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...More bad news has been streaming across the Goyal's Sony over the past few weeks: India's economic growth rate is expected to slow from 9% to 8% or even less; unfounded rumors that the country's largest private bank, ICICI, had been caught in the subprime mess nearly caused a bank run; Jet Airways, the largest domestic airline, is laying off hundreds. Not the cheeriest atmosphere for a wedding. Goyal is getting married in two months. "I wanted to go to Singapore for our honeymoon, and buy a new car. It's ta-ta to those dreams...
...Today, China, the gulf nations and other state capitalists have amassed the largest sovereign wealth funds in the world. The world's state oil companies control some 90% of global energy resources. (Many of these companies invited in private investors in the 1990s only to throw them out later.) And by protecting parts of their economy at a time of massive global business consolidation, the state capitalists have built companies capable of competing, and winning, in industries that require scale. According to a study by the American Enterprise Institute research organization, unfree states have grown faster than politically free ones...
...resources in part, at least, for the sake of revenue. Just take a look at the Ivy League’s Borrow Direct interlibrary loan program in which all the Ivies—except Harvard—take part, despite the fact that Harvard has the fourth largest library collection in the world. Although Harvard does participate in a type of ILL program, it usually slaps charges onto the loans...
...seems old news to say the world has turned upside down: The flagship American financial services industry is in shambles, the free-market-prone Bush administration had to beg Congress to pass one of the largest government interventions in history, and before we know it, someone like Governor Sarah Palin may literally be a heartbeat away from becoming Commander in Chief of the world’s only military superpower. And now, amidst the havoc, an unlikely alliance between Russia and Venezuela has developed in the interconnected realms of energy and defense...
...weeks, Charles Cherry II has tried to get Florida's Republican Party to buy ads promoting Senator John McCain on the seven African American-targeted radio stations and in the two newspapers that make up part of the Cherry family's sprawling Tampa business empire, the largest black-owned media entity in the Sunshine State. The ads would have enabled McCain to make his case to potentially millions of black Floridians, about 13% of whom voted for President Bush in 2004. Instead, Cherry, 52, recalls a Republican official saying, "We're ceding the black vote in Florida to Obama." Last...