Monday, January 26, 2009

Barack Obama Inaugural Address

January 20, 2009 - Following is the transcript of President Barack Obama’s Inaugural Address, as transcribed by CQ Transcriptions:

PRESIDENT BARACK Thank you. Thank you.

CROWD: Obama! Obama! Obama! Obama!



My fellow citizens: I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors.

I thank President Bush for his service to our nation...

(APPLAUSE)

... as well as the generosity and cooperation he has shown throughout this transition.

Forty-four Americans have now taken the presidential oath.

The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forebears, and true to our founding documents.

So it has been. So it must be with this generation of Americans.

That we are in the midst of crisis is now well understood. Our nation is at war against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some but also our collective failure to make hard choices and prepare the nation for a new age.

Homes have been lost, jobs shed, businesses shuttered. Our health care is too costly, our schools fail too many, and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable, but no less profound, is a sapping of confidence across our land; a nagging fear that America's decline is inevitable, that the next generation must lower its sights.

Today I say to you that the challenges we face are real, they are serious and they are many. They will not be met easily or in a short span of time. But know this America: They will be met.

(APPLAUSE)

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.

On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas that for far too long have strangled our politics.

We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.

(APPLAUSE)

In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less.

It has not been the path for the faint-hearted, for those who prefer leisure over work, or seek only the pleasures of riches and fame.

Rather, it has been the risk-takers, the doers, the makers of things -- some celebrated, but more often men and women obscure in their labor -- who have carried us up the long, rugged path towards prosperity and freedom.

For us, they packed up their few worldly possessions and traveled across oceans in search of a new life. For us, they toiled in sweatshops and settled the West, endured the lash of the whip and plowed the hard earth.

For us, they fought and died in places Concord and Gettysburg; Normandy and Khe Sanh.

Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions -- that time has surely passed.

Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.

(APPLAUSE)

For everywhere we look, there is work to be done.

The state of our economy calls for action: bold and swift. And we will act not only to create new jobs but to lay a new foundation for growth.

We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.

We will restore science to its rightful place and wield technology's wonders to raise health care's quality...

(APPLAUSE)

... and lower its costs.

We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age.

All this we can do. All this we will do.

Now, there are some who question the scale of our ambitions, who suggest that our system cannot tolerate too many big plans. Their memories are short, for they have forgotten what this country has already done, what free men and women can achieve when imagination is joined to common purpose and necessity to courage.

What the cynics fail to understand is that the ground has shifted beneath them, that the stale political arguments that have consumed us for so long, no longer apply.

The question we ask today is not whether our government is too big or too small, but whether it works, whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified.

Where the answer is yes, we intend to move forward. Where the answer is no, programs will end.

And those of us who manage the public's dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government. Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched.

But this crisis has reminded us that without a watchful eye, the market can spin out of control. The nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on the ability to extend opportunity to every willing heart -- not out of charity, but because it is the surest route to our common good.

(APPLAUSE)

As for our common defense, we reject as false the choice between our safety and our ideals.

Our founding fathers faced with perils that we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations.

Those ideals still light the world, and we will not give them up for expedience's sake.

And so, to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman and child who seeks a future of peace and dignity, and we are ready to lead once more.



(APPLAUSE)

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with the sturdy alliances and enduring convictions.

They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use. Our security emanates from the justness of our cause; the force of our example; the tempering qualities of humility and restraint.

We are the keepers of this legacy, guided by these principles once more, we can meet those new threats that demand even greater effort, even greater cooperation and understanding between nations. We'll begin to responsibly leave Iraq to its people and forge a hard- earned peace in Afghanistan.

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat and roll back the specter of a warming planet.

We will not apologize for our way of life nor will we waver in its defense. And for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that, "Our spirit is stronger and cannot be broken. You cannot outlast us, and we will defeat you."

(APPLAUSE)

For we know that our patchwork heritage is a strength, not a weakness.

We are a nation of Christians and Muslims, Jews and Hindus, and nonbelievers. We are shaped by every language and culture, drawn from every end of this Earth.

And because we have tasted the bitter swill of civil war and segregation and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect.

To those leaders around the globe who seek to sow conflict or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy.

To those...

(APPLAUSE)

To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history, but that we will extend a hand if you are willing to unclench your fist.

(APPLAUSE)

To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds.

And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to the suffering outside our borders, nor can we consume the world's resources without regard to effect. For the world has changed, and we must change with it.

As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us, just as the fallen heroes who lie in Arlington whisper through the ages.

We honor them not only because they are guardians of our liberty, but because they embody the spirit of service: a willingness to find meaning in something greater than themselves.

