Scumbria, great post:
The rise of the Internet was fueling incredible growth in the tech sector. The demand for electronics to support communications, networking, data processing was real, and driven by real needs of people all over the world.
The Fed had absolutely no business tinkering with this marvelous new industry. Until last summer, it was one of the great success stories of unbridled capitalism.
If the US is unwilling to support the rise of communications, I'm quite certain that the EU will be happy to take over our role as world leaders.
You made another point I was thinking of, thanks. We all saw what happened in the 80s when a lot of US companies, including Intel, went to sleep. The problem then was quality (also in autos) which the Japanese jumped all over. This time, US companies didn't go to sleep, but Gspan pulled the rug out from under them. Same thing could result though, as the Siemens, Alcatels, Infineons, Hitachis, Fujitsus, etc. of the world would love to start eating our lunch as we are weakened with declining business and layoffs. Left the door wide open, Gspan did.
Tony |
