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Shooting themselves in the foot.

Posted: Mar 25, 2011

The last line pretty much sums it up:

\"Wells Fargo officials said the mortgage unit is downsizing because of a drop-off in loan applications.\"

Do you think all the people who wanted mortgages might have had their jobs outsourced to India?

Wells Fargo shifts O.C. work to India

March 25th, 2011, 7:03 am ·

Wells Fargo Wholesale Lending Operations, which announced earlier this week that it was cutting 59 jobs in Orange County, is shifting some of the work to India, a Wells Fargo Home Mortgage spokesman said Thursday.

Jason Menke said some of the data-entry work that was being done in Irvine will be transferred to India. He said the India operation was inherited when Wells Fargo bought Wachovia Bank in 2008.

The Irvine layoffs affect 25 interim employees, who were brought on to handle a surge in mortgage applications, and 34 permanent workers. Menke, however, said not all those jobs are going to India, just the support work.

“This work was being done behind the scenes,” he said. “It won’t involve customer-facing or decision-making teams.”

Menke did not know if any of the work that was done by the 145 Wells Fargo wholesale lending workers laid off in January also is being transferred.

He said that because of the time difference, the India operation also will allow the bank to provide round-the-clock service to its banking partners.

Wells Fargo officials said the mortgage unit is downsizing because of a drop-off in loan applications.

;

The outsourcing cat was let out of the bag a - long time ago and both

[ In Reply To ..]
parties have encouraged it. Check out the link below. Obama Admin, Hillary supporting the "strategic partnership" with India...As did Bill and Hill during Bill's tenure. It is not a Republican only thing. Not only outsourcing but easing restrictions on the H1 visas...that allows companies to bring in techies from India over HERE to take American jobs.

I'm anti-Republican, but neither party has done well in this respect - No heroes with outsourcing

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Both parties have failed miserably by giving away our jobs.

At least with the Dems we had job retraining and education - The T-party/Republican promised jobs. nm

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Obama promised jobs too...the stimulus, - remember? And before

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that, during his campaign? We still are running record high unemployment, in our third round of extension of unemployment benefits...so why are you not holding Obama and the Dems accountable?

By the way...what retraining and education? Can you expound on that, or is it just your opinion that the Dems provided retraining and education and the Republicans did not?

Stimulus provided jobs. - sm

[ In Reply To ..]
"The stimulus" was supposed to be a "stimulus". It was considered a short term fix for the deep, deep problems the Republican "pay-for-it-tomorrow" bunch caused. Many people were able to work that would have been out of work otherwise. I saw that Boehner's House has it on the table (if not passed already) to cut the retraining $$$ as well as unemployment. Republicans have proposed cuts to anything educational from Head Start on up.

The point of the original post is that big business is losing business by sending the jobs to India. Apparently, they missed that point, too, so don't feel bad.

Hmmm....I missed "short-term" in all - the buildup to the stimulus.

[ In Reply To ..]
Can you provide me with a link where Obama ever said it was short-term? And short it was...it never happened. Our problem with the economy is certainly not "short-term."

Your revisionist history is missing some key points. First being, Republicans are not the "pay for it tomorrow" party. That would be the Democrats...you know, Obamacare, hey its okay, its billions, but we'll pay for it maybe somehow...puleezze. And they did that in THIS economy. If you say pay for it now to a Democrat and they run backwards faster than Secretariat ran forward. Republicans are the ones who actually think we should STOP spending and make cuts in spending to bring down the deficit. Well shame on them for that!!

As to big business sending jobs to India....did you miss the article where Hillary is in talks with them to remove barriers for "trade" and making it easier to get the visas to not only let our jobs go over there, but for companies to import Indians over HERE to take jobs away from us on our own soil. So PLEASE stop with the partisan finger-pointing. They are ALL In outsourcing up to their elbows. Now if you want to get into the reason companies want to outsource, it is to get out of from under the taxes, union wages and bennies through the roof, etc. Who is the part of higher taxes and give the unions everything they want and then some? It is not the Republicans. And who ends up paying for those union wages and bennies? We do, in higher costs of the products they produce.

Okay...first. Do you think the economy and the deficit can be fixed by keeping right on spending like we are and adding billions on top of it? What do YOU think will happen if we keep going like that?

Second...have the Democrats proposed cutting spending? No. Have you seen Obama's budget and what he is asking for? I would venture to say no.

If you don't like what the Republicans are wanting to cut, but agree that some cuts are necessary, then call your Democratic congresspeople and tell them that while you think cuts are necessary the Republicans are on the wrong track as to what to cut.

