Money and Finance
How the U.S. Lost Out on iPhone Work
When Barack Obama joined Silicon Valley’s top luminaries for dinner in California last February, each guest was asked to come with a question for the president.
But as Steven P. Jobs of Apple spoke, President Obama interrupted with an inquiry of his own: what would it take to make iPhones in the United States?
Not long ago, Apple boasted that its products were made in America. Today, few are. Almost all of the 70 million iPhones, 30 million iPads and 59 million other products Apple sold last year were manufactured overseas.
Why can’t that work come home? Mr. Obama asked.
Mr. Jobs’s reply was unambiguous. “Those jobs aren’t coming back,” he said, according to another dinner guest.
The president’s question touched upon a central conviction at Apple. It isn’t just that workers are cheaper abroad. Rather, Apple’s executives believe the vast scale of overseas factories as well as the flexibility, diligence and industrial skills of foreign workers have so outpaced their American counterparts that “Made in the U.S.A.” is no longer a viable option for most Apple products.
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Tim Cook's Freshman Year: The Apple Ceo Speaks
Prior to his death on Oct. 5, 2011, Steve Jobs made sure that the elevation of Tim Cook—his longtime head of operations and trusted deputy—to Apple chief executive officer would be drama-free. “He goes, ‘I never want you to ask what I would have...
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Robert X. Cringely On His 'lost Interview' With Steve Jobs
Found via The Big Picture. It’s a little absurd to interview someone about an interview. But back in 1995, Robert X. Cringely landed a hell of an interview with a hell of a subject, at what was — in retrospect — a hell of a moment. Steve Jobs was...
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The Great Bank Robbery - By Nassim Nicholas Taleb And Mark Spitznagel
For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. In the United States, the sum stands at an astounding $2.2 trillion for banks that have filings...
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Buffett Gets Medal Of Freedom
President Barack Obama on Tuesday praised Warren Buffett for amassing one of the world's largest fortunes — and for pledging to give nearly all of it away.Buffett was one of 15 people to receive the Medal of Freedom, the country's highest civilian...
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Millions Of Unemployed Face Years Without Jobs - By Peter S. Goodman
Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits. Economists fear that...
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