Re: Is it a digital revolution or a market crash?
Kgun, IMO, you are dead on as far as the digital revolution is concerned. IMO, in N.A. this is not by choice! It is driven by the fact that manufacturing is dying a quick and painful death. A direct result and benefit of the digital revolution is my telphone bill has gone from $400+ to 29.99/mo. Increasing productivity (same service at a lower cost to me). IMO, the drop in oil prices will be short lived and as the cost of energy increases the digital revolution will become more important as a way for families to make ends meet.
The N.A. economy shift to online/service from manufacturing is receiving its first test. The biggest test and toughest is the protectionist winds blowing in from the south (I'm Canadian). US politicians talk the talk but... when push comes to shove they are ultra protectionist and walk the free trade walk like drunken sailors on leave. The softwood lumber dispute all but killed the industry in Canada and enabled big US companies to gobble up Canadian companies for pennies on the dollar. So the "free" in free trade is a joke when dealing with the US.
The biggest test for the digital revolution will be there are not enough "qualified" engineers and IT people to meet the needs of the infrastructure required to shift to a digital service economy. In Canada this is a problem that is easily fixed if only the "media" and unions would shut up and realize jobs go to China, Brazil and India for a reason. The unions killed the "auto industry" now they want billions to keep it alive. Man... stick a fork in it! Its done! Re-train the workers for the digital world or let 'em flip burgers! They should be the choices not my tax dollars propping up a dead industry for the third time. Three strikes and your out!
The whole global banking fiasco is the direct result of greed and free market abuse with the knowledge the US citizen would pick up the tab. Profits were privatized and and losses socialized. The current situation pretty much sums up the 20th century US financial system. Mortgages with no credit check and more importantly due diligence ie:no/inadequate property appraisals! We'll know the global financial system collapse has come to an end when the FBI is doing the perp walks that follow every financial calamity in the US. I gotta' believe the CEO of Countrywide will be the first of many.
Google beating expectations shouldn't surprise anyone here afterall it's a rigged auction (Quality Score) with NO COMPETION! and therefore people are falling all over themselves to bid higher for a diminishing inventory of "qualified" buyers due to the consumer led recession which is taking hold.
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