Saturday, December 27, 2008

A Link A Day # 9: Friedman's Observation

Thomas 'The-World-is-Flat' Friedman has drawn a rather interesting comparison between America and General Motors. In an Op-Ed in NY Times, he writes:

"We’ve fallen into a trend of diverting and rewarding the best of our collective I.Q. to people doing financial engineering rather than real engineering. These rocket scientists and engineers were designing complex financial instruments to make money out of money — rather than designing cars, phones, computers, teaching tools, Internet programs and medical equipment that could improve the lives and productivity of millions.

For all these reasons, our present crisis is not just a financial meltdown crying out for a cash injection. We are in much deeper trouble. In fact, we as a country have become General Motors — as a result of our national drift. Look in the mirror: G.M. is us."

For the full article, go visit the venerable NYT.

Posted by Anantha.

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