Funding Priorities

US'09 Budget

Keeps the U.S. the most innovative nation in the world by implementing the American Competitiveness Initiative (ACI).
$12.2 billion total for the National Science Foundation, DoE's Office of Science, and the National Institute of Standards and Technology, an overall funding increase of $1.6 billion, or 15 percent, above the 2008 enacted total of $10.6 billion.
The President's FY 2009 Budget returns ACI research to a doubling path to ensure this consensus national priority objective is realized.
Increases energy security by focusing on renewables, accelerating technological breakthroughs, and expanding traditional sources to reduce our reliance on foreign oil.
$400 million as the first installment of a three-year, $2 billion U.S. commitment to an international clean energy technology fund that will increase and accelerate the deployment of clean technologies in developing nations to help confront climate change.
Doubles the capacity of the Strategic Petroleum Reserve to 1.5 billion barrels.
Nuclear power: $242 million for Nuclear Power 2010 to promote the licensing of new nuclear plants through an industry cost-shared effort with streamlined regulatory processes. $302 million for Advanced Fuel Cycle Initiative research and development.
Coal: $648 million for research, development, and demonstration of advanced coal technologies. This represents a $197 million increase from the President's FY2008 request and is the largest amount requested for DOE's coal program in more than 25 years. With private sector match, this budget represents an approximate $1 billion investment in advanced technologies that can produce power from coal with significantly lower carbon emissions.
Keeps America Safe
Supports the national defense and funding for America's troops.
$515 billion for the Department of Defense base budget – a nearly 74 percent increase since the President took office – to support military readiness and continue the transformation of our military to meet twenty-first century threats.
$70 billion for an emergency allowance to support activities related to the Global War on Terror that help achieve the strategic goal of creating free, democratic, and self-governed ally nations in Iraq and Afghanistan.

Defence Spending / Scientific Research Funding = 585/12.2 = 48. In other words, the defense department blows through a years worth of scientific funding in a week. Worth thinking about...

Chennai, London and other things

A week back, I did write this witty, sarcastic and amazingly funny blog post that just vapourized when I tried to post it because I had got disconnected in the meantime. Yes people, I was in India, like I currently am. Though some things like terrible internet connections never really seem to change, a lot else has.

• Privatized airlines. Jet Airways from London to Mumbai was great to say the least. On time. Good Indian food. Desi in-flight entertainment . A lot better than the American carriers (Delta, United, AA) that actually expect you to pay cash for your food on a 14 hour flight. Heard a lot about Kingfisher as well, from friends. Looks like Mr Mallya personally selected all the air hostesses.
• Cell phones. Everyone has a cell phone, some have two, and ads are everywhere. Whoever would have imagined?
• Construction. Everywhere. Flyovers, commercial complexes, residential flats … Lots of lending. Banks are competing hard to sell home loans. Many people are going to be very broke if demand slows.
• Prices. I think the official government inflation number of 6% is inaccurate to put it very mildly. If I were to not put it mildly, I will call it a blatant lie propagated by the political parties to keep the populace quiet. I would put the number close to 35% a year for someone living in a metropolitan city. A roadside meal that used to cost about 30Rs now costs 100Rs. An average restaurant dinner ends up running to around 400Rs PP. Auto fares have double over the last 2-3 years. Let us not even speak about real estate prices. It isn’t surprising that the IT companies have had to ramp up salaries by 20% a year to keep turnover in check. What used to be a 1.5 lakh a year job in 2003 now pays about 4.0 lakh. I shudder to think how the median Indian (rhymes doesn’t it) is coping.
• The traffic. I don’t know if it is just me, but the whole city appears to crawl during the morning and evening rush hours. A good alternative to driving down from Kalakshetra to Nungambakkam is to shut yourself in your garage with your car, turn on the engine, honk repeatedly to yourself, and wait for the end.

I have another week to go before I am back to my good old SSDD lifestyle. (Same Shit Different Day)

I shall now backtrack, and fill you in on the numerous splendors that have bedecked my life since I landed in the land of our colonial masters on the 19th of November, in the 2007th year of the lord, but before I descended upon the land of the sacred cow.

