An article today in the New York Times talks about the long-term pitfalls in investing in India. They say that there isn't the human capital to feed the IT growth. The schools for engineering and technology are great, but the primary schools are dreadful and 40% of the population drops out in grade school.
Let's talk about this a bit. Behind the numbers is the social system in India, where most people can't afford an education. And that is exactly what would have to change. But what are the obstacles? A social system called the caste system. In it, most people are on the bottom and have no way to rise to a higher class level. Most people are in dreadful poverty.
So for this to change, high caste young people would have to go to school with low caste people in grade school. Then, when they are all competing in later grades, high caste people are going to have to accept that their children lost to some low caste kids. In young adulthood, Indians will have to accept Untouchables as co-workers and supervisors.
Econo-Girl has been to India. She doesn't see this as happening. Econo-Girl worked with an emigre from India once. He told the whole team how he paid the maid back home $2.50 a month. A MONTH! We offered to take up an office collection to give her a raise, but he wouldn't accept it, saying that if you gave them more money they just got spoiled.
Econo-Girl came to believe, after her trip to India, that the social mores surrounding economic activity is as important as the activity itself. In the States, we don't look to your family name before deciding on your promotion (for the most part). You have to deliver the goods. We don't defer to rank or age. And it is that flexibility that makes America great, and keeps it that way.
3.08.2006
3.03.2006
Menu of Corruption
Duke Cunningham took bribes as a California Congressman to hand out "no compete" business to defense contractors. In the interests of efficiency, Duke made out a MENU for corrupt defense contractors to show how much payoff it would take per million dollars of business. Pretty handy, eh? And it seems it's been going on for years. Econo-Girl has heard talk of defense contract corruption that included working Defense employees. No specifics, mind you. But rumors were there. The trick was to hire a retired general who knew how it was done.
So now leniency is being pleaded for former fighter pilot who fleeced the Treasury and betrayed the public trust. Econo-Girl votes "no".
Yes, personal bravery and stamina, quick-thinking and intelligence are admirable qualities in any American. But the man's a thief. And it is hard to accept, but that is not inconsistent with his better qualities. Yes, he has served his country admirably. But he profited from it admirably as well. Duke Cunningham should be given the maximum prison sentence, even if he dies there. His corruption was not merely one bad choice, or even a few of them. It established a systemic corruption founded on Duke Cunningham's military experience. He pissed in his own soup. Then he fed it to the U.S. public. Yum-yum.
So now leniency is being pleaded for former fighter pilot who fleeced the Treasury and betrayed the public trust. Econo-Girl votes "no".
Yes, personal bravery and stamina, quick-thinking and intelligence are admirable qualities in any American. But the man's a thief. And it is hard to accept, but that is not inconsistent with his better qualities. Yes, he has served his country admirably. But he profited from it admirably as well. Duke Cunningham should be given the maximum prison sentence, even if he dies there. His corruption was not merely one bad choice, or even a few of them. It established a systemic corruption founded on Duke Cunningham's military experience. He pissed in his own soup. Then he fed it to the U.S. public. Yum-yum.
3.01.2006
Conventional Wisdom
What can a person trust? Econo-Girl was perusing the business section of the New York Times, where someone was dismissing the effects of a real estate price collapse. After all, he pointed out, only 10% of homeowners owe so much on their homes that a 'value' reduction would cause real problems for them.
Hmmm. 'Only' 10% of homeowners. Do you know how many people that is? A hell of a lot of them. And what would be the effect of their belt-tightening? Fewer goods and services sold in general.
This guy mentions that an increase in home values is really not translatable into real increased wealth unless you sell your home. True. But is that really how people have been approaching it? Haven't people been using their sudden home equity to buy, buy, buy? Yes, yes, yes.
The effects of a downturn in the real estate market will be felt across the economy. The question is, what's next? Employment is picking up, which is good. The deficit is astouding. Is there another bubble we can all get obsessed with? Readers will remember Econo-Girl's prediction that the next asset bubble is gold. She is staying with her prediction.
Hmmm. 'Only' 10% of homeowners. Do you know how many people that is? A hell of a lot of them. And what would be the effect of their belt-tightening? Fewer goods and services sold in general.
This guy mentions that an increase in home values is really not translatable into real increased wealth unless you sell your home. True. But is that really how people have been approaching it? Haven't people been using their sudden home equity to buy, buy, buy? Yes, yes, yes.
The effects of a downturn in the real estate market will be felt across the economy. The question is, what's next? Employment is picking up, which is good. The deficit is astouding. Is there another bubble we can all get obsessed with? Readers will remember Econo-Girl's prediction that the next asset bubble is gold. She is staying with her prediction.
2.27.2006
Death in the Family
It's a very sad day. A wonderful man has died. He played uncle to my husband with no obligation of expectation for him to do so. My husband's real father had nothing to do with him and let him grow up in the DC foster care system. But when Leisure Lad turned 21, his bio dad showed up and wanted him to take his last name.
