Not only have so many people lost their homes, it has been discovered as they were pink slipping American workers in banking, the banks were applying for visas to recruit people from overseas for the most highly paid positions. Why is Obama not addressing this? Why are our jobs going to foreigners?
Giggly Giraffe
Favorite Answer
Former President Billy had the "Gramm-Leach-Bliley Act" which is the catalyst behind the banks being destroyed ... this act took away the fire wall -"Glass-steagle Act" installed in the 1930's after the Great Depression.
Our jobs are going to foreigners because the USA school system produces mediocre students ... and the strong dollar makes it more appealing to get jobs abroad ...
BTW ... Presidents have very little effect on the economy ... they are just the figure head that the media throws darts at when we're unhappy ... Did be-heading Marie Antoinett acomplish anything???
Chris the first
Because all businesses think of is saving money/cutting costs. Most, if not all, corporations think it's too expensive to support American workers. So, they hire cheap labor. We are not human beings in corporate eyes, we are expenses; That's how they view us.
Obama supports this practice, in part, because corporations tell him they'll need A LOT more bailout money if they had a 100% American workforce.
It's quite simple: our job are going overseas cause it's cheaper to pay foreigners instead of us. And in some fields we're viewed as too lazy and to unhealthy and it's adding up more costs then salary alone. I'm sure they don't like paying the insurance and picking up the tab on lost productivity either.
Mrs. Amazing
I think that the banks have gotten away with a lot of stuff (mostly bad) and its now in the open. We are discovering more things about the banks. I think they should have been regulated a long time ago. The one thing about numbers is that they can be figured out. If regulators would have looked at this creative financing ... they would have never let it happened. Everone looses in this case. Obama can only work so fast on issues and to be honest I dont know where this one stands as a priority.
Anonymous
they banks are trying to recruit overseas workers b/c they are willing to work a lot harder for less, these companies need this help b/c they are already going under (thus they bailout). The people lost their homes b/c these banks crashed, no one really wnats to fail.
Matthew O
The banking industry isn't destroying anything. The government is destroying the economy.