And yet, at this moment, a moment that will define a generation, it is precisely this spirit that must inhabit us all.

For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies.

It is the kindness to take in a stranger when the levees break; the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours.

It is the firefighter's courage to storm a stairway filled with smoke, but also a parent's willingness to nurture a child, that finally decides our fate.

Our challenges may be new, the instruments with which we meet them may be new, but those values upon which our success depends, honesty and hard work, courage and fair play, tolerance and curiosity, loyalty and patriotism -- these things are old. These things are true. They have been the quiet force of progress throughout our history.

What is demanded then is a return to these truths. What is required of us now is a new era of responsibility -- a recognition, on the part of every American, that we have duties to ourselves, our nation and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character than giving our all to a difficult task.

This is the price and the promise of citizenship. This is the source of our confidence: the knowledge that God calls on us to shape an uncertain destiny.

This is the meaning of our liberty and our creed, why men and women and children of every race and every faith can join in celebration across this magnificent mall. And why a man whose father less than 60 years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath.

(APPLAUSE)

So let us mark this day in remembrance of who we are and how far we have traveled.
In the year of America's birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river.

The capital was abandoned. The enemy was advancing. The snow was stained with blood.

At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people:

"Let it be told to the future world that in the depth of winter, when nothing but hope and virtue could survive, that the city and the country, alarmed at one common danger, came forth to meet it."

America, in the face of our common dangers, in this winter of our hardship, let us remember these timeless words; with hope and virtue, let us brave once more the icy currents, and endure what storms may come; let it be said by our children's children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God's grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.

Thank you. God bless you.

(APPLAUSE)

And God bless the United States of America.

(APPLAUSE)

Applause from Prathap G., too. Congratulations Mr. President, and may God bless you and all people on this planet earth.

Saturday, January 10, 2009

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Thursday, January 08, 2009

SATYAM INDIA'S ENRON

HYDERABAD/MUMBAI - 8 JAN 2009: The irony lies in the name - Satyam, meaning truth. The real truth is that Ramalinga Raju, the politically-connected, promoter-chairman of Hyderabad-headquartered Satyam Computers, was lying for years to shareholders, employees and the world at large, building up to India's largest-ever corporate fraud of over Rs 7,000 crore.

The country's fourth largest IT company - after TCS, Infosys and Wipro and ahead of HCL - was for several years cooking its books by inflating revenues and profits, thus boosting its cash and bank balances; showing interest income where none existed; understating liability; and overstating debtors' position (money due to it).

The 54-year-old US MBA Raju's letter of guilt and resignation to the Satyam board and Sebi on Wednesday morning sledge-hammered India Inc, dumbfounded regulators, pummelled the company's stock, knocked the bottom out of the market, and cast a long shadow over industry in general and the IT sector in particular.

It also raised disconcerting questions about corporate governance, the role of auditors (in this case Pricewaterhouse Coopers) and independent directors (Satyam has its share of luminaries such as ISB dean M Rammohan Rao, Krishna Palepu of Harvard Business School who resigned and former union cabinet secretary T R Prasad).

This wasn't some small fly-by-night operator that had been caught out. Satyam is listed on the New York Stock Exchange, boasts 185 Fortune 500 companies on its client list and employs 53,000 people - that's equal to the combined number of employees of Tata Steel and Tata Motors (30,000 and 23,000 respectively).

Within hours of the Satyam scandal hitting the headlines, its employees had flooded job portals across the world wide web in search of alternate employment. Consider that the Rs 7000-plus crore hole in Satyam's books is way more than the company's entire salary bill of Rs 5,040 crore last year. Worse still, it's running really low on cash, and once-potential suitors have turned wary - they don't know what lies beneath.

As for Satyam's shareholders, the stock had gone into freefall before they could even make a decent exit. By the end of the day, large-scale selling by foreign institutional investors, among others, had driven the stock down by almost 78% to just a shade below Rs 40 from Tuesday's close of a little over Rs 179, wiping out Rs 9,376 crore of investor wealth in the space of a day. Compared to its closing price of Rs 225 on December 15, the stock is down more than 82%.

The day after, Raju announced his ill-fated plan to shell out $1.6 billion to acquire his sons' companies, Maytas Properties and Maytas Infra. It created such a furore that Raju was forced to backtrack. But what was widely seen as a move by Raju to bail out his sons was actually aimed at covering Satyam's tracks through fictitious cash transfers (details inside).

