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Saturday, January 31, 2009

Right to be Left

As the crisis unfolds and expands, leaders everywhere are frightened.

One headline in BBC reads Crisis may 'spark social unrest'

Another BBC report says that "Tens of thousands of social activists and environmental and political groups have gathered in the Brazilian city of Belem for the World Social Forum. The event is timed deliberately to coincide with the World Economic Forum in Davos, Switzerland. Organisers say the global financial crisis has given the six-day meeting new importance in providing an alternative perspective. Environmental issues are featuring prominently in the discussions. Brazil's President Luiz Inacio Lula da Silva will join four other presidents from across South America at the forum later this week."

According to BBC, "across Europe, victims of the economic slump who are losing their jobs in their tens of thousands are furious that public money is being doled out to the banks. In some countries, they are more willing to vent their anger. As huge crowds took to the streets across France this week, in a national day of protests and strikes, the far left points to a boost in the number of its supporters in times of financial gloom. The French communist movement has remained a significant political force even in the decades when their cause was less than fashionable abroad. Now, France's communists believe they are staring at the proof that capitalism has failed, once and for all. And they see an opportunity."

NT reports that "Protesters held demonstrations throughout Russia on Saturday, offering largely subdued, but pointed criticism of the government’s economic policies as the country continues to sink deeper into an economic morass."

India Trip 2009_Recollections_Part II Chennai

January 7th: Took the 5:30 flight to Chennai. Unfortunately, the security folks took the dry spice powders that some students had bought in Mumbai at Crawford market. I would have expected our guide to have known that spices were not allowed in carry-on luggage. The Jet Airways flight was good, and this airline serves decent food on all flights. Landed in Chennai at around 7 PM. Drs. Kingsley and Crosby from MCC were there to receive us. I received my first look at the cell phone culture in India while waiting outside the airport for our tour bus. Our host's cell phone would ring with a movie song ringtone and he would answer it while being in the middle of another conversation. This was hard to get used to. The traffic at the airport was a nightmare. Took us nearly half an hour to get inside the bus. Eventually we made it to MCC's IGH. Had a quick dinner and went to our spartan bedrooms. These rooms were indeed spartan.
January 8th: Went for Yoga class and then showered and went to MCC's classroom. Dr. Philip and others welcomed the students, then we had lectures in the morning. In the afternoon we went to 3i Infotech, a software product and services company. It was in a Special Export Zone. It was interesting to hear Madan Mohan, one of its Directors, speak about the firm, its offerings, and get his views on the currrent economic situation. This was one of the highlights of the trip. The students got to see and hear about a high tech Indian firm. We returned and had dinner at the house of Dr. Philip, the Principal. He is a sharp, learned man.
January 9th: After Yoga in the morning, we went for lectures. One of the speakers was Dr. Prema Kasturi, who talked about women and the problems faced by them. During the break I mentioned to her that I loved South Indian Dances,especially Bharatanatyam. Lo behold, she had two tickets to an evening performance at the Music Academy, and she offered them to me. Per our schedule, we were to go to Kancheepuram to watch silk weaving and visit a few temples nearby. I opted to go to the dance performance instead. One of our students also went with me. We arrived at 3PM at the Academy but the performance was at 6PM. Both of us took a walk in the streets, went into a mall, then stopped at Mysore Woodlands for a coffee. While in there, I helped a couple of people select a dessert (gulab jamun) from the menu. We then returned to Music Academy, went to the cafeteria for some food. The student ordered an onion uttapam while I ordered a dosa and coffee. We then went inside and watched a fine performance by Rama Vaidyanathan and a little bit of Kurmavatara by Kalakshetra. MCC had sent a car for us and we returned to IGH. It was a wonderful evening, and we had a great experience.

