Bailout legislation protecting domestic deposits in Irish national banks was signed into law by President Mary McAleese at 3:30 PM (Irish time).
President Mary McAleese has this evening signed legislation giving effect to the Government's €420 billion bank guarantee scheme.
A single-line statement from Áras an Uachtaráin just after 3.30pm said Mrs McAleese had signed the Credit Institutions (Financial Support) Bill 2008 into law.
Unlike the US FDIC or the British Financial Services Compensation Scheme, Ireland has had, until today, a deposit insurance scheme to protect only something like the first €20,000 deposited by individuals into banks.
There is a new study out hinting at some quantifying number of jobs being offshore outsourced. Outsourcing is very hard to get hard data on, simply because Corporations do not want you to know the hard data (for you might demand Congressional Action!).
From the Study abstract:
Despite significant public, media, and academic interest in offshoring, there has been very little data available through which to assess how offshoring has affected US-based information technology workers. In this study, we use data from two new, nationally representative surveys to examine how offshoring has already affected the US based IT workforce, and to test the hypothesis that offshoring is making interpersonal skills more valuable for US-based IT workers.
With a dollop of IT companies in India being the best recruiters offering jobs to thousands of professionals are now more interested in offering overseas job opportunities. The main motive behind this is the shortage of skills and in turn better productivity.
Wage concessions were apparently key to persuading Ford Motor Co. to direct many of the 4,500 new jobs involved in building Fiestas to the Ford plant in Cuautitlan, on the outskirts of Mexico City. Union leaders at the plant told The Associated Press they had agreed to cut wages for new hires to about half of the current wage of $4.50 per hour.
"We agreed to it," said Ford union leader Juan Jose Sosa Arreola. "We need to be more competitive. That's the truth. That's a reality."
Ya know, duh, yes, slave labor is the ultimate capitalism, the ultimate globalization....
but I cannot make this stuff up, look at how CNN words the article title that is really a report on global slavery, almost as if that's just a good thing.
In a kind of educational gold rush, American universities are competing to set up outposts in countries with limited higher education opportunities. American universities — not to mention Australian and British ones, which also offer instruction in English, the lingua franca of academia — are starting, or expanding, hundreds of programs and partnerships in booming markets like China, India and Singapore
Will the programs reflect American values and culture, or the host country’s? Will American taxpayers end up footing part of the bill for overseas students? What happens if relations between the United States and the host country deteriorate? And will foreign branches that spread American know-how hurt American competitiveness?
Carlini's Commentary writes about the predictions for the 2008 economy. This is particularly interesting for he is talking about the foreign investments plus the constant drive to (and consequences of) pushing technology, expertise offshore.
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