• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Spin This: Cisco To Fire 10,000

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Mon, 07/11/2011 - 21:44 | 1446242 Arius
Arius's picture

paging LaVorgna ...paging...

Mon, 07/11/2011 - 21:48 | 1446254 Rahm
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In unrelated news, 10k new applications submitted to graduate schools, hence another price increase in tuition!  Woo-hoo, GDP increase!

Mon, 07/11/2011 - 21:52 | 1446276 traderjoe
traderjoe's picture

Or applications to McDonalds.

Mon, 07/11/2011 - 23:01 | 1446517 Chuck Walla
Chuck Walla's picture

Grad schools will have more slots to fill.

Tue, 07/12/2011 - 00:39 | 1446766 Fukushima Sam
Fukushima Sam's picture

Cisco is full of fat and needs some cuts.  I work with them a lot and I guarantee that in most interactions 30% of the people there these days are useless idiots.  After they get past this cut it will end up being good for them, provided they actually make the right cuts...

Tue, 07/12/2011 - 08:07 | 1447192 Agent 440
Agent 440's picture

LOL Right cuts.... makes me think about these economists that can't shoot straight.

Tue, 07/12/2011 - 08:28 | 1447235 Flakmeister
Flakmeister's picture

As a rule of thumb, in any large organization, 30% of the people are idiots...

Tue, 07/12/2011 - 09:23 | 1447402 Gandalf6900
Gandalf6900's picture

 

You can make that 70% without a sweat

Wed, 07/13/2011 - 20:17 | 1454310 hannah
hannah's picture

the problem is that the 30% cut are the good people and the shite keep teir jobs.....

Mon, 07/11/2011 - 21:55 | 1446288 Jack Burton
Jack Burton's picture

 Good point! Whenever vast layoffs happen, the layed off are told to go to school and improve their skills! So Grad Schools will surely pick a few thousand former CISCO workers looking to upgrade their skills for jobs that probably won't exist.

Mon, 07/11/2011 - 22:59 | 1446506 Blorf
Blorf's picture

Or they can downgrade their skills from "network engineer" to "Chinese router assembly line worker" and take their place on the line for pennies an hour.

Tue, 07/12/2011 - 06:54 | 1447071 j0nx
j0nx's picture

Give this man a cookie for he knows of what he speaks.

This is what I call change you can believe in bitches. I love asking people in traffic with Obama stickers how that change is working out for them. Most look at me with a quizzical look on their face like they have no idea wtf I am talking about. Bahh bahhhh....

Tue, 07/12/2011 - 09:28 | 1447422 LFMayor
LFMayor's picture

I usually just pop them the sailor's farewell when I blow by...

Tue, 07/12/2011 - 08:39 | 1447257 Thomas
Thomas's picture

The economics of grad school is more subtle than that. Very few post masters candidates write checks and I can assure you that Universities are not going to scrape together more tuition and stipend packages. Expansion of graduate programs is not necessarily profitable (except MBA, LAW, and M-Eng.) The physical sciences surely will not expand.

Mon, 07/11/2011 - 22:11 | 1446351 FoodTiger
FoodTiger's picture

10K laid off to be replaced by bobble head H1B visa holders.

Mon, 07/11/2011 - 23:04 | 1446523 dark pools of soros
dark pools of soros's picture

yes so they can still have 8 of them on a conference call and the other 2 local engineers doing all the planning and work...  but hey, they don't mind writing up 5 forms of status updates and chart results of incomplete bullcaca

Tue, 07/12/2011 - 00:39 | 1446764 trav7777
trav7777's picture

...with all profits therefrom to support executive bonuses

Tue, 07/12/2011 - 01:15 | 1446813 Oh regional Indian
Oh regional Indian's picture

Hey! Hey now! Been to India FT? Hmmmmm?

That outsourcing thing is a curse. I know it first hand. LAbour cost arbitrage across national boundaries. That's workign well in the EU too eh?

But India? I'd say it's been just plain BAD for us.

Take those numb/dumb/crumb jobs back.

But your crack-loving bankers love the arb to much as well as the middle-class being made here now, soon to be sheared too.

Big picture FoodT, big picture. Don't be a hater.

ORI

http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/

 

Mon, 07/11/2011 - 22:24 | 1446385 Hedge Jobs
Hedge Jobs's picture

paging HarryWanger is more like it! Where is that idiot, i have seen him around the site for ages? Wasnt he recomending everyone buy CSCO "for your kids" this time last year after their profit downgrade? He should be charged with child abuse.

Mon, 07/11/2011 - 22:37 | 1446421 Osmium
Osmium's picture

+1  Child abuse.  That's some funny stuf right there.

Tue, 07/12/2011 - 06:40 | 1447051 Zero Govt
Zero Govt's picture

Hamy has joined the ranks of rats leaving Obummas sinking ship... he was a paid shill of Obummas internet campaign but even he saw the light and couldn't push water uphill any longer

..so another winner (10,000 job losses) for Jobs Czar, Jeff Immelt. his expertise for the post presumably comes from sacking 34,000 of his own staff at GE ...wonder if he's considering his position too or will continue looking another usless Obumma jack-ass?

Tue, 07/12/2011 - 08:28 | 1447237 drswhaley
drswhaley's picture

So Chambers should be appointed to the blue ribbon panel set up by Immelt on jobs.  He is now more than qualified.  The real crime is that Chambers hasn't lost his job - stock has done nothing but he has managed to rape the company with his options pay package.

Mon, 07/11/2011 - 23:04 | 1446525 MGHJFHD
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Tue, 07/12/2011 - 02:46 | 1446896 Michael
Michael's picture

Read and make extraordinary comments. Please don't hock your wares, we're all full up here and it's not kosher. Thanks.

