apr 29th, 2011 CE
a certain amount of schadenfreude is called for.
but i am disappointed that laloo, raja et al have shamed india yet again. how could they get china get ahead even in this? the $276 billion scam neatly outdoes the mere $40 billion that raja managed. tough luck. must try harder next time, UPA.
3 comments:
come on there is no hint of "scandal" here..
Malinvestment.. surely... a scandal..
no!
Raja still does the dubious honors!
Wasn't the Great Depression of 1930s America caused by over-construction of railroads? The capacity was eventually utilized, but not before a radical downturn in the face of capital flight, and prolonged economic hardship. Would the Chinese govt be able to offer its people a New Deal, like Roosevelt did? It might mean old guard communist ideologues making a comeback and returning to the fore in the party.
The big difference is that the Chinese guy involved in corruption will be shot either by himself or by the government.
san: the Depression was created by the Fed and dragged on by FDR's stupid New Deal. After the Supreme Court overturned the New Deal in a series of lawsuits including one brought on by Schecter Brothers against being forced to sell their products only at prices that were not competitive, the economy took off.
Of course, America has also benefited by the dollar being mandated as the reserve currency. That is a form of wealth redistribution from other countries to USA.
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