The aspirations of people can sometimes make them do bad things. Eight women did something wrong at the London Olympics, where they had no idea that they were under watch. They lost games to have a better ranking and went against the principal of ethics. They have lost their hopes and credibility. I must congratulate the World Badminton Federation for investigating this and the Olympic Committee in executing their decision.
Half of India lost power for a couple of days. The real blame is different than what will be shown to the world in my opinion. Every other month, a scandal comes out about some minister or some powerful person in India involved with thousands of crores rupees, which is equivalent to over half a billion dollars. When they have a huge project like this, the majority of the money goes into someone’s pocket. So the contractors cut corners to fill the pockets of many politicians, the government employees and themselves.
The backup system has not been checked. The emergency system has not been done or the work was not before measures were put into place. How in the world did half of the power go out in a second? Energy experts said that in America a blackout like in India is highly unlikely. However, they all forget the Northeast blackout of August 14, 2003, which was a widespread power outage that occurred throughout parts of the Northeastern and Midwestern United States and Ontario, Canada. Indians has lot of patience, but we Americans do not have that patience. We can get panicky right away.
According to the Wall Street Journal “The Federal Open Market Committee pledged to ‘provide additional accommodation as needed,’ but the central bank’s reluctance so far to buy more U.S. Treasury or mortgage-backed securities sparked a selloff of Treasury and longer-dated Eurodollar futures contracts.” The boost in the economy has been needed badly. By raising interest rates, it has an effect on two sides. Recently, the Feds have announced no interest rate increase at least for a half a year. All of a sudden, the rising interest rate might boost the economy. Those who are holding their moves to invest money may bring money into the market and start buying real estate to boost the economy. However, it might have another side effect. If the economy does not move forward, it can go easily into a recession, due to the rise in interest rates.
The problem with the government is that they are not boosting the smaller businesses, but helping the large scale industries and banks. The government is more worried about the paperwork than finding out the cost of the paperwork to them. They are more worried how to get the votes in their favor than fixing the economy. If they do it the right way, they need not worry about the votes, as they will come to them anyway. The Feds said on August 1 that the economy has weakened, but no new steps will be taken in the near future.
Have a wonderful week. I’ll talk to you next week.