Megabanks: The Banking Oligarchy That Controls Assets Equivalent To 60 Percent Of Americaâs GNP http://theeconomiccollapseblog.com/...sets-equivalent-to-60-percent-of-americas-gnp "In fact, the six biggest banks in the United States now possess assets equivalent to 60 percent of America's gross national product. Back in the 1990s that figure was less than 20 percent." These banks have taken over our country and it's time to take it back from them.
Downgrade. Business have to shut call centers in India. Get out aluminum foil hat, and get a strap to hold it on.
Yea meaningless. They somehow equate this as the reason markets are down. They need a clue. We have mass liquidation from crisis in Euro. Italy is on brink of full on bank runs. Whatever. They start buying Italy bonds, see how fast the market rips up. Or they can keep missing it.
Reality is India has a booming middle class largely due to US jobs being outsourced there and many of our corporations opening operations and expanding to serve their market. The US is not the only market India serves. There are fewer Indians looking to immigrate to the US and many Indians who have made their fortune in the US are running the corps that are opening operations and shifting jobs and wealth to India. Can't blame the corporations... US is 300M population with only 115M tax payers and a median age of 39, India is 1.2B with a median age of 25. India income may seem low at $2K per year versus $25K for US, however, when you convert to rupees their average income is rs 90,000. Street food is still rs 5 a sandwich or $5 in the US. US corps are getting sweetheart deals to move operations to India: Tax savings, free trade zones, exemptions from labor laws not to mention a workforce of 467M to compete for jobs. Where would you invest? Young economically developing nation or an older economically declining nation?
India rating is BBB- USA rating is far better than India. By the way I had street sandwich in India few days back, it cost me Rs 20. Indian burger or vaadapav cost Rs 55 at Mumbai international airport. Now food inflation in India is very high.