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For once the New York Times gets it right. Key quote:
“All you need to do is grant visas to two million Indians, Chinese and Koreans,” said Shekhar Gupta, editor of The Indian Express newspaper. “We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans.”
The author admits the comment is a bit tongue in cheek, but I suspect more than a few contractors who own their own businesses will recognize a lot of truth in it. Nobody builds a successful construction business without hard work, long hours and conservative financial management. The Chinese and Indians get it. Contractors and small businessmen and women get it. Why doesn’t the government get it?