Tue, 07/12/2011 - 07:06 | 1447080 mick_richfield
mick_richfield's picture

Michael -- you're talking to a twenty-line Perl script. 

Mon, 07/11/2011 - 23:32 | 1446607 At120
At120's picture

Maybe they can work for McDonald's?  I hear they're hiring...

 

 

Tue, 07/12/2011 - 03:19 | 1446922 knowless
knowless's picture

that's what their website says, but I never got a call back..

Tue, 07/12/2011 - 06:58 | 1447073 j0nx
j0nx's picture

I have noticed a literal shit ton of white people working at my morning coffee McDonald's in the past year. For the 8 years prior to that the morning crew was almost entirely Hispanic but lately it's about half and half. Times must really be tough for some folks.

Mon, 07/11/2011 - 21:45 | 1446243 bob_dabolina
bob_dabolina's picture

Spun: 

That's 10,000 people that won't be laid off again. 

Mon, 07/11/2011 - 21:55 | 1446293 dlmaniac
dlmaniac's picture

No need to spin. Just re-use the old script: Bush's fault!!

Mon, 07/11/2011 - 22:04 | 1446308 bob_dabolina
bob_dabolina's picture

We can use Nancy Pelosi's crib notes. 

Seeing as unemployment benefits are the best way to stimulate the economy, we have 10,000 more reasons to be optimistic about this recovery.

"Unemployment benefits are creating jobs faster than practically any other program, House Speaker Nancy Pelosi claimed Thursday."

http://michellemalkin.com/2010/07/01/pelosi-unemployment-checks-best-way-to-create-jobs/            

And they can't figure out why the economy is suffering like it had chronic obstructive pulmonary disease.

Tue, 07/12/2011 - 08:30 | 1447241 rufusbird
rufusbird's picture

Damm, I like it...Next time anyone asks me where I work I am going to tell them I work for Nancy Pelosi...!

Tue, 07/12/2011 - 22:50 | 1450363 Mr. Lucky
Mr. Lucky's picture

That's another 10,000 on food stamps; and watching day time TV.  More bread and circus for the sheeple.

Mon, 07/11/2011 - 22:02 | 1446313 Hard1
Hard1's picture

Spin v2.0:  It will be weather related in next month's NFP number

Mon, 07/11/2011 - 22:24 | 1446338 berlinjames02
berlinjames02's picture

Who else remembers Chambers' interview on 60 Minutes wanting a 'tax holiday' to repatriate all that money so Cisco could create jobs?

If you don't remember it, here it is: http://www.cbsnews.com/video/watch/?id=7360936n

Did JC-superstar just play chicken with the government? Looks like only losers in that game are the 10,000 employees in San Jose.

Mon, 07/11/2011 - 22:42 | 1446444 sun tzu
sun tzu's picture

How would a tax holiday have saved those jobs? They were laid off due to competition from Juniper and HP

Tue, 07/12/2011 - 00:26 | 1446740 fonestar
fonestar's picture

Does this make my CCNA less valuable?

Mon, 07/11/2011 - 21:47 | 1446253 MarketTruth
MarketTruth's picture

Cisco is located in the Republik Of Kalifornia? That is a HUGE mistake.

Mon, 07/11/2011 - 22:59 | 1446507 LetThemEatRand
LetThemEatRand's picture

And now the tech jobs start to move overseas.  But keep blaming taxes instead of the ready availability of global cheap/slave labor due to "free trade" policies that were supposed to help the U.S. middle class.  

Mon, 07/11/2011 - 23:11 | 1446545 dark pools of soros
dark pools of soros's picture

hey, the easy way to take over a country..  just give them free food and rent and netflix and they'll never know that the 'outside' doesn't even use English anymore...eventually just chop them all up and make a new section in the Chinese buffet called 'american',,,  right next to the sweet & sour alley cat

Tue, 07/12/2011 - 01:23 | 1446824 Oh regional Indian
Oh regional Indian's picture

Your comment somehow reminds me of that Jim Carey movie, The Truman Show.

ORI

Tue, 07/12/2011 - 01:05 | 1446796 FinalCollapse
FinalCollapse's picture

So are Juniper and HP - their main competitors. Juniper is just a few miles away from Cisco.

 

Tue, 07/12/2011 - 08:33 | 1447242 rufusbird
rufusbird's picture

Exactly! If they would simply have annouced that they were moving to Wyoming, half the people would have quit and they would have saved a ton on severance pay!

Mon, 07/11/2011 - 21:48 | 1446258 infiniti
infiniti's picture

Is this the reason why ES plunged?

Mon, 07/11/2011 - 21:51 | 1446267 SloMoe
SloMoe's picture

No, that was me. I'll give you a heads up next time.

Mon, 07/11/2011 - 21:55 | 1446295 centerline
centerline's picture

Work for W&R?

Mon, 07/11/2011 - 21:49 | 1446264 SloMoe
SloMoe's picture

That's 10,000 people given the opportunity to re-optimize their job skills...elsewhere.

Mon, 07/11/2011 - 22:02 | 1446311 dwdollar
dwdollar's picture

Hell ya.  Those 50 year old Electrical Engineers will make great contributions as laborers rebuilding the nations infrastructure for government contractors using stimulus funds printed from nothing.

Mon, 07/11/2011 - 22:07 | 1446334 Manthong
Manthong's picture

Should be plenty of new positions for network experts in Obama's new Cyber Secretariat.

Mon, 07/11/2011 - 22:15 | 1446324 Protonrick
Protonrick's picture

double post. sorry 

 

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