We are in for uncertain times. US is never short of dishing out advise to all & sundry how to manage their economies. How we wish they walk the talk? They have been telling us to make the rupee fully convertible. Wise counsel have prevailed, as we would also have been in the same shithouse that is subprime. We would have had to write off billions like the Europenas banks UBS etc, not to mention the Biggies like Citibank. The irony would have been we could have carried the US cans of follies.
They should talk less and be prudent. There are far too many excesses. Even if a CEO is dismissed for his faults, he is compensated millions. It is a win win situation for them. Take all risks and even if they fail, you have made it!
US economy is still many times others and naturally all will be affected. The real beneficiaries will be China, as they can put a bid for all the assets in US at one US dollar. That can happen at the way things are going. Bush has a silly smile nowadays.
Our young has only seen good times. It will be prudent and less suicidal if things turn nasty. One cannot bank on perpetual rise in income. Few decades ago, it was a blessing to be employed. First class engineers were feeling lost. I can see many excesses, be warned.
President Kennedy's father got a tip from the shoeshine boy in 1930. "I made couple of thousand in the stock market, boss". The wise man sold off all stocks and paid the shoeshine for the tips.
