While US has every right on H1/L1 fee, one is amused at Schumer bragging abt. the "law abiding" US companies. Has he forgotten Enron, WorldCom, Lehmann etc. whose shares slumped from $60-80 to a couple of cents in a year or so? It is the poor(?) americans who lost heavily on these companies(deservedly). Also in Bear Stearns, which was the first investing(or gambling) bank to give notice of sub prime crisis in Aug. 2007, a big british investor called Joe Louis was tricked into buying Bear Stearns shares worth $1 billion at about $100 each for a share. What is surprising is that he made this investment after the crisis exploded. But in March 2008, Bear Stearns was wound up and merged with JP Morgan at $2 per share causing immense loss to Louis as well as americans. Still this idiot Schumer and fellow senators are pumpimg bllions into Pak.
Whether we like it or hate it, in real terms, that is what we do. Industrial America is protesting, because, knowledge work has gone, along with their industrial work, courtesy China and India, and feeding them back , so that they can consume more. It is their consumption that propelled these economies. Till America does not deiberately , slow down this process, they will be left high and dry. India , on the other hand can create micro, low cost products and more of social business models, that can propel consumption. In order to achieve it, the government must get out of licensing to enable Jugadu business models to flourish.Europe, is a strict no no, culturally and business wise. They have very limited vision and thinking. Asia , should be our focus.
US started the globalization initiative when their economy was saturated. They didn't realize that opportunities created by globalization will be cashed by other emerging economies. US in insecure to let go of it's arrogant "super power" status and that is why it keeps coming up with issues to discourage emerging economies. I however guess that it is too late and this attitude cannot take them too far.
With respect to Infosys (any other IT companies), the biggest mistake they have made is that they are too dependent on the US market for business. Besides exploring other markets (especially Europe), Indian IT companies should focus on IT products and not discrete business projects. Had we created superior IT products, this situation where US holds the magic want to manipulate Indian companies, wouldn't have taken place.
For years, USA and European countries had been asking India to open doors to forgein competetion. Now they do not like competetion from India or China. John Galbraith must be rolling in his grave.
Re: Infy is a chop shop
by wizardo id on Aug 09, 2010 09:48 AM
jealous much ? if you go by that yardstick, most US companies are copycats and non innovative anyways - these days. real innovation happens all around the world.
Has any one ever talked about the american comapnies which exploited the oil reserves of gulf and made huge amount of money. How many locals you find in these companies ? What was the fault of Saddam Hussain ? Why american attached the country ? Why america is trying to be hostile to iran ? Everybody is wise to know this oil diplomacy ? Where are the rights and welfare of local population ?????
If Indian are set Chop Shops and stealing US jobs nobody dies.But if US Copanies set KILLING FIELDs by setting a factory similer to UNION CARBIDE set in Bhopal thounsands of people dies.
