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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (14124)	10/2/2003 3:00:33 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 306849

i think you are talking about something different. you are talking about the next idiot-savant. all of Asia admires our idiot savants, who have a better chance of success than they do in Asia. on the other hand, if you look beyond the 1 in a million lotto winner American style system, there is the real world out there. in that world, which is reflected in trade balances, the winners are not the idiot savants, but the aggregators of skills. in this sense, Asia has got us beat coming and going. as i mentioned, and you may not realize this, it is MUCH MUCH harder to get into the elite schools in, e.g., India, than in the US. IIT grads are much smarter than their MIT/Harvard/Stanford/Caltech counterparts on average. read this description from Vinod Khosla for some reference: "When I finished IIT Delhi and went to Carnegie Mellon for my Master's, I thought I was cruising all the way because it was so easy relative to the education I had got at IIT." flonnet.com the problem America faces going forward is that there are no more capital barriers keeping skills here, so the skills will aggregate in Asia, where they are smarter, work harder, and (last but not least) willing to work for less. it will be interesting to see how this affects the market in the long run. some cos can obviously increase their profitability in the short run thanks to the overseas workers, but we are going to be losing our consumer buying power if the skilled-job drain keeps on going. i think the latter effect will outweigh any increase in profitability. i think many Americans would like to give Michael Dell and Bill Gates and Steve Jobs to India in exchange for the 3 million jobs lost in the US since the crash.