I remember a ZH article from a long time ago, describing the problem with too many unsecured loans in China and a so-called expansion of American financial services jobs in places like credit processing to investigate those loans. It seems like Chinese speakers would get those jobs, but maybe not.
It was probably those financial “activities” jobs that raised the job numbers slightly one month for back-office mommas in $10-per-hour jobs like credit processing. The low-wage daycare worker job numbers arose in alignment with those hires, as financial services jobs are dominated by near-100%, non-college-educated, frequently absentee mom workers in the state where I live.
I do not see how this will change the job scene in the USA very much, and that is what concerns Deplorables about trade with China: JOBS, not stock market gains or ownership opportunities for the rich.
But maybe, the Chinese will hire a [lot] of foreign workers, not just a few highly paid experts in that field, married to other highly paid people, which will change the dynamics of the employment scene here very little.
As for the rich and their investments in foreign countries, it seems like ownership of unsecured loan bundles would be a recipe for another 2008, even if “bundles” of married, Chinese homebuyers are better bets than bundles of American, single-mom homebuyers with help from government to purchase homes they cannot afford due to their womb productivity.
During the housing collapse, which was close to a decade ago now, it was also made clear that Asian life insurance policies were a big part of the business of one of the bailed-out companies.
Knowing plenty of licensed insurance agents who struggle to cover rent here in the USA, I find that pretty interesting.
Without a large and responsible middle class in the USA to pay premiums regularly, licensed agents working in pyramid sales arrangements on straight commission, paying twice-as-high SS tax due to 1099 employment, with expenses for leads and other things, also must weather more cancellations than in past eras, when the mostly married, middle-class households in the USA were a much more stable clientele.
Now, we have a 62% out-of-wedlock birth rate and mommas, getting more pay-per-birth freebies from government than ever before in history—free rent, free food, monthly cash assistance, electricity assistance and child-tax-credit checks that, at the $6,269 max, equal four months of full-time wages in many insurance jobs. But they still do not provide a stable market for agents.
They would rather spend their $6,269 “child” tax credit checks on trips to Florida with their latest boyfriend than a life insurance policy to protect their kids. Although the few married households have two incomes to cover major expenses, like rent, they, too, are not the market they once were due to the same type of parent-pampering allocation of available funds.
Agents who actually made a decent amount of income for all of that effort and expense sold most of their policies in the pre-fake-feminist era, when jobs were more stable due to less humans with unearned income for womb productivity chasing jobs and driving down wages, to people who maintained them over time, possibly because parents had a greater commitment to their children when they made more sacrifices for them, rather than being showered with welfare, tax-code welfare and workplace privileges for sex and reproduction.
As the middle class decreased to a narrow sliver of the US population, shipped off to China and other countries, more policies cancelled. If you have ever worked in insurance, you know that it is often the first thing people drop when they experience a job loss or a pay downgrade.
These giant companies make straight-commission agents who also have zero company-provided benefits pay chargebacks when policies cancel.
Most of the companies staff corporate offices and call centers with almost 100% unlicensed moms, with one or two licensed signers. They pay the mommas between $9 ad $11 per hour, and many talk about receiving EBT free food, reduced-cost housing and child tax credits up to $6,269 that bridge the gap between low pay and living expenses for unlicensed moms selling insurance. Other mom-gang employees have spousal income or child support that covers their major household bills.
Insurance management talks openly about locating in areas where many such unlicensed moms, willing to work for beans due to their unearned income for womb productivity, live, and they indulge them with lots of excused absenteeism and frequent mom-bonding activities, like Halloween dress-up days and baby-mommy-look-alike-bulletin-board-decorating contests.
In other financial services, like credit processing, all the distraction of mommy-baby hoopla and absentee employees likely does not serve the interests of customers, seeking loan refinances, etc.
Meanwhile, agents who were told that licensing was a legal requirement for insurance sales pay recurring license renewal fees and take state-required test after test after test to get and maintain these licenses, while mom-gang workers sell insurance without licenses in many cases, when they are not absentee due to all of the back-watching gangs in “financial activities” offices.
On the sales side, with an upsurge in foreign business, I wonder if any of that will change to the benefit of those who jump through all those hoops to maintain the so-called legally required licenses.
Doubt it. It probably just gives the rich another place to invest their money, with a trickle down of jobs to the same ole groups.