This Is Not a Column

Mr. Friedman, in his recent column This Is Not a Test. This Is Not a Test. Aims squarely for the side of a barn, and misses. He wishes President Obama (ah, I still like the sound of that) would get on with fixing the banking system, and stop fooling around with all these other side issues. I presume this means health care, Iraq, Iran, education, infrastructure, etc.

But fixing the banking system is obviously not so simple. Most US banks are insolvent (i.e. have more debts than assets). In other contexts, this is called 'bankrupt'. Except some of these banks may be really bankrupt. We're talking trillions of dollars in the hole. International banks are in similar situations. And many of these banks are 'international' institutions. How does one deal with this, without risking shoveling billions of dollars out of the US and to foreign enities? Mr. F was a bit light on suggestions.

Well, at least Mr. F is posting harmless drivel these days, after years of cheerleading everything from rampant globalism to the war in Iraq.

Start Up the Risk-Takers

Let's move away from H1-B visas and rampant internationalism, and back to the subject at hand: the cluelessness of Mr. Friedman. A recent column (Start Up the Risk-Takers) talks about how the government is pouring billions into 'losers' like GM (and AIG and Citi?) whereas it should be helping to 'nurture the next Google'.

Well, the government has spent many billions on research, and continues to. Many start-ups are still funded by research grants, including the SBIR program. But the real problem today isn't with the government, but with the private sector. The IPO market has been broken for at least a decade. This leaves start-ups (and their investors) with no way to cash out. This lack of reward has been devestating to the technology business as we know it.

Why is the IPO market broken? There are many theories on this, but my best guess is that it was easier for Wall Street to sell Credit Default Swaps than to help place the offerings for small companies. Maybe we'll return to the Good Old Days where bankers were in the business of actually investing in companies, rather than simply moving money from one account to another. It's so quaint and old fashioned. But it might be just what this country needs.

No More H1-B Abuse on Wall Street

From Forbes: Foreign Workers Banned From Wall Street Too bad the High Tech world still have to live with this abusive system.

The Open-Door Bailout

Here goes Mr. F. with the H1-B visa stuff again ( The Open-Door Bailout ) and his quasi-racist caricature of 'smart, hard working Indians'. They are actually mostly just young and willing to work for much less money than Americans. Really, is this guy being paid by the electronics industry to lobby to help further drive down wages in this industry? And all this as unemployment is spiking in the US with IBM and others laying off thousands. I don't oppose immigration, especially of skilled and educated wokers, but this is about as dumb as it gets. Unless you are indeed a shill for the American electronics industry.

500,000 Strong

I guess I should have done a Google before starting this blog. Googling "Thomas Friedman idiot" yields at least a half a million hits. To be fair, maybe all the 'idiots' don't refer to Mr. Friedman. Must all of them on the first page do ...

Abandon all hope

In today's column TF searches Davos (perhaps lamp in hand like Diogenes) looking for The Man with The Plan (Elvis Has Left the Mountain). He concludes that we must all suffer for our sins. Sorry, not me bub. I neither bought nor sold a subprime mortgage nor a derivative thereof. I agree that someone needs to suffer some pain here, but it shouldn't be me or most of the people I know.

In a further testament to poor judgement, TF mentions his association with Indian outsourcer and fraudster B. Raju. He only speculates on how Mr. Raju helped start India's first 911 system. How could such a good man steal $1B (or more) of other people's money? Hint: it's not jus teasy, its smart to spend a few bucks on P.R. like this of you are a crook. Ask Mike Milken and Mother Theresa.

Bush Squander

Occasionally Mr. Friedman stumbles onto acorns of pure wisdom. I cannot agree more with his statement: "George W. Bush completely squandered his post-9/11 moment" (from: Radical in the White House). Truer words were never spoken.

Unfortunately, the biggest piece of squander to come out of 9/11 was the Iraq War. It is worth remembering that Thomas Friedman was one of its biggest cheerleaders. He continues his support of Bush Era war crimes with his support of Israel's bombing of civilians in Gaza. But I'll let Glenn Greenwald take it from here: Tom Friedman offers a perfect definition of "terrorism".

Technology and Engineers

For decades there has been talk of an engineering 'shortage' in the US. Such shortages should always be viewed with suspicion, since shortages of producable goods are rare in a free market. If there is a shortage of engineers, salaries will go up, and more students will go into that field.

Mr. Friedman wants to "staple green cards to the diplomas of foreign students who graduate from any U.S. university in math or science" (from: Tax Cuts for Teachers). But this is exactly the source of the current problems in US engineering. With a flood of millions of highly talented, intelligent engineers being admitted to the US under the highly flawed H1-B visa program, the effect has been to drive down wages and push American students into other fields.

If Mr. Friedman wonders why the brightest American students chose to become MBAs, lawyers or investment bankers, here is his answer. They are too smart to go into a field where the government and industry collude to manipulate their salaries.

Perhaps we need to use immigration policy to import more intelligent New York Times columnists instead.

Welcome!

After years of reading irresopnsible drivel from New York Times columnist Thomas Friedman, I decided it is time to stand astride his flat, crowded world and say: "Huh?"