Survey Sez: Jobs worth $ 210 bln to be outsourced to India in 2005

[dumpster_baby]

THIS is the kind of news we need to be pushing to the forefront this week:


New Delhi, Oct 3 (UNI) Top 100 global financial companies will offshore jobs worth over 200 billion dollars to India and other countries in 2005, says a new research by Deloitte and Touche.

''Financial institutions are moving business functions to India because they are recognising compelling cost advantages and they are able to lock in savings and manage risks effectively,'' Mr Peter Lowes, the US leader of Deloitte's outsourcing practice, said.

In 2005, Deloitte expects the top 100 global financial companies to offshore a total of 210 billion dollars of their operating costs, saving on average, 700 million dollars.

The survey, covering 43 financial services companies around the world, suggests that the number of firms taking the offshore option increased by 38 per cent last year.
Deloitte also estimated that by 2010, 20 per cent of the operating costs of global financial institutions would be centred abroad, reducing costs by about 37 per cent.
....


http://www.hinduonnet.com/thehindu/holnus/002200410031288.htm

[meti57b]

1. that is frightening.

[RebelYell]

2. Like someone else said here tonight

Osama still has his job. Do you have yours?

[dumpster_baby]

3. Here is a google news source URL

This URL is another copy of the story from a different paper.
http://www.hinduonnet.com/thehindu/holnus/002200410031288.htm

If we hit this url, and spread around this url, maybe it can get pushed up into the front page of google.
THis is exactly the kind of story that we need to provide a backdrop for the debates this week.

[Robert Oak]

4. more evidence outsourcing statistics repressed in the States

[ItsTheMediaStupid]

5. Information technology jobs gone forever

Companies are shipping IT overseas like they did manufacturing jobs in years past.

You have to wonder how much of this companies can do without destroying their markets here.

[54anickel]

11. Maybe they're figuring on not having markets here. At least none to

speak of beyond the rich.

[KlatooBNikto]

12. Remember Carly Fiorina ( HP Chairman) has said that

"Americans do not have a God given right to a job any more than an Indian or a Chinese."

[w4rma]

6. That is alot of money that Americans are losing. (nt)

[Strelnikov_]

7. 2.0% of GDP, Or 1/50th Of Our Economy

But I thought we were turning the corner.

[dumpster_baby]

8. we cannot afford to lose 2% of our economy

outsourcing should be the main thrust of Kerry's pre-debate attack

[KlatooBNikto]

9. In fact, I have seen an article In MIT's prestigious Technology

Review several years ago that India's Technology boom will amount to more than a trillion dollars per year from world wide financial sector jobs.I do not have the links now but will try to post it if I find it.

The same article ( which I think appeared in 1995), also stated that the migration of the IT sector jobs will be followed by many highly skilled occupations in medicine,law, research and development.Part of the attraction the article points out is that you have a highly educated growing workforce able to do all the jobs Americans do at a fraction of our wages.India's particular attraction is that it is an English speaking country and has a very highly regarded network of Universities and Technology Institutes plus a growing industrial base already supplying a wide array of products to industries worldwide.

[mhr]

10. Unemployed 52 Months Here, I Feel Outsourced And Left Behind Daily

eom

[yardwork]

13. There are strong indications that some large U.S. companies

are planning to announce huge layoffs after the election.

[KlatooBNikto]

14. Watch Bank of America.

[Ilsa]

15. We're on our way...

to becoming a third world country. Greater disparity between rich and poor. Fewer and fewer decent job opportunities. College becoming unaffordable except for the wealthy.

Shit. I want my country back.

[acmavm]

16. Nice talking point for Kerry at the Town Hall debate. Let the bush*

cabal try to pump us the 'new job recovery' numbers. Then let Kerry hit bush* with this one.

Anybody sent this to the Kerry campaign yet. I would, but I'm not sure how to do it.

[dumpster_baby]

18. I sure hope there are a lot of outsourcing stories in the news this week

[reprobate]

17. I'm wondering what the flash point will be.

At the moment the general anger is beneath the surface. Just how much more will the people take in their descent into poverty? We do know that historicly when the divide between rich and poor reaches some point, an auto combustion occers and revolution is born. Usually, its started by some small occurance that acts as a rallying point.

The question then becomes: Just how high must the pressure become, and what the specific spark must be to ignite at that pressure.

Also it must be taken into account that the people behing the current class war believe that their power is unstoppabe. I say 'current' because the tension between the haves and have nots has been a constant cycle over time. The rich get richer and the poor get poorer, until they turn on the rich and the quillotine is dragged out once more.

There is one thing that they forget. This is an armed nation. I've heard it said that there a more guns in this country than people. Once the spark is delivered, the explosion will at least be loud.

Of course, there is the army to quell the riots. They also forget that when things get that bad, the army will turn too. They are people too, with families and friends that will be living and suffering in the same class war skirmishes.

And perhaps that's the only way that democracy will be restored and the corporation returned to the status or servant instead of master.