Silicon Investor (SI) -- The First Internet Community

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.

Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (29417)	10/2/2003 6:14:59 PM
From: Selectric II	Read Replies (1) \| Respond to of 89467

I suppose you think we should give Saddam his job back and apologize.

To: mishedlo who wrote (29417)	10/2/2003 6:18:12 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

Stephen Roach rebutts the butthead Fed Governor Moskow amazing how stupid our central banker board is despite tremendously changed background environment, Fed governors continue to expect the same sort of rebound, with the same traits, same path, same everything as in 1991 these clowns do NOT analyze, they promote on political podiums or is it "podia" ? thinkers are dismissed, if they fail to fall in line I refuse to even bother to educate them UCKEM !!! go gold, I will take over after the dust clears TRY 1930 for similarities, bumwads !!! / jim EVANSTON, Ill., (Reuters) - Any optimism that the number of U.S. jobs will grow rapidly as the economic recovery grinds on is misplaced, the chief economist of investment bank Morgan Stanley said on Thursday. "This is not the garden-variety version of a jobless recovery," said Stephen Roach at a Business Week CEO Leadership Forum in Evanston, Illinois. "Labor cost arbitrage," or the transfer of jobs to lower-paying countries such as China and India, make the current recovery different, he said. The U.S. has continued to shed jobs, especially in factories, since a shallow recession ended in November 2001. At this stage in a recovery job creation is often accelerating. September payroll figures on Friday are expected to show a loss of 30,000 nonfarm jobs, less than August's 93,000-job decline but the eighth straight month of job evaporation. In the same panel discussion, Chicago Federal Reserve Bank President Michael Moskow said the labor market was weak but that employment would eventually rebound, as it did after an initially jobless recovery in 1991. "I don't share Michael's optimism about jobs," Roach said. Labor cost arbitrage was reflected in two trends, he said: the shift of factory jobs to countries such as China, and the outsourcing of services jobs to India. "Call centers, programming, engineering, medical, actuarial, accounting -- white collar workers are no longer protected," Roach said. The Internet had changed the equation by making the migration of service jobs easier, while the U.S. supply chain, in trying to become more efficient, was behind much of the outsourcing to China, he said. "It's not China -- it's us," he said, noting that some 65 percent of recent Chinese export growth had come from Chinese subsidiaries of U.S. firms. Roach and former Sen. Bill Bradley, now a partner at the investment bank Allen & Co., warned against a political backlash in Washington ahead of the 2004 election cycle. When Congress in the past has stepped on the gas pedal of trade barriers, the White House -- from presidents Reagan to Clinton -- has pulled the U.S. back from a "protectionist abyss," said Bradley, a Democratic presidential candidate in 2000. But the current administration has already embraced protectionism as a reelection tool in industries such as steel, he said. Roach said runaway budget deficits put the U.S. on a path that leads to "the slippery slope of trade warnings and protectionism" with China as a prime target. 10/02/03 17:50 ET