1st QUARTER 2014
23
The Volker
Rule
In 2010, the then
U.S. Federal Reserve
Chairman Paul Volker
proposed banning
speculation by feder-
ally insured banks.
This was meant
to help mitigate
risk to the world
economy and prevent
another Wall Street
meltdown. Good
idea, right? Volker’s
original proposal was
one paragraph long,
but the current ruling
issued by regulators
now runs in excess
of 100 pages. The
thing is so compli-
cated, no one is quite
sure how it can be
enforced. In a classic
example of how a
simple idea became
a supersized,
confusing mess, a
small contingent of
regulators may now
push for the return of
Glass-Steagall.
Stay tuned…
Big-growth occupations
Home health care, biomedical, and construction top the list
According to the U.S. Bureau of Labor Statistics, home health care will be the fastest-growing occupation in the next decade as baby boomers continue to
age. New advances in biomedical make this one of the fastest-growing industries, while — in a possible nod to the economic recovery — construction-
related jobs will increase more than 50 percent. Another surprise: Event planners can look forward to a 45 percent increase in that sector in the next decade.
BUSINESS & MONEY
A ROUNDUP OF MATTERS OF INTEREST TO THE CFOS
WE’RE TALKING WITH DAILY
EMPLOYMENT
CHANGE, 2010-20
Median annual
wage, 2010
2010 2020 Number Percent
00-0000 Total, All Occupations
143,068.1 163,537.1 20,468.9 14.3
$33,840
39-9021 Personal Care Aides
861.0
1,468.0 607.0
70.5
19,640
31-1011 Home Health Aides
1,017.7 1,723.9 706.3
69.4
20,560
17-2031 Biomedical Engineers
15.7
25.4
9.7
61.7
81,540
47-3011 Helpers—Brickmasons, Blockmasons, Stonemasons, and Tile & Marble Setters 29.4
47.0
17.6
60.1
27,780
47-3012 Helpers—Carpenters
46.5
72.4
25.9
55.7
25,760
29-2056 Veterinary Technologists and Technicians
80.2
121.9
41.7
52.0
29,710
47-2171 Reinforcing Iron and Rebar Workers
19.1
28.4
9.3
48.6
38,430
31-2021 Physical Therapist Assistants
67.4
98.2
30.8
45.7
49,690
47-3015 Helpers—Pipelayers, Plumbers, Pipefitters, and Steamfitters
57.9
84.2
26.3
45.4
26,740
13-1121 Meeting, Convention, and Event Planners
71.6
102.9
31.3
43.7
45,260
29-2032 Diagnostic Medical Sonographers
53.7
77.1
23.4
43.5
64,380
Fastest-growing occupations, 2010 and projected 2020 (Numbers in thousands)
United States Department of Labor — Bureau of Labor Statistics. This table also can be found in the article, “Occupational Employment Projections to 2020,” published in the January 2012
Monthly Labor Review
.
2010 National Employment Matrix title and code
Bitcoin
Is Bitcoin both a major
e-commerce tool or a risky virtual
currency? Bitcoin recently crashed to $220 on the
now defunct exchange MtGox and withdrawals were
temporarily halted, while still trading near $600 on
exchanges like Coinbase. In spite of widespread
speculation, businesses
continue to embrace
the decentralized
virtual payment system,
including CheapAir.com,
and Virgin Galactic,
which will accept
Bitcoins to reserve a
$250,000 seat on a trip
into space. In spite of high liquidity risk, Bitcoin cur-
rency may continue to gain popularity where traditional
banking is expensive or difficult.
AT PRESSTIME, ONE BITCOIN
WASWORTHBETWEEN
$250 -$600
DEPENDINGON
THE EXCHANGE
A plan currently before the
Los Angeles City Council
would bring broadband In-
ternet service to residences
and businesses that is al-
most 100 times faster than
the average U.S. connec-
tion. This ambitious project
requires running fiber-optic
lines throughout the city
at an estimated cost of $3
billion to $5 billion. The tab
would be picked up by the
company that wins the right
to provide Internet, TV, and
phone service. Predictably,
cable industry leaders are
unhappy with the trend
toward fiber optic and plan
to invest heavily in blocking
privatization. For now, L.A.
is moving forward with its
plan to provide broadband
service powered by the
private sector. If it succeeds,
L.A. could become a blue-
print for cities like New York,
Chicago, and Houston.
Broadband on the Horizon?
