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Columbia Professor Jeffrey Sachs Says America in Decline, Politicians Corrupt
Old 03-14-2011, 04:10 PM   #1
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Columbia Professor Jeffrey Sachs Says America in Decline, Politicians Corrupt

Technology stock picks & industry news: Tech Ticker, Yahoo! Finance

Jeffrey Sachs say truly rich have one foot out the door of US, don't really care what happens to America, and have politicians on their payrolls.

And this is news?

Scroll down page to interview with Jeffrey Sachs.


Ha
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Old 03-14-2011, 04:38 PM   #2
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Technology stock picks & industry news: Tech Ticker, Yahoo! Finance

Jeffrey Sachs say truly rich have one foot out the door of US, don't really care what happens to America, and have politicians on their payrolls.

And this is news?

Scroll down page to interview with Jeffrey Sachs.


Ha
Yeah, those college professors really have a handle on the way the real world works.
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Old 03-14-2011, 05:12 PM   #3
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Yeah, those college professors really have a handle on the way the real world works.
Perhaps they should invite you to enlighten them?
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Old 03-14-2011, 05:46 PM   #4
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Perhaps they should invite you to enlighten them?
Perhaps they should.
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Old 03-14-2011, 07:48 PM   #5
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I have one foot out of the US door myself, as do a surprising number of people I know who came here from foreign countries. Most of the foreign graduate students where I work are planning on leaving the US. The Indians and Chinese because they have better opportunities back home, and the Europeans because of the political environment.
Most of them are single and easily able to move, but I recently talked to a British guy I know who as an American wife and 2 kids born in the US and they are seriously thinking of moving to the UK. I pointed out that the economy sucks in the UK right now, and he countered that he just wanted to get as far away form Glen Beck as possible. The "wind" of openness, funding an opportunity that brought me to the US 25 years ago has definitely changed.

But the bigger picture here is that for many immigrants with degrees and professional qualifications the US is not the country with the best opportunities any more. That might be ok if there are Americans to fill the jobs that open up......but I'm not optimistic for the science and engineering disciplines unless we start encouraging more kids to get into those subjects.
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Old 03-14-2011, 07:55 PM   #6
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I have one foot out of the US door, as do a surprising number of people I know who came here from foreign countries. Most of the foreign graduate students where I work are planning on leaving the US. The Indians and Chinese because they have better opportunities back home, and the Europeans because of the political environment. Most of them are single and easily able to move, but I recently talked to a British guy I know who as an American wife and 2 kids born in the US and they are seriously thinking of moving to the UK. I pointed out that the economy sucks in the UK right now, and he countered that he just wanted to get as far away form Glen Beck as possible.

But the bigger picture here is that for many immigrants with degrees and professional qualifications the US is not the country with the best opportunities any more. That might be ok if there are Americans to fill the jobs that open up......but I'm not optimistic for the science and engineering disciplines.
Yes; our stickiest immigrants may be those who might just starve or get shot in the street if they returned home.

Ha
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Old 03-14-2011, 08:13 PM   #7
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Yes; our stickiest immigrants may be those who might just starve or get shot in the street if they returned home.

Ha
It use to be that America offered more than any other country. It's just not the case anymore. I work with a brilliant Chinese guy who has a Green Card and is tenured university faculty. He's going back to Shanghai with his family as the university there offered him far better facilities and funding than he could get in the US. When that starts happening you sit up and realize that things have changed.
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Old 03-14-2011, 08:32 PM   #8
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I work with a brilliant Chinese guy who has a Green Card and is tenured university faculty. He's going back to Shanghai with his family as the university there offered him far better facilities and funding than he could get in the US. When that starts happening you sit up and realize that things have changed.
Let's see: Your British associate is leaving because he doesn't like a radio talking head, and your Chinese associate is longing to return to China (per capita GDP: $7400, subjecting himself and his family to strict government controls on association, speech, etc) because he'll get a nicer (government-funded) lab. This hardly sounds like the death rattle of American free enterprise. To these associates of yours I say: Adios!