I think the biggest problem with London is the Colonial Hangover Premium (CHP) that debilitates it. Now, not many of you read random finance papers that proselytize on risk premia and investor utility, so I need to explain.

See growing up, in whichever city you might have, you had a Hyde Park or Connaught Place or Victoria Terminus or (insert name of dead British guy) Road. Or, if you are that type, you had visited a bar/pub that pilfered alcohol in the name of some person/place/thing from that exalted pile of mud (it keeps raining) in the Atlantic. When you finally grow up, you finally want to go and see what the fuss is all about, and pay the price. Ouch!

• 5 pounds for a tube ride in a system that is perennially delayed, overcrowded and closes at 12:30 am. Now that is better than spending 30 pounds on a cab ride.
• Tourists everywhere. I made the mistake of going near Harrods around Christmas. It took me 25 minutes to walk the 100 yards from the west exit to the tube stop.
• 400 pounds a week in rent for a studio convertible.
• 10 pounds for dinner on the wayside (60 pounds to make a meal of show and pretension)
• 40% taxes. What?! Where is my wage?! Government! Give me back my money!

Setting all the cribbin aside, London is a fun city. Firstly, unlike Chicago, it is a focal point for DLA’s (Desis Living Abroad), which means that there is a large contingent from university infesting the city. The museums look delectable, though I still haven’t done full justice to them. However, in all modesty, I am forced to admit that nothing can beat having, on a cool summer eve, for your perusal, a couple of wings of Picasso at the Art Institute. Desi food is plentiful and cheap, which keeps me happy and sated. However, the most important point that should guide any decision making process is that none of the bartenders have heard of (or would like to hear of) Miller, Budweiser or Coors.

Now, astute readers would note that this sporadic periodical was started on a blustery January evening, in the dank depths of a computer lab in Lyon, way back in 2004. It is now 2008, and I am back to Europa, though I always thought I had got dumped for good the first time around.

A Titular Matter

When this blog was started, back in January 2004, I had given it a name. Unfortunately, I don't remember it now, so anonymous was it. I can guess that it would have been an effort to display my knowledge of either science fiction or academics or high flown literature. Then in January 2005, as an impoverished graduate student, the blog was renamed - "Poor Indian Graduate Student". I had less than 500$ in my bank account, and graduation was nowhere in sight. Fortunately, I bailed out in May 2006, and so the title had to become "Poor Indian Graduate Student ", with an additional line of "In the US of A", by way of further explanation of my status. Now, as it turns out, in a few weeks "In the US of A" might need to be amended to "In the US of A UK".

They own the night

Mr. Family Orientation has been driving for the last 30 years. Enjoys talking to and observing the variety of people he meets. Will retire in 4 years and head to his newly constructed home in Puerto Rico. Plans to run his own little rickshaw company there, importing bright yellow rickshaws from India. Loves to watch discovery channel. Knows about the Bombay meal carriers. Told me among all the people he has met, he finds Indians to be the nicest. He likes them because they are family oriented. Feels happy that Indians in the US are going out a lot more than when he started driving; they are better integrated into society. Thinks Indian girls are very pretty, especially when they free their long straight hair.

Mr. Part Time has been driving a cab for the last 3 months. Brazilian who was traveling through the US and decided to stay. Has been working odd-jobs for the last 2 years while studying for his degree in art. Barely knows the routes, and very polite; not at all used to the ways of a cabdriver. Apologized when he missed the intersection, and offered to take 4$ off the bill. Asks me what I think of the United States. Thinks that Americans are too conservative and boring. Is learning to speak English, Portugese being his native language.

Mr. Chevrolet has roamed the city's streets in his yellow Caprice Classic since the year 2000. Came from Uganda. Thinks that there is good money driving a cab in the city. Loves cars. Asks me what car I like most. I say that the Audi is a car I like. He likes American cars. Thinks the Mercury is the best car. Spacious, big, fast. Also likes the Lincoln. Thinks European cars are too small - not good value for money.