India Trip 2009_Recollections_Part I Mumbai

January 4th - Went to Chicago's O'Hare at 3:00PM and met the students from St. Thomas for the first time. It was a great group. Went through security and boarded the Air France Airbus Flight to Paris.
Had an interesting experience with an elderly French woman, who hushed us because were speaking too constantly for her taste. At the end of the flight, I had to do the gentlemanly thing and help her with her coat.
January 5th - Landed in Paris- saw snow on the ground. Took the bus to another terminal. Boarded the 777 flight to Mumbai, but were informed that the flight was going to be delayed because the plane had to be de-iced. The flight was delayed by more than three hours.
January 6th- Arrived in Mumbai early morning. Flight was late by an hour and a half. After going through Immigration, went to collect bags, and were chagrined to find that the luggage of the four students from Minneapolis was missing. We had to scramble to find an Air France person to report. There were two ladies trying to assist the many people whose luggage was lost. All the Indian locals cut in front of us to report, and we were the last ones to file a claim. It was a bad experience, and I was quite frustrated at the lousy beginning to our trip. Eventually finished filing the claims, but the local agent put in the wrong tag number for one of the bags. Went out and saw our agent Ignatious waiting with a coach bus. Loaded our luggage and took the 30 minute drive to the Hotel Fariyas. It was around 4:30 AM. Going towards Nariman Point the Queen's Necklace was just magnificent in the morning.
Checked in to Hotel Fariyas. The first interesting thing we noted was that the hotel asked for our passports and recorded our info. When we entered our rooms, they were dark. We had to insert our card in a slot near the door for the circuit to be completed and lights to come on. India's approach to power conservation! Had breakfast at 8 and then got ready for our tour at 9:00Am. Our guide Mala came to meet us. First took us to the Taj Hotel and the Gateway of India, then drove by Victoria terminus and the University of Mumbai. We wanted to see the Stock Exchange but could not as it was not set up prior to our arrival. We went to Mani Bhavan, the home of Mahatma Gandhi in Mumbai, and saw the chakra, the place where Mahatma sat, and pictures and quotes of him. It was a spiritual moment. Went to the Jain temple in the upscale Malabar Hill. It was beautiful. Stopped for lunch at an upscale restaurant Khyber Pass. The bill came to Rs. 7000 for 11 of us. Mala left us there, and we had the bus take us to Nariman Point where spent some time and wandered around till 5:00PM. We returned to the hotel, relaxed, and had a leisurely dinner. We went to an Internet cafe and did our quick emails.

January 7th: Running in Mumbai on Wednesday January 7th was a memorable experience. The previous day we had gone by the Taj Hotel and Gateway of India- the location of the terrorist attacks of 26/11. I got up early and went out for a run at 6:00AM. Went by the Taj, looked at it, then cut across towards Nariman Point. Went for quite a while and then turned back. It was a great run, and it was fascinating to see Mumbai in motion at the early hour of dawn. Many people were cleaning the streets, vendors were setting up stalls, people were waiting for buses. Came back to the hotel around 7:30AM. Showered up, went down for breakfast to the Tamarind Restaurant on the first floor. Mala, the travel guide showed up at 9:00AM. Went to the Stock Exchange and tried to get permission but could not. Drove to Crawford Market- the fruit and vegetable market. Amazing place filled with fresh produce. Took a while in the market. Then went to Dhobi Ghat, the place where the laundry of Mumbai gets done. Also saw the Mumbai Dabbawallah delivery system at work. This system trumps all the trite stuff put out by management gurus. Went by University of Mumbai and came back to the Gateway of India. Spent a few minutes there and went to the hotel for lunch. After lunch we checked out, and went to make phone calls/ Internet cafe. We walked around till about 3:00PM, when the bus came to take us to the airport for our flight to Chennai. Ignatious came with us and checked us all in. He did a good job for us. Our guide Mala was more interested in money than in service, and actually asked for a tip.

Friday, January 30, 2009

India through students' lenses

* Thanks again for everything! The trip was amazing!
* Thanks for all that you did for us on the trip!
* Thanks for a fan-tabulous January!
* Thanks again for everything. It was a great trip and an
experience I will never forget!

