amzn, ebay, google, over, yhoo... of the inet biggies aol is certainly down, the others are up, way up in revs and employment. But employment would be greater if not for offshoring. Then the internet divisions of all the b&m's, gap for example - that business is up. Safeway.com, all that kind of stuff.
But lets assume that adding all of this together, revs are still down 20% or so, because I wasn't thinking of the oldline companies when I made that statement. Where is employment at the big companies that you listed? Cisco has about half the SV employees it used to. Oracle has shifted practically the entire R&D division offshore. Amat, same deal half offshore. These are just the tech companies. Automotive is shifting accountants, lawyers in NYC it never ends really.
If all things considered we suffered the same % JOB LOSS that we are experiencing in revenue declines from the very peak earnings in 2000, we'd also be in recovery mode. We aren't seeing that. We have fewer jobs than the early 90s, prior to the "bubble". Unless you are going to call the entire 90s a bubble like the clown thread. |
