Washington Post,March 21, 2008 Page A1 Headline and C Span Radio reported that middle class Americans are shrinking due to high cost of living. Cf. March 13, 2008 blog for the same rationale. The fact that inflation is being driven by commodities has made it tricky for the FED as it tries to prevent the downturn from becoming a deep recession. The interest rate cuts have contributed to decline in the value of the dollar, which is one reason for higher prices. The forecasts that prices for fuel and food will level off in 2008 but that could prove wrong. Time will tell as we are watching the developments. Greenspan said in his book released in 2007, "The Age of Turbulence," that the suborime boom would boost home ownership and was worth the risk. Ponder and reflect such judgment and learn the present status of US economy. There is inflation in China as well and Chinese economy is being contracted to restrain the rate of growth. It is a known fact that the middle class has been expanding in China. We are certainly aware of economic interdependence in the name of globalization to be intermingled by Sino-American economics. Such evidence is clear by virtue of realities of mutual benefit. March 23, 2008.
The following guys made news in FORBES magazine:
Warren Buffett Net worth $62 billion
Carlos Slim Helu in Mexico $60 billion
Bill Gates $58 billion
Lakshmi Mittal in India $45 billion
Are they happy? Headline in Business Section. Washington Post,March 6,2008
I have sent my blogs apropos of "Happiness" It is not material consumption to seek money only in life but intellectual pursuit,spiritual satisfaction and good health are to be added for a complete numerator with the denominator of desire in a fraction for such equation if endorsed. The choice is YOURS. I accept my own equation for happiness since 1940s when I was a student in economics. Happy Easter to all for spiritual satisfaction of inner peace of mind. March 23, 2008
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