**From LM**
Flipping over to how globalization has impacted India's economy you can
visually see how it has helped,and hurt them. Globalization has created
job opportunities for many educated Indians. However, it is not
possible for everyone to get an education. We found out that parents
send their kids to school and pay for it. Public education is free,
but you have to pay to go to college. So, those with money get educated.
Even with free public education parents don't send children to school
because the schools are either too far away, or the child helps bring
money in to the family and they lose that source of income with the child
at school. So, on one hand India benefits from the jobs made available
to them by companies who decide to outsource there, but on the other hand
many Indians do not have the education that will allow them to apply
for or succeed in these jobs. Globalization leaves the poor class poorer
and the rich class richer.
I believe that globalization might more effectively help the Indian economy
if the whole “trickle down economics” phenomena was actually applied. I am a
very big skeptic of trickle down economics because you rely on the morals of
company owners. Indian companies have to make a conscience effort to put money
back into the economy around them, but it's hard especially because the money
goes back to the parent country. I did not see much of an effort from the
local companies to put that money back into the area around them and
I am not sure they have much control over that. 3i said that they were helping
the economy because the government was bringing electricity to them, and
therefore the area surrounding them. It did not sound a lot like they were
doing anything consciously to help those around them though. Not to say
that all those who own companies are morally corrupt. Infosys definitely
helps those around them, but the company began in India so they're investing
in their parent country.
India is on the turnaround with all of the foreign investment they are
receiving, but we have yet to see an effort from these foreign companies to
help all of India really improve itself. I believe that when companies
begin to feel more responsible for the impact that they are making, that
India will have a better chance at becoming a developed nation. There is
a rich culture and a long history of tradition that needs to be accounted for when
looking at that impact. When these big companies outsource to India or any
other country, they need to look at the background and traditions of that
country to understand how they are helping and hurting not only the
economy but the foundation of that country's beliefs.**

**From PM**
India is a place of great imagination, entrepreneurship, and contrast. It was exciting to be able to visit India at this exciting time during its development. There were so things that I was exposed to during the three weeks we traveled. One thing that particularly struck me was India's position on the evironment. The country seemed to be dirty with trash collection a difficult matter, and recycling almost impossible.
On one side India seemed dirty and polluted by the people who would then use the same water for drinking, yet there was much more than could be seem by the common eye. The trash that was piled up along the streets to be collected by the government was not just sitting to be collected for the landfill. At a closer look, people would come to rummage throught the piles and find things that could be reused. The cans and jars would be washed out and then sold to a shopkeeper for a few ruppees. While exploring India, we encountered such stores that would seem crazy to America's consumerism, however they were actually quite resourceful and creative.
Cans were not the only thing recycled, newspaper was also used in a very special way. It was collected and then sold to store owners for a variety of uses. Many times street venders would turn the paper into an icecream cone shape so that it could be used for corn, popcorn, or other vegitable mixtures. It was one of the most disorganized yet efficent ways of recycling. There was no centralized system of recycling, only people who would themselves recycle and reuse. It was truely one of the most facinating things that i have seen.
In a country so poor, it was such a contrast to see how environmentally friendly and conscience the people were. In hotel rooms, signs were posted to remind international guests, who were treated like kings, to turn their lights off before they left their rooms. However, very geniously guests required to keep the key in the slot to keep the lights turned on. The inconvience for guests charging electrical equipment while out of their rooms was much small than the amount of electricity saved. It was not just hotels that were trying to save electricity, but the entire country. During our visit to Visteon, I noticed that the company had cleaverly created slots in the ceiling so that light would come into the factory naturally. There were not lights on at all. The use of skylights is someting that even developed countries could learn from India. It was even better than solar or wind energy.
The country does have a plan for its energy problems and shortages. It is planning a mix of nuclear, solar, and wind power. In the future, clean energy should replace dirtier methods. The only thing stopping India from developing clean is capital. It still doesn't yet have the money to use much green energy, but its goals are working towards that. In India, it is hard to forget about the impact one person makes on the globe because of the sheer number of people there are, and because of the amont of trash visible everywhere. I am excited to see India's growth. Because India is developing in the 21st century, it might well surpass America in ecofriendlyness one day.

