Business Week lays it on the line with a very pointed portrayal of the vanishing job market.

The next round of globalization is sending upscale jobs offshore. They include basic research, chip design, engineering–even financial analysis. Can America lose these jobs and still maintain its standard of living?

In the past year, Bank of America has slashed 3,700 of its 25,000 tech and back-office jobs. An additional 1,000 will go by March. Are there any safe jobs anymore?