I am extremely dis-appointed that Patrick posted this "anonymous/unsubstantiated" post. Having lived in US for several years I have seen the "society" on both sides of the world. The kidnapping story seems to be someone's runaway imagination ... Yes there is a Mafia here, but it is not different from US wherein the rich and the powerful somehow mysteriously corner all the prime properties. A
I have been following patrick.net for the past several months from Bangalore, India very dilligently, because I really think this is one of the blogs which is painting the correct picture (though it seems very bleak now). This post by Patrick and the comments are not worthy of this site.
Looking at the situation on both sides of the continent I somehow get this sickening feeling that US has become very very corrupt (especially from the moral angle). Even inspite of the widespread CORRUPTION by the wall street and many many others NOBODY has been jailed yet ! Madoff is still not put solidly put behind bars, the list goes on ... This has somehow been very hard for me to understand. Maybe someone care to explain ?
Sorry for the long rant, I would really appreciate if such "unsubstantiated" posts do not appear again. I would feel very bad to leave this blog.
Overall I like the thinking behind the article but there is one BIG factual error. It is # 4. The median family home is 1M USD in India ?! Lets consider Bangalore, the second most expensive city in India, the cost of a 4000 sft luxury apartment in the city (SE where all the high tech companies are) is about 1.5 crore rupees, that is about 300K. Nice 3 bedrooms are available at ~100K USD in very good locations. There are million dollar homes in gated communities that are very very nice, you got to see them. They equal the best in the world.
No comment about prices in China.
Before I get flamed let me tell you my background, born and brought in Bangalore, lived in the US for 13 years (Portland OR and Chandler, AZ), now I am back in Bangalore, so I have seen both sides of the world (and many other parts of the world).
Having said that there might be a bubble in India, it did cool off in 2007 quite a bit (a gentle fall ?) but the facts about prices in India are wrong, NO it has not appreciated 1000 times in Bangalore in the past 30 years, wish it were, I do own real-estate (residential and commercial) in Bangalore.
Observations about squalor are generally correct, but do remember that the country is developing still.
BTW what worries most people here is the income inequality which will eventually lead to unrest, but the overall development is keeping everyone occupied.