I normally have no use for Beck, but perhaps he's serving a useful function after all.
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Old 03-14-2011, 08:40 PM   #9
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Let's see: Your British associate is leaving because he doesn't like a radio talking head, and your Chinese associate is longing to return to China, because he'll get a nicer lab. Adios!

I normally have no use for Beck, but perhaps he's serving a useful function after all.
This may be shortsided. People don't come here yearning to be free, they come to make a better life. I can ignore the guy who doesn't like American politics, but the guy who has better oportunies in China is telling us something. Americans have outsourced their child bearing to Mexico and other third world countries, their development of motivated science ready young people to China, Viet-Nam, South Korea and Russia/Eastern Europe, and although the baby makers will keep coming we really need the educated strata to keep it all going.

Somehow we have suffered a loss of will similar to the UK between the wars. I cannot understand it.

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Old 03-14-2011, 09:02 PM   #10
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Somehow we have suffered a loss of will similar to the UK between the wars. I cannot understand it.
We've gotten too comfortable.

As dex wrote in this really good thread:

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It's a modern-day drama summed up in an ancient Chinese adage: "Wealth never survives three generations." Nineteenth-century Americans updated it to read, "From shirtsleeves to shirtsleeves in three generations."
We're a whole nation that has been really wealthy. Now, there are a lot of nations filled with "hungrier", more ambitious people. If they can get their opportunities at home, they'll take them there rather than come here.
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Old 03-14-2011, 09:33 PM   #11
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On the whole the USA is still a great place - relatively low taxes, good environmentally, work opportunities, still one of the freest countries in the world, diverse areas, large and easy to travel.
Yes, the USA is an empire on the decline, no doubt. But, it isn't a straight line down.

These tough economic times will end in a few years. Yes, we will have higher taxes and cutting gov't spending, the number of poor will get larger, college educated will find it difficult getting work, more will be unemployed and corruption will be on the rise. But, all of this will take years.
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Old 03-14-2011, 10:03 PM   #12
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Couldn't find your link, ha. Too late, I guess.

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Jeffrey Sachs say truly rich have one foot out the door of US, don't really care what happens to America, and have politicians on their payrolls.
No surprise here.

Still, the US is better than almost anywhere I have been (or am at the moment). People should see what real corruption looks like, though.

My best opportunities are outside the US these days.

I work with Brits. They seem to be very unhappy with the UK these days. I would not live there.
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Old 03-15-2011, 04:14 AM   #13
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Yeah, those college professors really have a handle on the way the real world works.
Of course, it does not take a college professor to see how the real world of politics is not working either!

How many believe it is working? Not me. Why? because the rhetoric and subterfuge get in the way.

It is clearly political gamesmanship.

This is mainly about the next election and gaining (or retaining) political control. Along with the "street fight" approach to protecting certain special interest constituencies...

Do you really believe otherwise?

There is no way to fix the fiscal problems other than increase taxes and cut certain spending. This is all about who pays and/or gives something up!

The answer in the end will be MasterBlaster (and the rest of the middle class) will pay dearly... (and it will be written into law by both parties.... as they smile and pat themselves on the back for a job well done!).
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Old 03-15-2011, 06:29 AM   #14
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...........How many believe it is working? Not me. Why? because the rhetoric and subterfuge get in the way.............
Sadly, I've some to the conclusion that there is very little real vision or leadership in either party. Most of the American public thinks we can cut foreign aid enough to balance the budget and the concept of curbing entitlements or military spending is not even on their radar. More sadly, politicians like it that way because it makes the struggle to protect key special interests easier politically.

Now you damn kids, get offa my lawn!
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Old 03-15-2011, 07:14 AM   #15
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Let's see: Your British associate is leaving because he doesn't like a radio talking head
The Glen Beck comment from the UK guy was a catch all for his frustration with the country. His and his wife's main reason for moving was that the kids were coming up to high school age and they want to get them into the UK school system so that they can qualify to go to a European university as resident students. He's pretty annoyed that the UK now charges between $5k and $10k a year for college, but he can always go to less expensive places in Holland or France etc.