The timing of what is being called `India's Enron' could not have come at a worse time - just when the stock market was showing signs of responding positively to the Centre and RBI's moves to stimulate the economy through interest rate cuts, duty reductions and accelerated government spending. A day after the sensex crossed the 10,000-mark, it plunged by 749 points, wiping out almost Rs 1.3 lakh crore (or trillion) of market capitalization.

There's intense speculation as to what finally triggered Raju's confession of wrongdoing. It's clearly more than coincidence that it came hot on the heels of investment banker DSP Merrill Lynch's letter to the company on Tuesday evening (followed by another to Sebi this morning) terminating its 10-day-old agreement with Satyam to advise it on strategic options because of ``material accounting irregularities''. But the beginning of the end came when furious investors forced Raju to reverse his decision to acquire the two group companies (Maytas Properties and Maytas Infra), robbing him of his last chance to wriggle out of a very tight corner.

By the end of Wednesday, the knives were out with Sebi, the stock exchanges, the Indian Chartered Accountants Institute, the department of company affairs and institutional investors announcing/considering a flurry of probes/actions against Raju, Satyam and its auditors. NYSE has halted trading in Satyam ADRs (American Depository Receipts).

Fearing violence, the Hyderabad police threw a cordon around Satyam's offices and Raju's residence in upmarket Jubilee Hills even as the company's wholetime director-now-interim CEO Ram Mynampati, after expressing "shock", swung into damage control mode.

Raju Ben Gaya Raja, chore ka bechha !

Wednesday, January 07, 2009

India Today

India Today - 8 January 2009 - With India’s economic growth constantly in the media, seeking an opportunity for either a working relation or the development of a customer base within this emerging economy has proven to be on the top agenda for many businesses. Investors and developers from all over the world consider India as a perspective venue and attractive region for investments and high-stake ventures, and one of the few regions to pull through the credit crunch with an economy growth over 7%.

India’s growth

● India is the second largest country by population.
● The Indian authorities, however, restrict capital outflows to US$ 200,000 per person per year for resident Indians.
● The Indian economy has expanded by 8.6% pa during the past five years.
● It is now the fourth largest economy in the world, up from tenth in 1992
● Indian GDP growth is forecast to rise by 7.3% pa over the next ten years, more than double the global average.
● By 2013 India is destined to become the third largest world economy.
● By 2050 India’s population is predicted to be the largest in the world at 1.6 billion, higher than China.

Wealth in India

● The number of HNWIs in India is growing at a faster pace than any other nation.
● In 10 years there are forecast to be over 400,000 HNWIs, four times the number today.
● There are expected to be 1.9 million semi-HNWIs by 2017.
● The number of middle-class Indians with the potential to 583 million by 2025.
● The number of Indians with wealth exceeding US$ 100,000 is forecast to be 29 million by 2017.

Current facts

● India’s 10 largest cities each have a population above 3 million.
● 1.13 billion population.
● 2nd most populous nation.
● 17% of world population.
● Density 329 people per sq km.
● 7th largest country by area.
● Largest democracy in the world.
● 32% of the population is under 15 years of age, 60% are less than 30 years with just 25% older than 40 years.
● Mumbai is the second most populous city in the world with 21.1 million people.
● Economy is worth approximately US$ 3.4 trillion pa, 4th largest in the world.
● GDP per capita is circa US$ 3,000 pa, significantly below the UK at US$ 35,000 pa.
● Accounts for 4.6% of global GDP.
● Labour force of 516 million, second highest in world.
● 60% of workforce employed in agriculture, 12% in industry and 28% in services.
● Agriculture represents 18% of national GDP, industry 29% and services 53%

Recent journey

● The Indian economy has increased by 6.7% pa during the past 15 years compared to average world growth of 3.7%pa
● During the past 5 years the Indian economy has grown by 8.6% pa.
● In 1992 India accounted for 2.9% of global GDP, by 2007 this had risen to 4.6%.
● India has risen from the world’s 10th largest economy in 1992 to the 4th largest in 2007.
● In the past 15 years India’s population has increased by 272 million, a growth rate of 1.9% pa.
● Output from the service sector has increased by 150%, averaging 9.4% pa, over the past 10 years.

Future travels

● Indian GDP is forecast to grow by 7.3% pa over the next 10 years.
● GDP growth is expected to increase three times as fast as the UK and twice as fast as world GDP in the next 10 years.
● By 2013 it will be contributing around 5.6% of global GDP.
● The population is forecast to rise by around 320 million between 2007 and 2025 to 1.45 billion.
● By 2050 India is predicted to be the most populous in the world with 1.6 billion people, overtaking China’s 1.4 billion.

India Today