And so Fred, in the intervening years, was there for him and helped him out of many scrapes over the years. Fred was also an avid reader of this blog, something which always made me very proud. He really cared for me the way I was, not because I made him look good. That was something new for me.
We had dinner with him and his wife just last night and I tried to teach him how to highlight text and print it. He was 81 and didn't cotton to computers. My husband and I had dinner with he and his wife once a week for most Sundays out of a year. Often we would be the only people they would see all week. It was the best investment I ever made.
Fred Tate, I will miss you a lot. God bless you and keep you.
And so Fred, in the intervening years, was there for him and helped him out of many scrapes over the years. Fred was also an avid reader of this blog, something which always made me very proud. He really cared for me the way I was, not because I made him look good. That was something new for me.
We had dinner with him and his wife just last night and I tried to teach him how to highlight text and print it. He was 81 and didn't cotton to computers. My husband and I had dinner with he and his wife once a week for most Sundays out of a year. Often we would be the only people they would see all week. It was the best investment I ever made.
Fred Tate, I will miss you a lot. God bless you and keep you.
2.22.2006
What Do We Want In a Fed Chief?
People are never happy. Alan Greenspan foretells the stock market bubble, only to be openly ridiculed by oafs not qualified to carry his lunch. Econo-Girl remembers the 'irrational exuberance' speech. She also remembers the old guys on the 'news' channels talking about Greenspan as if he were some doddering old man who has lost touch with reality. In retrospect, many of Greenspan's critics were making money off of their wild-eyed stock predictions.
As an aside, it doesn't matter if the stock market is above 10,000. It's only a number.
So now the new guy to replace Alan Greenspan, Bernake, was roasted on Capital Hill because he refused to offer economic advice other than to reduce the Federal deficit. No one is ever happy. But is that what the Fed Chairman should do? He said that the size of government is none of his business. But isn't it? Doesn't that affect his choices on the money supply? And if it does, shouldn't we know that?
If this guy doesn't know the answers, who the hell does?
Econo-Girl predicts that, in the end, Bernake will choose to offer some advice. He is just drawing a clear line between himself and his predecessor. And now that he has drawn the cloak of mystery around himself, Bernake will be watched even more closely.
As an aside, it doesn't matter if the stock market is above 10,000. It's only a number.
So now the new guy to replace Alan Greenspan, Bernake, was roasted on Capital Hill because he refused to offer economic advice other than to reduce the Federal deficit. No one is ever happy. But is that what the Fed Chairman should do? He said that the size of government is none of his business. But isn't it? Doesn't that affect his choices on the money supply? And if it does, shouldn't we know that?
If this guy doesn't know the answers, who the hell does?
Econo-Girl predicts that, in the end, Bernake will choose to offer some advice. He is just drawing a clear line between himself and his predecessor. And now that he has drawn the cloak of mystery around himself, Bernake will be watched even more closely.
2.19.2006
*** is Corrupt
Econo-Girl has read today in the paper how easy it is to be fired based on a blog. Well, well. She thought she would try to trash a FORMER employer just for fun. What are you going to do? Fire me?
*** is best known for the black suits its employees wear. They are expensive and tailored. *** is less known for the movies its employees watch at work or the naps they take behind closed office doors, both of which Econo-Girl has witnessed. They like to put a huge wall between the customer and the workers, so ne'er the twain shall meet. This tactic allows for big obstacles to stand between the government client and the truth about the computer application's functionality.
In the lobby of a ***building, a guard stands with a plastic thing in his ear. Is he in moment-to-moment touch with Security Central? No. He is eavesdropping on the *** employees in the lobby. It's OK that they get blown up, but those pesky little worker bees better not be talking out of school.
As a software tester at ***, I witnessed about the worst coding I have ever seen, except for +++. No small feat. The application was due to be deployed in two weeks and almost none of the background calculations were working. And when I wrote up what I found, the computer programmers blamed me for it! And management went along. To this day, I believe that if I had told them that the computer program worked fine, I would still have a job.
And don't get Econo-Girl started on the racial or sex discrimination at ***. Every white male was a partner or on the partnership track. I only ever saw one female partner and no people of color as partners.
Econo-Girl kept getting the feeling that she was about to be knifed in the kitchen, and she probably was, although not with an acutal knife. It is enough to say that she is glad as hell to be out of there and hopes a major scandal rocks *** in their boots.
*** is best known for the black suits its employees wear. They are expensive and tailored. *** is less known for the movies its employees watch at work or the naps they take behind closed office doors, both of which Econo-Girl has witnessed. They like to put a huge wall between the customer and the workers, so ne'er the twain shall meet. This tactic allows for big obstacles to stand between the government client and the truth about the computer application's functionality.
