I read that Obama’s inauguration cost $160 to $180 milion. That’s a tidy sum, especially considering the shape of the economy and the unemployment rate is at 7.2% and rising fast.
If this had happened in China, imagine the outrage: "See, that’s so typical of CCP’s self-aggrandizement, giving itself a big party even in a severe economic crisis! And isn’t that always a fine Chinese tradition? To have sumptuous food rotting at the grand balls while ordinary people freeze to death on the sidewalk!"
Corruption in China is a problem, but at least China gets the economy on track and most people see a rising standard of living. The irony is when everyone’s pointing their finger at China like it’s the corruption capital of the world, they get hit by corruption and scandal of the worst sort in America. Corruption so massive it wiped out a huge chunk of the average American’s family wealth, leaving a lot of nest eggs cracked and cooked……a financial massacre of civilians, no less.
In the fall of 2006, China launched the world’s biggest IPO ever, that of Industrial & Commercial Bank of China. I remember reading from some American forumites, "yeah, but are Chinese banks safe? You’ll be sorry down the road".
Well, looking back, thanks for the warning, but too bad you got the names all wrong. The names to stay away from weren’t the likes of ICBC, but Citi and BoA and Wachovia and Merrill and Lehman and…………
Then we have others going: "Look what CCP morons got China into. Exports to the west are falling and now China’s in a bind."
Well, everyone in this world is affected by the Ameican financial crisis. Among all the countries I’ve visisted, I could think of only one that’s more or less immune. That’s N Korea.
I figure, NK should be going through this global crisis well, as long as China keeps sending fuel and food like it always has……..
That NK may be "shielded" from this crisis is not a point of envy by any means.