Back after some time.
The way things are unwinding, I feel it is bad if i also didnt make an entry with regards to the financial crisis.
Lemme see. What is the crisis? for starters, i can say that it is the non-existence of any common sense in the minds of those who are entrusted with the act of creating policies. May be, I should put it simply as "right people in the wrong place". The financial turmoil is the result of people whp act like children, emphatically rejecting that they didn't lose the game.
In effect, greedy people have ensured that even the so called "experts" in the field cant figure out that they have cheated. The real bad part is not how the "experts" concocted strange looking financial derivatives. The real bad part is the actual timing in which the entire problem has surfaced.
Recently I read a news item in "the Hindu" which said that FBI, which is supposed to have arms for dealing with all types of forgery, were simply understaffed for dealing with financial irregularities. In the name of 9/11, which many people believe was orchestrated by some government agencies only, lots of funds and personal were diverted to dealing with a hypothetical "war on terror". A war, which was primarily built up to boost national defense spending in USA, was only intended to give the conservative base some thing to chew so that bush gets elected one more time. But then its effects have finally hit the entire globe.
Earlier, I used to think that the war was only going to affect oil. now it has affected the financial structure. Right now, i feel that Bush has come close to achieving what everyone thought is impossible. He has at last shown how to break USA into pieces. A set of bad policies, directed by a wrong philosophy, and manned by incompetent fools, has at last triggered the fall of the US economic system.
The ensuing recession that is sure to hit USA badly is not only going to affect the US economy badly, but its ripple effect will be felt by almost all nations. Definitely, the current situation will gradually degrade to a scenario where Americans in general will start thinking that "the American dream" is no longer possible. May be, one or two rare exceptional people will come to prove that American dream is still valid.
[This is a old post which I forgot to complete and post]