Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Knighty Tin who wrote (13027)	10/7/2004 11:25:07 AM
From: mishedlo	Read Replies (2) of 116555

Fed´s Ferguson plays down outsourcing issue Thursday, October 7, 2004 2:17:14 PM afxpress.com Fed's Ferguson plays down outsourcing issue WASHINGTON (AFX) - Federal Reserve Board Vice Chairman Roger Ferguson touted the benefits of free trade Thursday and warned against placing too much importance on the practice of shipping jobs overseas-an issue that has earned much attention in the run-up to the Nov. 2 presidential election "We must not exaggerate the importance of outsourcing to the nation's overall employment picture," Ferguson said in a speech delivered 23 hours before the Labor Department was scheduled to release its final report on U.S. employment before the election "The proper response to the disruptions associated with trade is not to reduce trade, but rather to ameliorate the pain associated with those disruptions through enhanced assistance and retraining for displaced workers," Ferguson said in the speech to the Cato Institute in Washington Ferguson said there are "no conclusive data" on the subject, but cited a study produced by the research firm Forrester, which found that fewer than 300,000 jobs per year would be displaced through services outsourcing over the next decade. That's less than 2 percent of the 15 million total gross job losses in that time, he said Ferguson did note that the current-account deficit, now above 5 percent of gross domestic product, is growing and "cannot be sustained indefinitely." "I am confident that protectionism is not the appropriate response to our growing current account deficit," Ferguson said

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next