Tuesday, March 22, 2016

Median US Household Income for Various Ethnic Groups

Culture, the content of your character and work ethic more important and skin colour. 

Via NYT:

There are some black and Hispanic groups in America that far outperform some white and Asian groups. Immigrants from many West Indian and African countries, such as Jamaica, Ghana, and Haiti, are climbing America’s higher education ladder, but perhaps the most prominent are Nigerians. Nigerians make up less than 1 percent of the black population in the United States, yet in 2013 nearly one-quarter of the black students at Harvard Business School were of Nigerian ancestry; over a fourth of Nigerian-Americans have a graduate or professional degree, as compared with only about 11 percent of whites.

Monday, March 14, 2016

Arcelor Mittal Should Die a Natural Death

In short, Arcelor Mittal should go into bankruptcy and all its assets frozen and put up for sale to recoup funds necessary to pay its creditors without any government involvement. 
As with normal bankruptcy proceedings investors, creditors etc. would have to join the pecking order to receive portions of outstanding debts. 

No pumping of tax dollars into a failed company, no tens of millions of dollars on a moot commission of inquiry with high priced lawyers, no selling of assets at discounted prices to political friends, no corporate welfare or bail out. 

Surely, workers would permanently loose their jobs but this is the risk involved in operating in any market place. 

Workers are now free to serve other citizens of Trinidad and Tobago's market place - i.e. a form of "creative destruction".

When it is all said and done; poor assets would have rightly been liquidated and other entrepreneurs would have the opportunity to purchase these assets and apply a more sound business models. 

Note well that failure also serves as a warning signal to other companies to avoid undue risk and mismanagement. 

P.S. This philosophy should also apply to state companies.