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Liesman: "you don't need jobs to turn an economy around"
Posted on 6/5/11 at 11:44 pm
Posted on 6/5/11 at 11:44 pm
4
Posted on 6/5/11 at 11:58 pm to prplhze2000
Yeah, we could just borrow, or print more. 
We got that Obamonopoly money, yeah, yeah! 
We got that Obamonopoly money, yeah, yeah! 
Posted on 6/6/11 at 5:27 am to prplhze2000
Well, from a strict Keynesian perspective this is true. Just have the government hand out a lot of money.
Not saying I agree with it, just pointing it out.
Not saying I agree with it, just pointing it out.
Posted on 6/6/11 at 9:37 am to prplhze2000
He's not named "Lies-man" for nothing !
Posted on 6/6/11 at 10:25 am to foshizzle
I wanted to post that, but I was afraid that "what would you call the last two years then" would result in a calvcade of politards.
Posted on 6/6/11 at 10:33 am to prplhze2000
Who is this Liesman who is so wise in the ways of economics?
Posted on 6/6/11 at 10:34 am to Zach
Some boob that's been on CNBC for two decades. He's the definiton of an arm chair economist, both degrees in journalism.
Posted on 6/6/11 at 10:40 am to Zach
quote:
Who is this Liesman who is so wise in the ways of economics?
He's a shill for the FED. Another is Jon Hilsenrath of the WSJ. The fed uses favored "journalists" to leak information they want in the public venue.
Posted on 6/6/11 at 10:44 am to foshizzle
quote:
Liesman: "you don't need jobs to turn an economy around"
Well, from a strict Keynesian perspective this is true. Just have the government hand out a lot of money.
Not saying I agree with it, just pointing it out.
Yep, you could argue that the economy has gone through a system change that has led to a new "normal" level of unemployment. Part of the problem is our workforce is not trained to qualify for technical jobs that are available. We continue to bring in immigrants to fill many technical jobs.
For instance, I worked in the IT dept. of a large company for 12 years and many of our programmers, etc. were from India. Also, much of this type work doesn't require a body at the plant site and is farmed out to cheap labor countries like India.
IMHO one thing our education system could do to improve the match between our labor force and the job market would be to place more emphasis on practical technical certifications and less on getting college degrees that don't prepare graduates for any specific occupation.
Posted on 6/6/11 at 10:47 am to davesdawgs
Then you'd just end up with a bunch of people with technical certifications that are out of jobs, because there's no way you can compete with outsourced labor on a wage basis.
Posted on 6/6/11 at 10:52 am to davesdawgs
Read the book in my sig. Some of the largest new tech companies that arise today are run by just a couple dudes in their basements while their competitors employ thousands.
Social media marketing is but one example. Who needs a marketing department anymore when every Tom, Dick, and Harry is doing the marketing for them every time they 'Like' something on FB or 'Tweet' that they just bought a new item of clothing? By doing so, these 'likers' and 'tweeters' are giving the companies from whom they bought products direct exposure to the exact demographic they're targeting. If your girlfriend likes a certain purse, there's a great chance many of her friends on facebook like the same purse.
Read the book. As information technology improves, the need for 'blood and bones' workers diminishes.
I know this is just one piece of the pie, but I think it's worth noting.
Social media marketing is but one example. Who needs a marketing department anymore when every Tom, Dick, and Harry is doing the marketing for them every time they 'Like' something on FB or 'Tweet' that they just bought a new item of clothing? By doing so, these 'likers' and 'tweeters' are giving the companies from whom they bought products direct exposure to the exact demographic they're targeting. If your girlfriend likes a certain purse, there's a great chance many of her friends on facebook like the same purse.
Read the book. As information technology improves, the need for 'blood and bones' workers diminishes.
I know this is just one piece of the pie, but I think it's worth noting.
Posted on 6/6/11 at 11:28 am to RedStickBR
RedStick:
Exactly. I wrote a paper about how much Wal-Mart would save annually if they eliminated half of their checkout staff and replaced them with automated check out machines. Why do they need unskilled laborers working for them?
Step 1: Fire em and replace with machines.
Step 2: Profit
Exactly. I wrote a paper about how much Wal-Mart would save annually if they eliminated half of their checkout staff and replaced them with automated check out machines. Why do they need unskilled laborers working for them?
Step 1: Fire em and replace with machines.
Step 2: Profit
Posted on 6/6/11 at 11:43 am to John Merlyn
quote:
Why do they need unskilled laborers working for them?
When you did the paper, did you show which was quicker? I think that is the obvious answer as to why they keep unskilled laborers doing cashier work.
Posted on 6/6/11 at 12:08 pm to C
quote:
think that is the obvious answer as to why they keep unskilled laborers doing cashier work.
Actually the Present Value was unreal. Payback period was 3 years and then they were saving 330,000,000 annually. I discussed how they couldn't conceivably do it all at once due to backlash. Got an A in the class.
Posted on 6/6/11 at 5:26 pm to John Merlyn
Actually I think you failed.
Walmart: Stop hiring unskilled workers an replace them with automated check outs.
Me: Stop going to Wal Mart!
Walmart: Stop hiring unskilled workers an replace them with automated check outs.
Me: Stop going to Wal Mart!
Posted on 6/6/11 at 5:31 pm to GaryOwen
Why would you stop going to walmart in that case?
Posted on 6/6/11 at 5:53 pm to kfizzle85
1st- I don't work for Wal Mart, so I don't see why I need to scan items and go through the check out process myself. Basically this is free labor for Wal Mart.
2nd- #1 wouldn't be that big of a deal in and of itself, except for the fact that you are depending on the typical Wal Mart patron to go through the automated checkout process which is inefficient, to say the least.
3rd- Picture this. There are @ 20 check-out lanes at the store with about 5-6 being staffed by "non skilled" check out laborers, 5-6 "automated" lanes, and @ 10 empty lanes with no automated checkouts and nobody working a register. You end up with check out lanes about 10 people deep all pissed off b/c convenience and efficiency just went out the window.
I rarely go to Wal Mart anymore.
2nd- #1 wouldn't be that big of a deal in and of itself, except for the fact that you are depending on the typical Wal Mart patron to go through the automated checkout process which is inefficient, to say the least.
3rd- Picture this. There are @ 20 check-out lanes at the store with about 5-6 being staffed by "non skilled" check out laborers, 5-6 "automated" lanes, and @ 10 empty lanes with no automated checkouts and nobody working a register. You end up with check out lanes about 10 people deep all pissed off b/c convenience and efficiency just went out the window.
I rarely go to Wal Mart anymore.
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