Asian Stocks Rise on U.S., India Stimulus Plans; Tata Climbs

[ben_meyers]

Source: Bloomberg

Dec. 8 (Bloomberg) -- Asian stocks and U.S. index futures advanced after U.S. President-elect Barack Obama pledged the biggest public works program in about 50 years and India lowered interest rates.

Komatsu Ltd., the world’s No. 2 maker of construction machinery, jumped 11 percent after Obama said he’s planning the largest spending package since President Dwight D. Eisenhower created the interstate highway system. Tata Motors Ltd., India’s biggest truckmaker, rose 9.7 percent as the government unveiled a $4 billion stimulus plan. Hong Kong Exchanges & Clearing Ltd. surged 17 percent after the financial secretary said a plan permitting Chinese to buy the city’s shares is still on track.

“Governments, not only the U.S., must spend to replace the growth that will be lost from weak consumer spending,” said Jonathan Ravelas, a strategist at Banco de Oro Unibank Inc. in Manila, which has more than $6 billion in trust assets under management. “Investors have been waiting for this kind of stimulus to cushion the effects of a global slowdown.


Read more: http://www.bloomberg.com/apps/news?pid=20601080&sid=a8NMNffJFx6c&refer=asia

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"Komatsu, which counts the Americas as its biggest overseas market, jumped 11 percent to 1,007 yen, snapping a five-day, 21 percent decline."

Just who the hell do they think is going to be building our new roads, and with whose equipment? Caterpillar or John Deere maybe?

Sorry Asia, we don't need your stinkin' equipment or trucks!

[BelgianMadCow]

1. "we don't need your stinkin' equipment"

Well, that's pretty offensive to me, as a foreigner. So the US will sell toxic CDS the whole world over, dump us into a recession and afterwards it's to each his own?

Nice solidarity you've got going on there. Is a worker suffering in another country worth less than a US worker?

[pampango]

2. Unfortunately, the answer to many here is "Yes". International labor solidarity

is so "20th century". "Patriotism" in the sense that "a worker suffering in another country worth less than a US worker" is a popular sentiment.

In the US we have a tax system skewed toward the rich, no national health care and a threadbare social safety net (none of which can logically be blamed on "foreigners"). Just as has happened in too many countries too many times throughout history, too many here find it easiest to blame "foreigners", their products and immigrants. "Kick 'em out and keep their stuff out" is what passes for social and economic policy for many on the left and even more on the right. :)

[ben_meyers]

3. I'm offended, as an American, by Asian Government backed

manufacturers dumping their goods in this country for the last half century. It's one of the reasons we are in the shape we're in!

[OhioChick]

8. You're absolutely right. n/t

[Azlady]

9. Ben, I so agree.

It is very frank, blunt & honest, and the truth.
Thanks,
Azlady

[brentspeak]

4. Working Americans are not responsible for Wall St's toxic financial instruments

Actually, it's not even accurate to say that only U.S. financiers are responsible for mortgage-backed securities and CDS: Lehman, Citigroup, etc. are/were all multi-national financial conglomerates, with offices full of glorified loan-sharks all over the world.

[pampango]

5. Nor is an Indian worker responsible for the actions of Indian or American financiers.

While you are correct that not "only U.S. financiers are responsible for mortgage-backed securities and CDS" since the firms are large multi-nationals, the rest of the world blames the US for the housing bubble and the resulting financial crisis. They may tend to oversimplify the cause which leads them to blame us (foreigners). Likewise, we look at the problems in our manufacturing sector and wage levels, in general, and tend to blame the Chinese and the Indians (the foreigners).

Too often when countries have social or economic problems the blame goes straight to foreigners (or domestic "others"), e.g. interned Japanese, Jews in Nazi Germany, Tutsi vs. Hutu, Mugabe on the British, India and Pakistan, Israel and Iran (or a number of other countries), etc.

[BelgianMadCow]

7. Point taken, I apologize

I shouldn't oversimplify either in blaming the US (financiers AND government SO every american cause they are your reps) for the crisis. For sure, consumerism and greedy corporations are not a US but al the very least a western problem.

I was reacting without counting to ten, my sentiment was meant to be "we are in this together".

The last thing we should do is divide ourselves. As far as my post can be construed as divisive, I apologize.

[pork medley]

6. Here's a book you might find useful, on US working class "consciousness"

Perhaps you've read it? Settlers: Mythology of the White Proletariat