Posts Tagged ‘financial sector’

Bailed-out Banks Onshoring Foreign Labor

Wednesday, February 4th, 2009

In Combating Globalization we caution that transnational capital will turn to increasing globalization as part of their strategy for economic recovery and thereby undercut the working people of North America even further.

This is exactly what is happening in the financial sector of the US economy.

In the past six years the dozen US banks receiving the biggest rescue packages have requested visas for more than 21,800 foreign workers .

In the last three months of 2008, these same banks announced more than 100,000  layoffs.

Allowing these banks to replace US workers with foreign workers will contribute to the attrition of working people in the US and reinforce the trend of growing inequality in the nation.

The time to formulate an aggressive strategy for combating globalization is now.