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8/24/2008

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andy

9/15/2008 11:02:31 am

Today the New York stock exchange fell over 500 points with regards to the news that the Lehman Brothers filed for bankruptcy. Like many financial institutions, the Lehman Brothers took a heavy hit from the subprime crisis. Some Business Columnists are comparing the general economic situation to that of the Depression. Is this a realistic description of the American economy? What can be done to put the brakes on the effects of the subprime mess?

Ishwar Prashad link

9/16/2008 03:31:54 am

Do not confuse banka that take deposite from customers and non-repopsitory banks/ investment houses. Customers are protected by federal insurance. This is as a direcy result of the Great Depression, when depositors bore the brunt of the disaster.Also in the Roaring 20's, there was one dominant economic power...the USA, ...GB was depleted, France was drained and Italy, Germany and Japan were in ruins. Today , there are many strong economic blocs, able and willing to step in and provide relief......Asia, Europe and even Russia and the Middle East are able to absorb any shocks, when they act in concert, as they are doing.
The invewstment houses/brokers and their employees, are the ones that will be adversely affected. It was not just sub-prime. It was greed run amok, with little or no oversight, and accountability coupled with poor management. Capitalism is based on the philosophy of greed, but it is controlled greed, not the untrammeled greed of the kind that have been practiced by Enron, World com., Bear Stearns and Lehman . The crows have come home to roost !!!
In the midst of this crisis McCain has been exposed for the economic ignoramus that he admitted to being.....his first reaction is not unlike Bush,( when he was told of 9/11), in this case rambling about " the fundamentals of our economy are strong ", only to change his mind when his handlers got hold of him, saying " the American economy is in a crisis. It is in a crisis ". This is unacceptable in one who aspires to be president, but hell, what can you expect from a country that gave Americans 8 years of Bush and now think that Palin,( whose sum total of foreign policy, is that she can see Russia from her balcony in Alaska ) is their next hope.
America is even more weakened by this recent economic fiasco. In 8 years of Bush, it has managed to squander its military and economic power and has compromised its integrity and its political clout.A change of direction and vision can go a far way to regain some prestige. Let's see if the voters are paying attention to the dire needs,and not only wanting to be entertained by empty rhetorics, lies and distortions.

Melissa

9/17/2008 06:35:36 am

Melissa

9/17/2008 06:39:07 am

Ishwar,

I am taking a human rights course at concordia. I am currently reading about Lester B. Pearson's role in ending the Suez crisis. I looked up what the Suez Crisis was about and i am not sure i understand what it was. I dont understand the importance of the Canal nor how Nasser took control. Was it by force? or was it through a contact (i believe their was a company). And if i understand correctly the division was between whether France and Britain should have intervened (even though that was their plan). The website all say the same thing and i am not getting clarification.

Ishwar Prashad link

9/18/2008 12:23:43 am

The Canal which was built by a French/ British consortium, reduced the time and thus expense to get to India/ Asia. This was essential for trade and the economy of Britain and France.
Gamal Nasser, who had seized power by over throwing King Farouk, wanted to restore Egypt's pride and sovreignity, and he saw nationalising of the Canal as key to that.The British and the French decided to stop him ( the USSR was busy asserting itself in Hungary ),and while the USA opposed the British/French move, they did little to stop it. Israel saw an opportunity to weaken Egypt ( which it saw as a threat to its existence and fearing that Nasser was going to rally the Arabs against it ),and joined in the attack.
Egypt was no match to this threesome, but refused to back down. There was fear that the war would spread in the Middle East and possibly bring USSR on the side of the Egyptians and USA ,on the side of the the attackers. The United Nations was unable to act because both Britain abd France had veto power over any Security Council initiative. Lester Pearson was Canada's representative at the UN.He came up with the idea of a Peacekeeping Force to be placed between the combatants.It was not easy to get this done. He needded the support of the USA and the General Assembly. He showed great diplomatic skills and he would not be denied, and finally he was able to get an agreement. This was the high point for the moribund UN . It had been searching for a role , that would define it and allow it to be a neutral and respected player internationally.
The success in Egypt, allowed the UN to establish its peacekeeping credentials, which would see it play a central role in Vietnam, Lebanon, Cyprus, Congo and dozens of other hot spots . What Pearson did by sheer force of personality and diplomatic skills, was to give meaning to the UN, something that was missing from its forerunner, the League of Nations ( perhaps WW11 could have been prevented if there was a Pearson in 1914).
Canada became recognised as an important player in world affairs, and a leader in multilateral dipolomacy ( in the past 25 years or so we have lost this, as we move closer to the USA's foreign policy adventures ). Mulroney started this process, Chretien ended it, and now Harper has once again toed the American line.
Pearson won the Noble Peace Prize, (deservedly so). From a human rights standpoint, he was able to establish respect for the UN 's Declaration of Human Rights, as well as the rights of people's to end colonialism ( in Vietnam, Algeria,Ghana and other African and Asian countries.....the right to self-determination was established and recognised. Colonial peoples would no longer be kept in captivity, and would get the opportunity to be independent and control their destinies. Their human rights would be recognised, and they and their resources would would not be raped and exploited by colonial masters. From 1956 to the 1980's, as a result of Pearson and the creation of a peacekeeping role for the UN, wars while they did not stop completely, were shortened and peace was given a chance.

Melissa Dimitriadis

9/20/2008 12:41:12 pm

Thank you for that clarification, much easier to understand.
I am dunbfounded (and apparently blind and uninformed). I was just reading through Amnesty internationsl's website and looking through their recent news and i come accross articles that have to do with the states. More specifically i come accross the acticle that reads "US: End Beating of Children in Public Schools" Excuse me? there is still beating in public schools?? Well as i read on it says that corporal punishment "paddling" is legal in 21 states!!!! 21 STATES???? What kind of world do we live in, i know it isnt the greatest but you know there is something REALLY REALLY wrong (not that i didnt think there was anything worng before) when children are still being beaten in 2008!!! i am utterly shocked, appaled and disgusted! this is what politicans should be focusing on not bull dogs or pigs who wear lipstick!

Author

Ishwar R. Prashad recently retired from over 47 years of teaching.

He taught Political Science variously at Dawson College, Loyola College, Algoma University College, Sir George Williams University, Concordia University and Vanier College.

Previously, he taught for nine years in Port Mourant, Guyana.

He became Principal of Corentyne Comprehensive High School at the tender age of 21. During this time he turned down Scholarship offers to study overseas in England and the U.S.S.R.

He chose Canada and after graduating from Sir George Williams with a B.A Honours with Distinction, he accepted a Fellowship to complete his graduate work at McMaster University. He completed his first two degrees-Bachelors and Masters- in three years.

His last position was as Co-Ordinator of Political Science and Economics at Vanier College and Adjunct Professor of Political Science at Concordia University.

He is married to the former Juliet Ramcharan (Library Supervisor, McGill University) and together they have three children – Indra R. Prashad, P.Eng. ,McGill (Presently Manager, Ontario Safe Water Drinking Agency), Ishwar R. Prashad Jr., B.A ,McGill (Presently, President, Kismit Gear Inc.) and Rabindra Y. Prashad, (Presently, Artist and Chef).They are the proud Grandparents of eight grandchildren-Miranda, Kamal, Ayesha, Élan, Anĵa , Étienne, Chloé, and Jasmine.

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