The American Economy : Like Hurricane David in slow motion.
Hurricane David was the strongest natural disaster to hit the Dominican Republic in recorded history. As a category 5 hurricane it was the most devastating natural destructive force of nature spreading disaster over continents lasting weeks - destroying everything in its path.
It was an escape from the bevy of San Juan, and the scary boredom of Kingston of those years. American diplomats referred to it as "The best kept secret in the Caribbean". Good night life was just beginning. People slept siestas. Nearby beaches were uncrowded.
After Hurricane David Santo Domingo was never quite the same again,
becoming too big, with wild traffic, horrible traffic jams, and moving from petty street crime to "big league narco" crime and no time for siestas.
This month I celebrate the 57th anniversary of my arrival to the United States, and I fear that the American Economy - like the city of Santo Domingo after Hurricane David - shall never be quite the same again.
Although the causes for what has been called the "Perfect Economic Storm" began some years ago, the common man only took notice and panicked when oil prices hit almost $ 150.- a barrel last summer. But the true causes began 25 years ago.
The hallmark of quality was "Made in U.S.A.". Japanese was synonymous with cheap. One example of self-inflicted harm was how Americans turned their backs on quality American-made clothing and gladly started to buy cheap Chinese apparel. Our trade balance of payments favored the Chinese for decades. Now we plan to borrow from them.
We also decided to no longer save and then buy, but rather to embarked on a fiesta of immediate gratification with our plethora credit cards.
Now the present slow-moving economic storm promises to be around for a some time. It has ruined the American car and banking and housing industries among many others.
However I was in the Dominican Republic before during and after it was hit by Hurricane David. Dominicans in 1979 taught me valuable lessons about life and the will to supersede bad times. The old city had many lessons.
By December of 1979 Dominicans were lining the "Malecon", dancing and partying and then the palm trees began to grow back their broken leaves. The city came back. This time larger and more ambitious than my sleepy pre-David Santo Domingo.
One of the many lesson learned is that Americans shall survive these difficult times. We'll just have to "reset" our way of life becoming a bit Europeanized in terms of government involvement in health and so on.
I remain an optimist. In October I wrote in these pages about the great investment opportunities that exist in American corporations. This optimism was later replicated by none other than Warren Buffet and this week by President Obama. Conditions shall get better, they can't get much worse. After all, what other country is better.
De José del C. Paulino
It was an escape from the bevy of San Juan, and the scary boredom of Kingston of those years. American diplomats referred to it as "The best kept secret in the Caribbean". Good night life was just beginning. People slept siestas. Nearby beaches were uncrowded.
After Hurricane David Santo Domingo was never quite the same again,
becoming too big, with wild traffic, horrible traffic jams, and moving from petty street crime to "big league narco" crime and no time for siestas.
This month I celebrate the 57th anniversary of my arrival to the United States, and I fear that the American Economy - like the city of Santo Domingo after Hurricane David - shall never be quite the same again.
Although the causes for what has been called the "Perfect Economic Storm" began some years ago, the common man only took notice and panicked when oil prices hit almost $ 150.- a barrel last summer. But the true causes began 25 years ago.
The hallmark of quality was "Made in U.S.A.". Japanese was synonymous with cheap. One example of self-inflicted harm was how Americans turned their backs on quality American-made clothing and gladly started to buy cheap Chinese apparel. Our trade balance of payments favored the Chinese for decades. Now we plan to borrow from them.
We also decided to no longer save and then buy, but rather to embarked on a fiesta of immediate gratification with our plethora credit cards.
Now the present slow-moving economic storm promises to be around for a some time. It has ruined the American car and banking and housing industries among many others.
However I was in the Dominican Republic before during and after it was hit by Hurricane David. Dominicans in 1979 taught me valuable lessons about life and the will to supersede bad times. The old city had many lessons.
By December of 1979 Dominicans were lining the "Malecon", dancing and partying and then the palm trees began to grow back their broken leaves. The city came back. This time larger and more ambitious than my sleepy pre-David Santo Domingo.
One of the many lesson learned is that Americans shall survive these difficult times. We'll just have to "reset" our way of life becoming a bit Europeanized in terms of government involvement in health and so on.
I remain an optimist. In October I wrote in these pages about the great investment opportunities that exist in American corporations. This optimism was later replicated by none other than Warren Buffet and this week by President Obama. Conditions shall get better, they can't get much worse. After all, what other country is better.
De José del C. Paulino