Sunday, December 14, 2008

Short Clips 3: The Bankrupt Nation

In the US, millions no longer define the problems Wall Street has pulled the whole country into. Obama is now talking about trillions of dollars to review the bankrupt country. Where is this money coming when people are losing their jobs, which means less tax revenue for the Government? Where is this money coming from when the US spends billions of dollars to mobilize their troops worldwide? The dollar is no longer backed by gold, so where is this money coming from?

With all the technology, trades and exports from US inc, mega oil companies, successful IT ventures, cutting-edge tech industry, entertainment and so on, one is fascinated to reason, where did all the money go to? Pockets of CEOs, fund managers, owners of Private Military Contractors? Who knows. Obama alone raised almost USD 1B before getting elected as the next President of the United States. Don't forget the money both McCain and Clinton collected during the race. That's just national politics. Where did this money come from? From average American who donated USD20-50 each? It has been reported that Obama intended to avoid withdrawing funds from lobby groups. The world watches as it hopes that the prodigal 44th POTUS carries out his audacious change campaign and not falter and comply to Washington lobbyists demands.

US$75B fraud, how did Wall Street get conned?
RCP article on New York Mayor race

When Thomas Friedman talked about the decline of the US education system and its failings for not generating enough engineers and scientists to sustain the challenges in the 21st century, he claimed that India and China are way ahead by leaps and bounds. However, you still hear of schools in India with teachers getting US35/month and tuition fee at US6/per child. Isn't it amazing that even with these challenges, both giants are still able to produce workforce that ended being the backbone of companies like Microsoft, Google and IBM. Even researches and scientists in top US colleges are typically Asians, mostly coming from China and India.

Check out school for $6 a month

For Obama, what would define his presidency is how he tackles the faltering banks, US foreign policy in Kabul and bankrupt Detroit.

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