In the lobby of a ***building, a guard stands with a plastic thing in his ear. Is he in moment-to-moment touch with Security Central? No. He is eavesdropping on the *** employees in the lobby. It's OK that they get blown up, but those pesky little worker bees better not be talking out of school.
As a software tester at ***, I witnessed about the worst coding I have ever seen, except for +++. No small feat. The application was due to be deployed in two weeks and almost none of the background calculations were working. And when I wrote up what I found, the computer programmers blamed me for it! And management went along. To this day, I believe that if I had told them that the computer program worked fine, I would still have a job.
And don't get Econo-Girl started on the racial or sex discrimination at ***. Every white male was a partner or on the partnership track. I only ever saw one female partner and no people of color as partners.
Econo-Girl kept getting the feeling that she was about to be knifed in the kitchen, and she probably was, although not with an acutal knife. It is enough to say that she is glad as hell to be out of there and hopes a major scandal rocks *** in their boots.
2.15.2006
Space Alien Abductees
Suppose, perhaps, that people were recovering actual memories? And suppose that there was a way to make sense of it without delving into the weird? Econo-Girl has an idea.
Econo-Girl saw a documentary on people who recovered memories on space alien abductions. A striking similarity ran through the stories. Namely, the creatures had big eyes, stuck things into their orafices, picked them up and transported them seemingly though the air, and were sometimes assisted by shorter space aliens. Right so far?
All of the above would describe the experiences of a newborn baby. And the short aliens would be siblings. Remember, a baby's eyesight is still not developed fully. It is entirely possible that what people are describing applies to how an infant would see their parents and feel about having their temperature taken. Just a thought. Approaching it from another angle would take some of the horror out of the situation. And the recovered memory thing would be right, too. It's just giving the memory another context gives it an entire new meaning.
Econo-Girl saw a documentary on people who recovered memories on space alien abductions. A striking similarity ran through the stories. Namely, the creatures had big eyes, stuck things into their orafices, picked them up and transported them seemingly though the air, and were sometimes assisted by shorter space aliens. Right so far?
All of the above would describe the experiences of a newborn baby. And the short aliens would be siblings. Remember, a baby's eyesight is still not developed fully. It is entirely possible that what people are describing applies to how an infant would see their parents and feel about having their temperature taken. Just a thought. Approaching it from another angle would take some of the horror out of the situation. And the recovered memory thing would be right, too. It's just giving the memory another context gives it an entire new meaning.
2.11.2006
Wolfowitz Admits He Was WRONG
JOKE JOKE JOKE JOKE JOKE JOKE JOKE JOKE JOKE
Paul Wolfowitz,in comments in a coffee shop in Dupont Circle Saturday morning, admitted the whole "lets invade Iraq" thing was wrong-headed from the start. "Hey, it was worth a shot" said Mr. Wolfowitz. "How else would we know? Anyways, I'm not there anymore, so it's somebody else's headache."
The previous paragraph was completely fabricated. However, Econo-Girl is going to conduct an experiment. She's going to copy and paste only the false first paragraph, and send it to every media outlet with an e-mail, along with the link to this specific post. She encourages her readers to do the same. The goal is to see how many people take the quote without actually going to the link and reading the post. What's your guess?
Paul Wolfowitz,in comments in a coffee shop in Dupont Circle Saturday morning, admitted the whole "lets invade Iraq" thing was wrong-headed from the start. "Hey, it was worth a shot" said Mr. Wolfowitz. "How else would we know? Anyways, I'm not there anymore, so it's somebody else's headache."
The previous paragraph was completely fabricated. However, Econo-Girl is going to conduct an experiment. She's going to copy and paste only the false first paragraph, and send it to every media outlet with an e-mail, along with the link to this specific post. She encourages her readers to do the same. The goal is to see how many people take the quote without actually going to the link and reading the post. What's your guess?
2.07.2006
Gotcha!
Econo-Girl waited for last Friday night for two weeks. It was "expose the pervert" time on Dateline. What fun! What ratings!
One of the backlashes of the information age is the private realm is shrinking. People who committed crimes 20 years ago are being found out as they live among us as Baptist ministers.
Econo-Girl believes that a new underground economy is starting. The privacy option.
Let's face it, there are actions we take that we don't want everybody to know about. So pay off a clerk to keep you out of the information stream by putting another name down instead of yours.
There could even be people who go around breaking into computers to erase data about you. Cool gig.
One of the backlashes of the information age is the private realm is shrinking. People who committed crimes 20 years ago are being found out as they live among us as Baptist ministers.
Econo-Girl believes that a new underground economy is starting. The privacy option.
Let's face it, there are actions we take that we don't want everybody to know about. So pay off a clerk to keep you out of the information stream by putting another name down instead of yours.
There could even be people who go around breaking into computers to erase data about you. Cool gig.
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