students will displace even more domestic students from graduate programs.

The best job training is a job.

Must Read Post #2

Heard of Puppy Mills? Well, since the middle class is being treated like dogs, no surprise we now have foreclosure mills, or how yet more predators are making big bucks by throwing families out into the street. The article is a long investigative piece on:

How the federal housing agencies—and some of the biggest bailed-out banks—are helping shady lawyers make millions by pushing families out of their homes.

Must Read Post #3

Alan Tonelson says Geithner is in La La Land. Simon Johnson agrees.

Must Read Post #4

USA today says jobless rates no factor for states receiving stimulus money.

Must Read Post #5

Christina Romer is stepping down as head of council of Obama's economic advisers. Bummer it isn't Larry Summers.

Meta: 

Comments

HP CEO ousted for sexual harassment

Story here.

What kills me on this story is firstly it sounds like someone was on the payroll as CEO eye candy, minimum. But more, there is so much sexual harassment and discrimination, especially in high tech and nothing happens. One can just look at the statistics, where over 50% of technical women are out of their careers 10 years after graduation to get a good sense of what's going on. Obviously that's plain old fashioned discrimination, but then again, some discrimination comes in the form of sexual hostility, harassment.

Must be juicy for a corporate board to lift a finger. and check out the guy's severance package. Look, you've done wrong, you're fired...and yes you're set for life, now go to the Bahamas, buy a yacht and think about what a bad boy you've been.

Unreal.

re:stimulus & jobs

Maybe stimulus funds have something to do with zones of strong middle class people; i.e. unions, strong manufacturing base. I see MI ranked 16th. But I guarantee the funds are being diverted from states with middle class blue collar workers so that those jobs can continue to disappear and those people can return to lives of subsistent 3rd world living standards.