Blame Game

It’s a tough time to be an immigrant right now in the U.S. With news that that about 2 million jobs were lost already alone this year, people are becoming desperate, angry, and depressed. It seems that most of these emotions are targeted at the people in Washington and the Banks that put the economy in this situation, but I am hearing a tiny whisper which is growing louder and louder each day. Lately the anger and resentment for the bad economy has taken a new direction, Immigrants.

I was listening to the radio the other day and several callers called in. Many of them were livid! Immigrants were taking their jobs! Jobs were being shipped over seas! Immigrants are ruining the U.S healthcare! Immigrants don’t pay taxes!

Many of the callers wanted jobs to set priorities on who should be hired. Citizens should be considered first before everyone, then permanent residents or people who have a green card, and last but not least those who have authorization to work in the United States. Some of the callers didn’t want anyone who was not a citizen or permanent resident to even be considered for jobs.

It is very scary to think that maybe some employers hold the same view. With so much job loss, what jobs are immigrants going to get and how will they survive.

Also with several people flooding the job market, one’s who have recently lost their jobs and recent college graduates; one has to be more competitive. But with the hatred directed at immigrants it seems even if they are over qualified and are legal to work in the U.S, the citizens just might get the job before they do! This http://http//abcnews.go.com/2020/story?id=2470131&page=1 article about how employers look at names on resumes is scary evidence of the changing mentality in the U.S.

This past Sunday, I watched 20/20 which featured a story about scams right now in the hard economic times. They spent half the show highlighting all the scams from people in Nigeria. They even played the infamous “I go chop your dollar” http://http//www.youtube.com/watch?v=f1nKR3gYRY8 video. To say that the Americans were angry is an understatement. The host of the show even called one of the men in Nigeria. The man promptly hung up after he heard the word “investigation.” A friend of mine had an experience when she told someone that she was from Nigeria, they automatically connected her and her heritage to scammers. Not Good!!!

Scammers are not only from Nigeria. There are several scammers here in the United States. The show spent about 20 minutes showing a white American man who was selling a car enhancement to people, the enhancement did not improve car quality, and he had been running from authorities in multiple states due to his scams. Recently Madoff, another American, took off with millions of dollars he had stolen from other Americans.

Jobs are not the only thing Americans are scared of. The recent drug warfare activity in Mexico has gotten more people riled up! Before, many were calling for a wall to separate Mexico from America, and to keep the immigrants out. Now with the violence going on, more people definitely want that wall up! They don’t want the drugs and violence to enter the U.S, which has its own share of drugs and violence.

More people are placing all immigrants, legal and not legal, under the same bad light.

What’s an immigrant to do?

Going Green

Africa is blessed with so many natural resources. She is blessed with abundant sunshine, wind, and water. This is the time, with so much technological advancement, to make sure that the people of Africa have lots of energy to generate electricity from the sun, wind, and water.

Not only would the switch from more fuel and coal based energy to solar, wind, and hydro-power be better for the enviroment, but also for our Afican countries. New jobs would be created. The money invested in these new green technologies would save consumers more money in the long run.

African Leaders

I think of Africa and I am at my wits end. What is wrong with our leaders in African countries? Are we happy to remain underdeveloped countries forever? Neither China nor Japan were not "developed" some years back, and now they are rubbing shoulders with other major economic powers, in particular America. On that note, for countries that were "third world" it certainly is ironic that China and Japan lend the United States of America so much money.

Here is a little bit about Japan according to UN estimates and Wikipedia: Japan has the world's second largest economy (after the United States!!!), it is a member of the United Nations, G8, OECD and APEC, with the world's fifth largest defense budget, it is also the world's fourth largest exporter and sixth largest importer, it is one of the leading nations in the fields of scientific research, it is a developed country with high living standards, and the longest life expectancy in the world. Can we say the same for any of our African nations?

Japan did not just become a major economic power over night. They too have suffered western imperialism (alothough not to the same extent as Africa), they too have struggled through economic crisis and poverty (most especially after WWII), they too at one point received aid from foreign nations. Rather than remain stagnant and underdeveloped, their leaders took action! Japan brought some T.V's, radios, cars, and closed their borders and got their scientists to dismantle these electronic equipments and figure out how they work. Now they manufacture and export T.V's, radios, and cars to other countries. Why doesn't Africa follow suit? Why have our leaders not taken action?

