“While the U.S. was pouring most of its cash into real estate speculation, India was discouraging the application of its precious capital to this non-productive use. Indian banks financed factories and business expansion. Americans not only financed unproductive construction here in the U.S. but also financed real estate deals in India that the banks there were prevented from touching. Now India is on the verge of making a $2500 car while the average American is looking at paying $2500 in extra federal income tax every few years for the privilege of bragging that GM and Chrysler never had to go through Chapter 11.”
Philip Greenspun (via azspot)

Notes

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