Posted on 01/27/2009 3:06:25 PM PST by Steelfish
Yearly Mexican remittances drop for 1st time
Associated Press Writer Julie Watson, MEXICO CITY –
The money sent home by Mexican migrants fell in 2008 for the first time on record, Mexico's central bank said Tuesday — part of a global trend that could worsen as emigrants from developing countries lose jobs in the global financial crisis.
Remittances, Mexico's second-largest source of foreign income after oil, plunged 3.6 percent to $25 billion in 2008 compared to $26 billion for the previous year, the central bank said.
The percentage drop is nearly twice what the government had expected for the year, and central bank official Jesus Cervantes said the decline will likely continue this year.
Experts blame a crackdown on illegal immigration that has stemmed the flow of those heading north to seek work as well as the U.S. recession, in which many Mexicans, especially construction workers, have been laid off.
It was the first time remittances have fallen year-to-year since the bank starting tracking the money 13 years ago.
(Excerpt) Read more at news.yahoo.com ...
How about instead of using our tax money for them, we tax the crap out of foreign wires and money orders...
The US is led by the head Communist, Obami and his Pelosi/Reid Stalinists...
Tax us, we tax you...comprende?
That's exactly what should be done.
Use those taxes to pay for The Fence and for Border Patrol.
I’d like to see those “remittances” drop to zero, simultaneously with the count of those who send them.
Yeah, I like zero, too - a nice round number.
there were posts earlier about all the illegals going back to Mexico.....maybe this is a sign.
shut off those jobs and send them packing.
This morning a friend was complaining that she went to a grocery store yesterday to cash a check, There were 3 Mexican men ahead of her in line and each bought a money order for over $500.
Well they said the bailout was not for white construction workers, guess these will qualify.
I understand that Mexico is near collapse, and that we could use a stable country to our south.
However Mexico is a basket case.
Scrap it and start over.
Only place worse in western hemisphere is Haiti.
Propaganda ping!
Come and look at my 401(k) plan, if you want to see a PLUNGE, Julie “Goebbels”!
ping!
Remittance plunges 3.6%
401 plunges 14%
More like 401(k) plunges 30%!
Sorry to hear that.
We pulled some money out of a Roth that was getting steadily eaten. Still lost 2/5 of the original investment.
I HATE Thieves!
“USAA employees are getting a bonus equal to 13.5 percent of their annual salary after the company successfully rode out a year of turmoil in the financial services sector.”
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