Billionaire WIlbur Ross was interviewed on NPR this morning. He said he was buying stocks at bargain prices this week, as the market plunged. He also commented that:
1. Productivity at US companies is up because they have learned to get along with fewer workers. In other words at least a significant amount of the the tenacious 9+% unemployment rate is structural, not cyclical.
2. Higher education is failing to train our young people for the new jobs. He cited green industries in particular, saying that the jobs will be out there but colleges are not preparing their students for them.
Here the whole interview at: http://www.npr.org/2011/08/10/139345529/stumbling-economy-translates-to-stock-volatility
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