India, one of the world's most populous countries, has the world's twelfth largest economy and is the fourth largest in purchasing power. Although that country still suffers from extreme poverty, they are a fast growing economic nation that soon will achieve the same wealth and success as Japan. Their fast growing economy is because their leaders are takign action and have been implementing economic reforms since 1991. IIn particular, India exports a huge labour force (in particular I.T. and customer service representatives) generic drugs, textiles, machinery, software, and other hard commodities. What economic reforms have our own African leaders appointed?

African countries should stop being consumer countries and start manufacturing and exporting more hard commodities. Our leaders should draw up economic reforms and exectute them accordingly. Not until then will we stop being beggar nations.

Credit score F-

My score for the current credit rating system is an F minus. The reason why is that it is definitely repressing the attempt to stimulate the economy! People who have had to declare bankruptcy, face foreclosure, etc due to illness or job loss, etc; will have their credit ratings affected negatively. Once a person's credit rating is affected negatively, it becomes difficult if not nearly impossible to apply for a loan, get credit, etc. For example:

Mr. X just lost his job as a music professor because the univeristy he was working for downsized his department. Mr. X was part-time faculty thus immediately his job was cut due to down sizing as priority was given to permanent staff. His income from his job, though meager, was enough to cover his mortgage. Now, after a couple of months job searching and unemployed, Mr. X's credit rating has gone down. He is both short of funds, struggling to survive and now has bad credit.

With a negative credit rating, Mr. X can do little to nothing in terms of improving his situation. Similar to his situation, the economy is no where close to improving. Why?

For Mr. X, he can do little to nothing to improve his situation because his negative credit rating limits his options. He can not start a business endevour without some capital. He cannot continue to survive each day and pay his bills without some income. This vicious cycle continues because as his credit rating continues to drop, his situation remains unchanged (if its not getting worse), and because his situation remains unchanged, his credit rating will continue to drop.

For the economy, since Mr. X is without a job, how will/can he spend? How will he improve and change his current situation without some money? Who will/can he borrow from since he is "not credit worthy?" His "poor credit worthiness" is due to no fault if his, he lost his job and is desparatley searching for another. It was during this period of unemplyment his credit was affected negatively. His "poor credit worthiness" is not the result of any irresponsible behaviour.

Bottom line is Mr. X isn't spending, and let me remind you that "Consumer spending makes up about 70 percent of the economy." He isn't spending simply because he has bad credit. Since he has bad credit no one will lend him money. In addition to not being able to spend, Mr. X may not be able to change/improve his situation because of his bad credit. He can not undertake starting his own business because no one will "take a chance" on someone with bad credit. He cannot pay to compete in the job market because he has no funds. He does not qualify for many opportunities such as buying a house or a car, or applying for credit cards. Even after getting a job it can take three to four years to improve one's credit rating to the point of being credit worthy -a credit score of 650 an above.

Imagine thousands of people in Mr. X's position. People out there who want to spend but can't because they simply do not have the cash and they are not credit worthy. For the government to stimulate the economy, the solution may not just be to flood money into the banks as a "bail-out" or buying toxic assets etc, but also to either revamp or do away with the credit rating system.

People want to buy but they need the credit. If credit is available but it is hard to qualify for there will be no spending. No spending means a depressed economy irregardless of "bail-outs" and so called "job creations."

Real Estate Mess

I just don't understand what is going on with the banks!!! You contact them in order to work out some kind of payment plan and they respond by foreclosing on you. It is absolutely terrible. I have a friend in New York who has been communicating with the banks with regards to working out a payment plan since she is a couple of month's late on her mortgage. The next thing she received a foreclosure notice in the mail. Today, I also got a call from another friend of mine in Georgia who had the same experience. She spoke to the banks, a well known bank, and they had agreed that she can put her home on the market for a short sale. A week later, she got a foreclosure notice in the mail. A lot of people are feeling really frustrated. I thought the government and the banks are working to keep people in their homes? What is going on?!!!!