Thursday, January 29, 2009

Wall Street Bonanza

According to a NYT report, "Obama Calls Wall Street Bonuses ‘Shameful’" referring to the $18.4 billion estimated to be paid out to the bankers. Obama thinks that calling these crooks names will make them do better, while he hands them more bailout money.

Given the state of the economy it is interesting that all House Republicans opposed the stimulus spending bill. I overheard one Republican suggest that the bill will not create jobs, but giving $5000 vouchers to all will.

Wednesday, January 28, 2009

Ever-widening circle: of Greed, Corruption, and Devasation

A few days ago, I met some bright MBA students at a highly regarded graduate school in India. These students used the word "recession" in describing the Indian economy- they were quite apprehensive about the job market when they graduate in a year. Their attitude was quite downbeat, considering that India's GDP is estimated to grow in excess of 5% this year. In addition to the global macro factors, domestic spending seems to be curtailed, and corporate scams like the one involving Satyam are being feared. This was also reinforced during my discussions with academics and business leaders in India.

This experience ties in very well with the U.S. storyline. Some of my students who were promised internships for the upcoming summer are being informed that the offers are being withdrawn. Large firms like Starbucks and Boeing are doing RIFs (Reduction in Force). In addition, companies like IBM are stealthily doing layoffs. Microsoft, Intel and others have added to significant layoffs announced this month.

The root cause of these ailments to be addressed, rather than propping up the patient through infected band-aids. Highly corrupt, immoral leadership at the top of organizations-both in the private sector and in the government, is the source of these problems. For instance, rather than working on serious plans to educate and develop the workforce, Obama's team is working on creating a bank to take on the bad assets of other banks- effectively telling shareholders of Wall Street that their noble actions are to be blessed. Obama's actions thus far have been disappointing on this front, adding to the notion that his administration, like others, is morally defunct. More news is filtering out that managers of AIG, BoA//Merrill and others have fattened their wallets through the largesse of the government and the public taxpayers. One of the exports from the U.S. to other countries has been this type of greed and corruption.

The road to recovery, as reflected in the infrastructure of the U.S. and India, is tortuous and filled with huge potholes that can crater even a good vehicle.

Tuesday, January 27, 2009

End of a trip but the beginning of an Indian Education

I returned today from a three week educational visit to India with a colleague and ten students. This trip has been fascinating and every moment has been filled with learning, both about India and about ourselves.
Some striking aspects of India- every visible space is covered with some advertisement or another, cell phone etiquette is alien, traffic is horrendous, but people are just amazingly friendly and helpful. India, full of contrasts!

Tuesday, January 20, 2009

India- where everything is sacred and nothing is sacred

My current trip to India has highlighted to me, starkly, the contrasts in India.
On the one hand, all animals are considered to be holy in the Hindu land. Even the mouse is sacred- it is the vehicle for the god Ganesh or Vinayaka. However, nothing is sacred anymore in the real India. There is no space that is not covered by a poster or a sign or a billboard- even the surface of animals is covered. People are using animals for livelihood in many ways, including offering elephant rides. I attended a talk today where the speaker highlighted the meager amount of land covered by forests in India. In the cities, one barely sees any greenery at all.
Indians go to temples, mosques and churches and pray a lot- but not much of it translates into everyday actions. Actions speak louder than prayers.

Friday, January 16, 2009

Mysore and Bangalore and Infosys

Yesterday we went to Mysore and saw the Mysore Maharaja Palace. Today we went to the Infosys main campus. The old and the new- the traditional and the modern.
The Infosys visit was truly impressive- the energy permeating the company is quite intoxicating.
Outside the campus, a few metres away, we see the other end of poverty.
The palace is quite breathtaking-the stained glass, the sculptures, the paintings.
My education continues.

