Sub Prime has now taken Prime Time
It is just another Ponzy scheme, but done by large and so-called respectable players
The ultimate losers will be the tax payers and ordinary citizens who have either lost their savings or will be taxed more in future to pay for the rescue
This type of mis-adventure by the financial insitutions is a oft-repeated story, particularly in USA.
Remember the S & L crisis of a few decades ago.
The builders and real estate agents have made their money and now it is the turn of the vultures, who may buy the foreclosed properties cheap, to benefit
What a shame ?
Do you know that if you live in USA you can also get a NINJA loan?
That is people with 'No Income, No Job and No Assets' are given home loans
These are worse than 'Sub Prime' loans.
All these 'exotic' loans are then bundled into CDOs (Collateralised Debt Obligations) or 'Certain Death Ordnanace' perhaps and sold to Investment Banks, Money Market Funds, Hedge Funds etc
And if these Big Players lose their investment and go broke (the amount involved is upwards of $500 billion), then the Federal Reserve will step into lower rates, give them tax reliefs and may be even buy the properties foreclosed
Meanwhile the builders and real estate people laugh all the way to the Bank , if one is left standing that is.
Long Live the Fed
Only downside is you have to put up with George Bush and may have to go to fight in Iraq and come back in a body bag
Any takers?
Tuesday, August 21, 2007
Thursday, August 16, 2007
India-Sexy at Sixty
India-Sexy at Sixty
Pakistan-Dragged down by the Military
Bangladesh-Never given a chance to grow
Sri Lanka-Paradise Lost
The above is the latest situation of the sub-continent, 60 years after the British left the region. The partition itself was a botched affair, never thought out properly, done in haste. Of course the leaders of the undivided India at that time were also largely to blame for forcing Britain's hand in dividing and running away.
It is fortunate that India had a multi-cultural, multi-lingual and multi-religious society which acted as a great check and balance against domination by one group. It really allowed India to develop on the theme 'Unity in Diversity' and took the best of all communities. India had to be divided into linguistic states early on to give a sense of identity and ownership to different people and it has paid off in healthy competition between regions. Though places like Bihar and Orissa could not capitalise on that. English education and Central Planning to industrialise was the underpinning of India's slow growth, but grow it did.
The computer gave a chance to India to break out of its morass and the IT revolution has shown that Indians are capable of innovation, grabbing opportunites and leading in anything they want to. Democracy is thriving in India in a unique way. The next step will have to be address the inequalities in living standards. May be a little bit of 'outsourcing at home' in planning and execution of welfare projects will lead the country to spread its wealth and prosperity.
Pakistan has to throw the military out and settle with India the Kashmir issue before it can hope to do some growing up. It is an irony that inspite of being an Islamic country, Pakistan is not getting the support of the rich Arab nations in its development. It has been forced to take the side of USA, but that is costing it dearly in unrest at home and diversion of resources to Military. The sooner the link with USA is cut, it may be better for Pakistan.
Bangladesh has to be handed over to a Trust and Management Agency for identifying its potential for development. The natives are so mired in poverty and natural disasters they have time only to struggle to survive. May be United Nations can play a role here or rich Western Nations can adopt Bangladesh and have a sort of 'Marshall Plan' in place to develop it. The potentials are there.
Sri Lanka has to be defacto devided into two, with Tamils and Sinhalese having their own land and administrative regions, may be under a Federation. Tourism is the way out for them but that requires peace. With proper division between the two ethnic groups the country can develop into a 'playground for the world' and lease out its facilities for 'International Events' and 'Theme Parks'. How about a 'Harry Potter's Hogwarts' in Sri Lanka?
Pakistan-Dragged down by the Military
Bangladesh-Never given a chance to grow
Sri Lanka-Paradise Lost
The above is the latest situation of the sub-continent, 60 years after the British left the region. The partition itself was a botched affair, never thought out properly, done in haste. Of course the leaders of the undivided India at that time were also largely to blame for forcing Britain's hand in dividing and running away.
It is fortunate that India had a multi-cultural, multi-lingual and multi-religious society which acted as a great check and balance against domination by one group. It really allowed India to develop on the theme 'Unity in Diversity' and took the best of all communities. India had to be divided into linguistic states early on to give a sense of identity and ownership to different people and it has paid off in healthy competition between regions. Though places like Bihar and Orissa could not capitalise on that. English education and Central Planning to industrialise was the underpinning of India's slow growth, but grow it did.
The computer gave a chance to India to break out of its morass and the IT revolution has shown that Indians are capable of innovation, grabbing opportunites and leading in anything they want to. Democracy is thriving in India in a unique way. The next step will have to be address the inequalities in living standards. May be a little bit of 'outsourcing at home' in planning and execution of welfare projects will lead the country to spread its wealth and prosperity.
Pakistan has to throw the military out and settle with India the Kashmir issue before it can hope to do some growing up. It is an irony that inspite of being an Islamic country, Pakistan is not getting the support of the rich Arab nations in its development. It has been forced to take the side of USA, but that is costing it dearly in unrest at home and diversion of resources to Military. The sooner the link with USA is cut, it may be better for Pakistan.
