Interesting interview with John Malone (Liberty Media) in today's WSJ. On the current economic downturn, he says it's "the scariest one in my business career." He says that if the banking system loses $800 billion and they are leveraged 20-1, that means were going to see $16 trillion of financial values wiped out, not incl. housing.
He goes on:
"America was the place to be. We've kind of frittered that away. We've lived beyond our means as a country & in many cases as individuals. Sooner or later that's going to come back in a compression of standard of living.....The thing that scares me the most is our technological capabilities relative to the rest of the world." Then he goes on about how 70% of the science & engineering students in our university graduate programs are foreigners & that after they get their degrees "we kick them out of the country." Maybe that's why Steve Ballmer (MSFT) says that by 2025 80% of the world's scientists & engineers will be in Asia.
Do you hear any politicians talking about any of this?
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