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How To Make An American Job Before It's Too Late: Andy Grove

Friday, July 2, 2010 - 9:53 PM
This commentary at Bloomberg is not bank related, but it does relate to the health of our economy. Andy Grove, the former co-founder of Intel, provides commentary and insights about the mistakes the U.S. has made in losing our manufacturing to Asia. He also describes what should be done to start turning things around.

An eye-opening excerpt:
Today, manufacturing employment in the U.S. computer industry is about 166,000 -- lower than it was before the first personal computer, the MITS Altair 2800, was assembled in 1975. Meanwhile, a very effective computer-manufacturing industry has emerged in Asia, employing about 1.5 million workers -- factory employees, engineers and managers.

 Update: That Bloomberg article is gone. I found a new link to the commentary at BusinessWeek.
Ken TuminKen Tumin5,473 posts since
Nov 29, 2009
Rep Points: 125,800
1. Saturday, July 3, 2010 - 2:50 PM
On Bloomberg Surveillance rewind (radio program) this morning, Ken Prewit and Tom Keene spoke with Wilbur Ross (I think I've got the name right)...  regarding manufacturing, he noted that the US is graduating almost no engineers.  Many that do graduate here, move out of the country.  He said that China is bringing up a high multiple number (I don't remember his number) of engineers.  He said when you "marry" (his word) that many engineers with a low cost manufacturing population, it should be a wake up call to the future economic prospects of the US.

The United States is nation of great minds and workers.  How I hope our elected officials choose policies that will encourage and reward: innovation, entrepreneurship, capital investment, and the hard work ethic.

Also mentioned on Bloomberg this morning, this impact on the airline industry (bold mine):
The 25-year-old company is building up a fleet of 90 Airbus SAS A380 aircraft with 45,000 seats and operating costs the manufacturer says are lower than rival Boeing Co.’s latest 747. That poses a threat to European carriers that specialize in the same long-distance transfer traffic, British Airways Plc Chief Executive Office Willie Walsh said in an interview.

MikeMike327 posts since
Feb 22, 2010
Rep Points: 876