Chinese financial institutions, in a reverse brain drain, are looking to recruit from the ranks of recently laid-off finance sector employees.
via NYT
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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December 29th, 2008 at 1:05 pm
Good. We can send them Madoff and the soon to be laid off Paulson, and throw in Leisman, and Cramer, and Vince Farrell, and mustard seed himself.
December 29th, 2008 at 1:48 pm
Oh, yes, please! Send them all!
December 29th, 2008 at 8:08 pm
Don’t forget Greenspan and Bernanke when he leaves. Maybe the Chinese can “reformat” them…
December 29th, 2008 at 9:46 pm
IMO, our brain gain from TROW has been one of the primary reasons for our success over the past 100 years or longer. When it stops, which I believe it is in the process of doing now, our future success will be severely impacted.
Look at American enrollment in engineering and the sciences; Americans don’t like those majors because they are too difficult, but Asians flock to them. And in the future, after they graduate, they will flock back to Asia instead of staying here.
Who is going to replace them?
China won’t need many Americans. They admire us now, and seek out Americans to learn from, but as we fall from grace, they will turn back to their own. There are plenty of overseas Chinese and Chinese grad students to pick from. Penn, for example is about 40% Asian now; I don’t know the percentage in the Wharton school, but I expect it is similarly high. The language would make it a very, very tough transition for most Americans, especially those over 40 or so. Because Chinese students all study English in China, it is much easier for them to come here to study and work than for Americans, who mostly never study a foreign language, to make a go of it over there.
It seems a painful dose of humility is in our not-so-distant future.
December 30th, 2008 at 12:32 am
I wish we could get them to take the trial lawyers off our hands also.
They can send us some of their engineers.
December 30th, 2008 at 12:36 am
Bruce @ 1:05
“We can send them …the soon to be laid off Paulson…”
No such luck. He can pick any job he wants on Wall Street; they all love him there.