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What were we saying about the service industry saving a few necks from unemployment? This snippet from http://www.dailyreckoning.com./

 

"But the next phase is going to affect white collar workers. It's already happening. I'm working with companies that do e-learning. Well, they've found that they can hire people in India who speak good English...and offer educational opportunities...via live internet...at a fraction of the cost of other alternatives.

 

Already...you won't believe this, but when you apply for a mortgage in the U.S. or make an insurance claim or something that involves paper processing - like a credit card application - the work is likely to be done in India. In fact, there is a whole industry in India where people learn to speak English with a Midwestern accent. They even learn to do small talk...you know, they ask how the weather is and things like that. You think you're talking to a neighbor, but it's really someone in Delhi or Bombay...

 

Well, these people will work for $1 an hour...or less...and what they're going to do is to reduce the cost of the service industries in the western world."

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