Saturday, January 10, 2009

Land of the Truth and Land of Contrasts- Satyam

Yesterday (Friday 1/9) evening I had an absolutely wonderful experience. I was fortunate enough to meet a lady Mrs. Prema Kasturi who was giving a lecture on Culture and globalization. During a break I told her of my interest in classical dance and she gave me two tickets to a dance programme at the Music Academy. A student of mine R also wanted to go to the dance performance rather than the Kancheepuram textile factory we were supposed to visit.
After picking up the tickets and going to the Music Academy at 3:00 PM we found out that there was no performance at 3:00PM and the first performance was at 6:00PM. R and I walked around and talked about our experiences. She asked me a number of personal questions which were interesting. We stopped at Mysore Woodlands and R had tea and I had coffee. Afterwards, we went to the cafeteria at the Music Academy where R got an onion uttapam and I got a rava dosa which we shared. Afterwards, we went to the performance. Rama Vaidyanathan performed at 6:00. She did Tillana, a piece based on a woman telling her friend to take a message to her lover, her god, beseeching him to come quickly. It was a long piece, lasting more than 40 minutes. It was a stupendous performance. She then performed a north Indian piece based on Yasodha telling Krishna that gopikas were complaining that he was eating their butter, and then Yasodha scolds Krishna for eating dirt. This piece was excellent as well. She finished with a piece paying homage to a tree and a Tillana. Overall, she displayed high energy level and was quite excellent. Next, artists from Kalashetra performed the Kurmavataram. We saw only 45 minutes of this performance, and the performance was quite eye-catching.
Afterwards we took a car to come back.
While I missed Alarmel Valli, who performed on Jan. 3rd, this was a good performance and I was pleased to have the opportunity to see it with a student.

Thursday, January 08, 2009

'Trip'ping over India

Apologies to the readers for taking a few days off...

As I had written earlier, my colleague and I are taking 10 students on a trip to India. We had a mostly uneventful flight to Paris from ORD. However, it was marred by one unpleasant french woman who asked us to tone down our discussion because it was disturbing her sleep. She then later asked me to help her put on her jacket....

When we landed in Mumbai,we discovered that Air France had missed the luggage of 4 students. That was not fun. It has been three days and the students still have not got their luggage. There is no service in customer _.

Mumbai has been an amazing city. We stayed close to the Taj where the terrorist actions took place. The city is functioning fully. for a large city Mumbai is very clean and well maintained.

Saturday, January 03, 2009

An "Indian" Education

A colleague of mine and I are taking students on an educational trip to India- we leave tomorrow. It will be a real education for me- I have seen a lot more of the U.S. than of India, and am eagerly looking forward to the visit.

I will continue blogging as time permits, but my posts might be sporadic over the next three weeks. I hope the readers are patient...Quality over quantity is always the watch-phrase.

A study in contrasts- Israel and India

After a week of aerial bombardment of Gaza, Israel has launched a ground attack against Hamas. This came after the ceasefire expired and rockets were launched into Israel. According to the NYT, "After her visit to Paris on Thursday to explain to French authorities why she thought this was not the time for a quick cease-fire, Foreign Minister Tzipi Livni of Israel said, “There is no doubt that as long as Hamas controls Gaza, it is a problem for Israel, a problem for the Palestinians and a problem for the entire region.”"

Islamic separatists and militants, aided and abetted by the Pakistani military (which was humiliated in the 1971 war) , have been launching attacks against Indians for more than thirty years now, and many thousands of Indians have been killed. Yet the Indian government turns a blind eye and treats the situation passively. The pressure exerted by businesses and the U.S. on the Indian government means that this situation is going to continue for a long time.