What is the biggest worry for me with America is the lack of good students I see going into science and engineering. Fully 50% of our grad students are foreign becasue we just don't get the applications form Americans.
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Old 03-15-2011, 07:25 AM   #16
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Most of the American public thinks we can cut foreign aid enough to balance the budget and the concept of curbing entitlements or military spending is not even on their radar.
Benefits like SS and Medicare will have to be reformed along with Military spending, if you want to see costly benefits packages look the armed services. The US spends 3 times as much per capita on health care as other western counties with poorer out comes for longevity and infant mortality so there is room to reduce costs and deliver better care.
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Old 03-15-2011, 07:57 AM   #17
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Eventually the piper has to be paid. Too many years of cheep money. Running this country and many others on low interest payments is a recipe for disaster. Here is what I have seen first hand being an immigrant myself. Not on the US side but from the Australia side.

In 1996 I came to the USA and noticed some key differences between Australia and here. When I went to purchase a second hand car, the salesman asked me what sort of payment could I afford. I thought wow, that is a stupid question. In Australia the question was What price range are you looking in. I didn't really take much notice and answered I am a cash buyer, I don't do credit on cars.

So I settled into my US lifestyle and went shopping for some furniture to fill my apartment. Again I saw No Interest No Payments at all the furniture stores. Everything in the store had two prices on it. The monthly payment price and the total price.

Off to Best Buy to get some electronics. Same deal, monthly prices, No Interest No Payment deals.

Started looking at houses, nobody asked what my price range was at first. It was always what payment are you looking for?

So 7 years pass and I didn't take a visit to my homeland. When I did a 3 week visit, I noticed something really strange. Not an old car on the road there anymore? I thought hey everyone is doing well... Then on the drive to my parents house, I saw car yards with nothing but Monthly Payments on the windows, Massive furnture, Electronic, Hardware Stores with banners saying Buy Now Pay later, Low monthly payments, No interest no payments for 6 months.

So instead of people having to pay cash for things now they could do it on easy finance deals. The mentality had changed. When I returned to the states, I knew this was going to be a short lived ride on the economy boom cycle. I wondered how long it could go on until everyone had maxed out their paycheck and started the spiral into bankruptcy. Well it did happen here, and guess what Australia is about to experience it as well.

Given the choice the average Joe or Kangaroo will take easy payments over a big cash layout up front. Especially if they haven't got the big cash stash to pay in full.

Mark my words here people, Australia will be the next to fall in the Over Credited Up public.

In summary, I believe it is the Easy Credit and Cheep Money that is causing the failure of our society. Once that is all shaken out and all the bad debts have been written off we can start the next solid cycle of economic expansion. Let's hope it is done with less debt this time, in reality, however, it will be cashed up on credit just like the last one.
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Old 03-15-2011, 08:05 AM   #18
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Benefits like SS and Medicare will have to be reformed along with Military spending, if you want to see costly benefits packages look the armed services. The US spends 3 times as much per capita on health care as other western counties with poorer out comes for longevity and infant mortality so there is room to reduce costs and deliver better care.
And could you name some specific politicians that are running on this premise?
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Old 03-15-2011, 09:20 AM   #19
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The Glen Beck comment from the UK guy was a catch all for his frustration with the country. His and his wife's main reason for moving was that the kids were coming up to high school age and they want to get them into the UK school system so that they can qualify to go to a European university as resident students. He's pretty annoyed that the UK now charges between $5k and $10k a year for college, but he can always go to less expensive places in Holland or France etc.

What is the biggest worry for me with America is the lack of good students I see going into science and engineering. Fully 50% of our grad students are foreign becasue we just don't get the applications form Americans.
Do you know what percent of the US science/engineering graduate school grads get jobs that use their advanced degrees, and what those jobs pay?

Are there more US kids with the talent for those jobs that are just passing them up? or is it a case that these jobs really require people in the 99th percentile of quantitative ability, and there aren't that many of them regardless of wages?
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Old 03-15-2011, 09:59 AM   #20
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You couldn't pay me to get a graduate degree in engineering. Of negative value to most. I went for experience as fast as I could and it paid off in spades.
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