|"We have all heard stories of the American slowdown and about rising unemployment and homelessness in the United States, but a few days in downtown San Francisco really taught me how bad it really is. I have not seen so many beggars and panhandlers and people down on their luck in the United States. And the really weird part was that a lot of these people were white.
Don't call me racist or anything, but in my last two trips to the US there were people asking for spare change on street corners, but you rarely saw white people. And I was in San Francisco two years ago, I did not see so many poor people on the streets. Things are really bad here. On Market Street in downtown San Francisco shops have shut down, including a Virgin Megastore, though the Marshall's store is doing booming business.
Marshall's is a discount store, where large high-street brands sell season-old items or clearance items at prices often 10 per cent of the initially marked price.
Right next to the Marshall's is the San Francisco Center, a huge (though elegant) mall and the largest shopping center in the city, which was relatively empty. Inside, stores, despite the run-up to the US holiday season were discounting heavily and the only people in shops seemed to be tourists passing through the country. With the weak US dollar, the prices were bargain basement even in top brand stores. Heck, compared to mad prices the same brands charge for the same items in malls such as DLF Emporio in New Delhi, one had to be stark-raving mad not to buy stuff in the US.
But this seeming desperation is just a sign of how bad things are here and while the Indian economy is doing well, the sorry state of the US economy ought to get companies and policy-makers in India worried. A weak America is not good for India."
This was in a blog of Kushan Mitra.
Added quote tags. -ocalhoun