Condi Rice and George Bush support Israeli action and blame Hamas. According to the NYT, "the Bush administration said it was working toward a new cease-fire, but rather than calling for a halt to military action urged Israel to “be mindful of the potential consequences to civilians.”" But Condi and George both urge India not to use force and to show restraint.

In the world where lives are in the balance, people at the top are playing games.

Friday, January 02, 2009

Need a 'flying' leap of faith

The innocent majority suffers at the hands of a tyrannous, crooked minority.....

This is clearly evident in the vast swaths of people affected by the decisions of the crooked managers and shareholders of the financial firms. The latter exploited everyone from students to seniors, and the majority pays the price.
Same idea- different event- According to BBC, Nine Muslims were ordered off a US domestic flight after passengers heard one of them make what they thought were suspicious remarks....Mr Irfan said when he boarded Thursday's flight, he mentioned something to his wife and sister-in-law about having to sit in the back. "My wife and I are generally very careful about what we say when we step on the plane," he said, adding that they have received suspicious looks in the past. "We're used to this sort of thing - but obviously not to this extent...

In an article titled "Credit Card Companies Take What They Can Get" NYT reports that
"Hard times are usually good times for debt collectors, who make their money morning and night with the incessant ring of a phone. But in this recession, perhaps the deepest in decades, the unthinkable is happening: collectors, who usually do the squeezing, are getting squeezed a bit themselves.After helping to foster the explosive growth of consumer debt in recent years, credit card companies are realizing that some hard-pressed Americans will not be able to pay their bills as the economy deteriorates. So lenders and their collectors are rushing to round up what money they can before things get worse, even if that means forgiving part of some borrowers’ debts. Increasingly, they are stretching out payments and accepting dimes, if not pennies, on the dollar as payment in full. “You can’t squeeze blood out of a turnip,” said Don Siler, the chief marketing officer at MRS Associates, a large collection company that works with seven of the 10 largest credit card companies. “The big settlements just aren’t there anymore.” Lenders are not being charitable. They are simply trying to protect themselves. Banks and card companies are bracing for a wave of defaults on credit card debt in early 2009, and they are vying with each other to get paid first. Besides, the sooner people get their financial houses in order, the sooner they can start borrowing again."

Today's 'real' business news was downright dismal. According to NYT article Manufacturing Reports Show Depth of Global Downturn by Bettina Wassener, "From Australia to Asia and Europe to the United States, the message on Wednesday in the latest economic reports was clear: manufacturing continued to slump amid the worst slowdown since the Great Depression. In the United States on Friday, a crucial measure of manufacturing activity fell to the lowest level in 28 years in December. The Institute for Supply Management, a trade group of purchasing executives, said its manufacturing index was 32.4 in December, down from 36.2 in November. “Manufacturing activity continued to decline at a rapid rate during the month of December,” said Norbert J. Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. This index was at the lowest reading since June 1980, when it was 30.3 percent. “This report indicates that the U.S. economy was on even weaker footing than commonly believed as 2008 came to a close,” said Joshua Shapiro, chief United States economist at MFR. “Moreover, the signal from the export orders index is that the rest of the world is right there with us. Hardly a signal for economic recovery anytime soon.” In addition, Mr. Ore said, “new orders have contracted for 13 consecutive months, and are at the lowest level on record going back to January 1948.” The new orders index was 22.7 percent in December, 5.2 percentage points lower than the 27.9 percent registered in November. No industry sector surveyed reported growth in December; the jobs sector was particularly grim. The employment index was 29.9 percent in December, a decrease of 4.3 percentage points from November. That was the lowest reading since November 1982. In Europe, a closely watched index of purchasing managers showed manufacturing hit a low in December, falling to 33.9 from 35.6. Any reading above 50 signals growth, while a reading below 50 indicates contraction in manufacturing. Similarly grim readings in Australia, China and India highlighted how the Asia-Pacific region has become caught up in the global turmoil. In China, the purchasing managers’ index by the brokerage firm CLSA showed the manufacturing sector had contracted for a fifth consecutive month. The survey showed the steepest decline in its history. With five back-to-back purchasing index readings signaling contraction, “the manufacturing sector, which accounts for 43 percent of the Chinese economy, is close to technical recession,” said Eric Fishwick, head of economic research at CLSA in Hong Kong, in a note with the release. The data added to the flood of statistical evidence from across the Asia-Pacific region showing that activity was slowing faster than previously thought as demand withers in the United States and Europe. Australia’s manufacturing index showed a seventh month of contraction, and a similar survey in India showed activity down for a second month in December. In South Korea, December data showed exports plummeted 17.4 percent from a year ago. President Lee Myung-bak of South Korea pledged on Friday that the government would go into emergency mode to pull the country out of its economic crisis. And in Singapore, the economy shrank 12.5 percent in the last quarter of 2008 from the previous period, causing the trade and industry ministry to lower its growth forecast for 2009. The ministry now expects Singapore’s economy to shrink up to 2 percent, with only 1 percent growth at best. Previously, it had expected up to 2 percent growth. The worsening data, combined with a stream of company profit warnings, production cuts and layoffs, raises the pressure on policy makers to step up their efforts to bolster their economies. India on Friday cut its main interest rate by a full percentage point, to 5.5 percent, and took a series of steps to bring more money into the country. It also raised the limit on overseas investments in corporate bonds to $15 billion, from $6 billion, and will contribute 200 billion rupees ($4 billion), to increase the capital of state-run banks."

