What to make of the news? Amazon makes Kindle sound like a necessity. All those words in one slim container. Hmmm!
And then there is Obama. I think of a child on the playground. They look at the climbing structure. They touch it, maybe take a step and in a few weeks, they may be coming down the slide. Could we give this guy a little time to fix the problems accumulated over years before we attack, and yes, let's remember that immigration and integration are what made this country great.
Happy Day as each of us does our part toward cheer, peace, and common sense as to intention, possibility, and hope.
The Open-Door Bailout
Leave it to a brainy Indian to come up with the cheapest and surest way to stimulate our economy: immigration.
“All you need to do is grant visas to two million Indians, Chinese and Koreans,” said Shekhar Gupta, editor of The Indian Express newspaper. “We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans.”
While his tongue was slightly in cheek, Gupta and many other Indian business people I spoke to this week were trying to make a point that sometimes non-Americans can make best: “Dear America, please remember how you got to be the wealthiest country in history. It wasn’t through protectionism, or state-owned banks or fearing free trade. No, the formula was very simple: build this really flexible, really open economy, tolerate creative destruction so dead capital is quickly redeployed to better ideas and companies, pour into it the most diverse, smart and energetic immigrants from every corner of the world and then stir and repeat, stir and repeat, stir and repeat, stir and repeat.”
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