Bangladesh has to be handed over to a Trust and Management Agency for identifying its potential for development. The natives are so mired in poverty and natural disasters they have time only to struggle to survive. May be United Nations can play a role here or rich Western Nations can adopt Bangladesh and have a sort of 'Marshall Plan' in place to develop it. The potentials are there.
Sri Lanka has to be defacto devided into two, with Tamils and Sinhalese having their own land and administrative regions, may be under a Federation. Tourism is the way out for them but that requires peace. With proper division between the two ethnic groups the country can develop into a 'playground for the world' and lease out its facilities for 'International Events' and 'Theme Parks'. How about a 'Harry Potter's Hogwarts' in Sri Lanka?
Friday, August 10, 2007
Auckland University in a Mess over Professor-Student Dispute
There is a debate raging in Auckland following the sacking of Dr Buchanan at Auckland University who had sent an insensitive and dismissive email to an Overseas student from UAE.
The debate is going on about the merits of the actions of Dr Buchanan and the University, besides the policies of admitting Overseas Students with poor English and inadequate academic background.
The full story can be read at
http://www.nzherald.co.nz/section/466/story.cfm?c_id=466&objectid=10456458&pnum=0
It appears that Dr Buchanan lost his cool, following concerns about the impending cancellation of funding for his Centre for Latin American Studies and has on-going issues with his employer Auckland Uni and his colleagues. He probably is not a good team player. No doubt academics are bound to be very individualistic and I presume Dr Buchanan was more so, being an American. If he was not in any way happy with the University's policies regarding International Students, he should have raised his concerns in other forums and fought for changing the rules/system.
Unfortunately he took it out on a poor student and picked the wrong one at that (A lady, Arab, Muslim, etc). His language and tone in the email he sent is abominable and he, of all people, should have exercised restraint. He is supposed to be a role model for his students, is he not? Dr Buchanan obviously forgot that his speciality was supposed to be 'international" and 'relations'. He has failed on both counts. May be he is not the right person for his job. And the University recognised it and did away with him when the opportunity presented itself. It is ironical that Dr Buchanan himself provided that opportunity.
George Bush does not speak good English and he does not know his Gerography either. Still he is President of USA and has wrought havoc on the world. It is no crime 'not being proficient in English'. To quote Woodrow Wilson, ' The use of a University is to make young persons as unlike their parents as possible'. So the academics there can always be a little more patient with 'language-challenged students'.
In this inter-connected world today, people are going to move to other countries for different reasons, education being the most important of them. Understanding is required to tolerate them and teach them. Being 'culturally sensitive' cuts both ways.
I am sure most of the students who come to New Zealand to study, take their responsibilities seriously. I do not believe that a girl student would lie about her father's death, just to get extension for an assignment. Cooler heads should have prevailed right from Dr Buchanan's level and this situation could have been avoided.
Now that the die has been cast, it would be interesting to see how everyone involved, including the University Authorities get out of this mess.
The debate is going on about the merits of the actions of Dr Buchanan and the University, besides the policies of admitting Overseas Students with poor English and inadequate academic background.
The full story can be read at
http://www.nzherald.co.nz/section/466/story.cfm?c_id=466&objectid=10456458&pnum=0
It appears that Dr Buchanan lost his cool, following concerns about the impending cancellation of funding for his Centre for Latin American Studies and has on-going issues with his employer Auckland Uni and his colleagues. He probably is not a good team player. No doubt academics are bound to be very individualistic and I presume Dr Buchanan was more so, being an American. If he was not in any way happy with the University's policies regarding International Students, he should have raised his concerns in other forums and fought for changing the rules/system.
Unfortunately he took it out on a poor student and picked the wrong one at that (A lady, Arab, Muslim, etc). His language and tone in the email he sent is abominable and he, of all people, should have exercised restraint. He is supposed to be a role model for his students, is he not? Dr Buchanan obviously forgot that his speciality was supposed to be 'international" and 'relations'. He has failed on both counts. May be he is not the right person for his job. And the University recognised it and did away with him when the opportunity presented itself. It is ironical that Dr Buchanan himself provided that opportunity.
George Bush does not speak good English and he does not know his Gerography either. Still he is President of USA and has wrought havoc on the world. It is no crime 'not being proficient in English'. To quote Woodrow Wilson, ' The use of a University is to make young persons as unlike their parents as possible'. So the academics there can always be a little more patient with 'language-challenged students'.
In this inter-connected world today, people are going to move to other countries for different reasons, education being the most important of them. Understanding is required to tolerate them and teach them. Being 'culturally sensitive' cuts both ways.
I am sure most of the students who come to New Zealand to study, take their responsibilities seriously. I do not believe that a girl student would lie about her father's death, just to get extension for an assignment. Cooler heads should have prevailed right from Dr Buchanan's level and this situation could have been avoided.
Now that the die has been cast, it would be interesting to see how everyone involved, including the University Authorities get out of this mess.
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