Wall Street's reaction - the S&P 500 was up 3.16% today. The same managers who lost a lot of other people's money in 2008 are flying again...

Thursday, January 01, 2009

Looking Forward

I came to the United States of America in 1983, and this fall completed 25 years of life in the U.S. I have learnt a lot, and have met many wonderful people. The 1980s were difficult as I worked on finishing my doctorate. It really took a lot out of me. In 1990 I lost my father- that was traumatic. The mid to late 90s were good professionally but were difficult personally. 2001-2003 were very stressful years in my career as the telecommunications industry imploded.

I expect that 2009 and the next few years are going to be stressful as well. Educational institutions will face a decline in enrollments, both due to demographic shifts and due to financial issues faced by parents and students. Some colleges will close. Schools will have to be innovative and deliver real value. While I am tenured, the critical question facing all faculty members is- what should we train the students in, and how? What will let them function fruitfully in these times? Training and experience is sometimes not enough to answer this question- wisdom is required. Here's hoping that Obama, his team, other leaders, and faculty and administrators everywhere have the wisdom that is wisely needed.

Timing is everything....

According to the NYT, "On Tuesday, from 6:30 to 6:50 p.m., and on Wednesday from 9:45 to 10:45 a.m., there was a slowdown at the Common Application Web site, which handles online applications for some 350 colleges and universities. With the clock ticking toward a Jan. 1 deadline, the briefest delay can feel like a full-blown crisis to panicky high school seniors......Seth Allen, dean of admission at Grinnell College and president of the Common Application, said many students worked on their applications for weeks but waited until the deadline to submit them. “I think having an online application has exacerbated waiting till the last minute,” Mr. Allen said, “and if they’re getting timed out on the site, on New Year’s Eve day, that’s certainly going to make them nervous.”"

NYT has another interesting story- "SAT Changes Policy, Opening Rift With Colleges" by Sara Rimer. According to the article, "This March, high school juniors taking the SAT will have the option of choosing which scores to send to colleges while hiding those they do not want admissions officials to see. The new policy is called Score Choice, and the College Board hopes it will reduce student stress around the SAT and college admissions. But when it comes to college admissions, few things are ever simple. Some highly selective colleges have already said that they will not go along with Score Choice, and the policy is stirring heated debate among high school counselors and college admissions officials."

FT has an interesting report titled "Industry’s chance to lure top graduates." It discusses a potential shift in business school graduates to more operational and manufacturing jobs and away from finance, which is where everyone flocked to the past eight years.