Or, just sit there throwing barbs at one side, don't contribute anything to a solution, and play your fiddle while Rome burns. That is what a lot of us USED to be doing, but we finally smelled the smoke and felt the heat.

Enough is ENOUGH. It needs to stop. We cannot act like we have not maxed out the gold cards and are swimming in red ink.

How much of us do you want China to own??

Kindly provide a link proving it didn't happen. - nm

[ In Reply To ..]
Fair is fair if you want to go the "link" route.

Okie dokie. See link from Bureau of Labor - Statistics.

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It didn't happen. Even the government says it didn't happen.

You failed to answer the question. Please read again and provide appropriate link - nm

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nm

The war in Iraq was paid for by China - (US credit card)

[ In Reply To ..]
which we are still paying interest on. The Medicare Reform Act, was also put on a credit card, and people in the CBO were threatened with termination when they found that it would cost more than Bush said it would, and it has. Medicare Advantage, PRIVATE Medicare, turned out to be the most heavily subsidized part of Medicare, with the crummiest of coverage. Private plans getting your tax dollars.

Unemployment ALWAYS is a lagging - indicator of the economy.

[ In Reply To ..]
which tanked before the administration change.

Yep, the downhill slide started while Bush - was still President, BUT...

[ In Reply To ..]
the whole debacle was caused by Barney "Fannie and Freddie won't fail and even if they do the government won't bail them out" Franks. That rests at his feet and no one else's. The video of him telling the Bush folks at the hearing when they tried to tell him if all that bad paper hit the stock market it could get very ugly what I said above...right there for anyone to see. Well, that bad paper DID hit wall street and look what happened.

Maybe one of these days the Dems will understand you can't keep handing out freebies and programs and crap like that without paying for any of it because the chickens will come home to roost....and we are ALL paying for the chickens coming home to roost now.

But that being said...Obama's stimulus was supposed to add some of those jobs back.

I didn't know Barney Franks had that much power. LOL - nm

[ In Reply To ..]
nm

Uh, yes, he does. If you can stop patting - yourself on the back for

[ In Reply To ..]
your "gotcha" comment...
From 2007 to 2011, Frank was the chairman of the House Financial Services Committee, which oversees the entire financial services industry including the securities, insurance, banking, and housing industries and was considered to be one of the most powerful members of Congress.[4][5] He lost the position after the Democratic Party lost its majority in the House following the 2010 midterm elections.

YES, he had that much power, and unfortunately used it to get the wrong legislation passed and here we sit in the ruins he he helped create. He started the snowball that became the avalanche.

If you really care about what really happened, research it. And if not...just console yourself with "gotchas" but don't expect those of us who finally pulled our heads OUT of the sand to stick them back in. You are welcome to keep yours in there tho. Free country.

Do your homework and don't repeat - campaign sound bites

[ In Reply To ..]
This mess dates back to the 70s. Barney Frank opposed legislation but the Republican Senate never brought the legislation to the table when they should have. This mess has many perpetrators.

Ummm....wrong. Do YOUR homework before - sending others to do theirs.

[ In Reply To ..]
It wasn't the legislation he blocked that got us in this mess. It was the legislation he passed. The video is on You Tube where the Bush admin rep was telling him what could happen if he peristed in encouraging those bad loans. You can see him pooh-pooh it, live and in his own words. And exactly what they warned him against (and JOhn McCain did too, google for the speech he gave warning about it) came to pass.

Let's outsource government to India - Freebie

[ In Reply To ..]
It just occurred to me, with out political leaders doing such a terrible job, only working minimum numbers of hours and costing so much for insurance and benefits, maybe we should outsource our government leaders to India - how do you think that might work?

my previous post - Freebie

[ In Reply To ..]
Now obviously I meant with "our" political leaders! Didn't proof.

Its over - Truthseeker

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Like i said high paying jobs will never be back in this country. They do not need us to manufacture their products or purchase them. This country is dead and gone. THE END

Truthseeker is correct AND this thread - shows how many are

[ In Reply To ..]
being suckered into arguing for a red herring of a budget while the dollar falls. If Japan now starts selling US bonds, we're screwed. If China sees that we're printing money to cover our debt, we're double screwed. If more banks like Goldman Sachs finally get charged with fraud, the tenuous threads holding these big banks together will snap. Small banks are failing by the hundreds, but it is not in the news. This country is in a huge mess and cutting billions here and there out the budget will not make a difference.

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