Mr Big Shot has been driving a cab ever since he came to the US from Pakistan about 10 years back. Is a Civil Engineer. Owns a business. Drives a cab for excess money. Tells me that life is good in the US. Lots of money to be made. Asks me what I do. I tell him I work on a computer. Asks me how much I make. I tell him. Says that I dont make enough. Tells me I should change jobs or work as a consultant paid by the hour.

A post

It looks like the posts are becoming increasingly sporadic. Lets make a little market shall we.

What are the other odds:

1) The next 12 months will produce > 24 posts

2) The next 12 months will produce >=12 and <=24 posts

3) The next 12 months will produce <>

At the end of 12 months, all those who bet over the mean would pay those who bet below the mean. This would be "AR's BlogSwap". I expect this product to take off so quickly and the speculative trading in it to be so reckless that the stability of the world economy will be in question.

Speaking of world markets in terrible jeopardy, have you ever realized how screwups tend to be highly correlated. When things are appearing to get bad, they usually soon get worse. Case in example, rental car broke down on Friday night right before a weekend trip to Madison, and as a result we had to wait 2 hours for the tow truck, and then spend another hour taking the train to midway for a replacement car, which gave us the opportunity to be bumped by the attendant there who had no spare cars, and which in turn had one of the guys bailing out, which in turn increased the likelihood of a sucky trip. However, the trip turned out to rock. Upstate Wisconsin can kick upstate New York's ass (note content of previous post.). Rolling woods, lakes, hiking trails, fall colors - yellow, violet and red, long winding roads and quaint towns.

I have come to note that increasingly, people I know are either married, engaged or in the process of getting engaged/married. I am growing old. When I finished undergrad and entered graduate school, the senior graduate students looked OLD. It felt like it would be eons before I would be where they were (like never). Though I am not currently in graduate school, many of my friends are in the last legs of their phd. Another sign that indicates the passage of time. Another even more shocking sign is the fact that I have come to accept that I will be old one day. Brilliance at its most lustrous.

Thank you for your time. Now go do something more useful!

Labor day holiday

I had a nice 5 day break for Labor Day. Breaks are good. Most breaks are to a good extent characterized by fun and frolic. Mine was mostly confusion and mayhem. However, it was interesting. In the end interesting is what matters.

On Friday evening flew into Rochester, NY to visit my friend Arrvindh. We planned to drive down (or rather up) to the Adirondacks for a spot of trekking. At the outset, our plan was quite ambitious. We would set out from Rochester on Sunday morning, reaching Lake George in the Adirondacks by lunch. We were to join KP and Rajesh, who were driving up from NYC, and who would be there at about the same time.

After a shockingly early (atleast by my standards) Saturday night we set out to Lake George at the unearthly hour of 7 in the morning. I get a call from the dynamic duo at 8:15 informing us that they have just woken up. They were supposed to have left a 8:00am, to compensate for the 60 less miles they were driving. So, we kill time at a gas station, getting breakfast and set out again. Then at 9:30am we get another call. The front wheels of their car had just decided to part ways with the main body. The car had ripped through some spikes on the road. They were stuck at the New Jersey turnpike, waiting for the tow van. At this point, we decided to stop waiting, and drive on straight to Black Mountain, the hill we planned to hike up. We reach there at 2pm. We wait till 3pm, and head out. We shorten our trek and come back by 6pm. We find out from the departure register that the other two had arrived at 3:10pm. Bad luck. Why couldn't they have arrived 10 minutes earlier? This little mishap unleashed a chain of events of such fury and complexity that in ancient times the skies would have parted and demon lords would have wreaked havoc across the lands.

Since they left 10 minutes after us, they should arrive 10 minutes after us, we think. We decided to wait. Most deceptively simple arithmetic in real life usually tends to be flagrantly wrong. There was no sign of them at 7pm..7:30pm..8pm. I tried to call. I heard a phone ringing behind me. KP had bravely decided to leave his phone and wallet behind in the car. Brilliant!

Finally at 8:30pm we get a call. For some completely incomprehensible reason, Rajesh's cell phones had found reception. It turned out that the two had made a wrong turn, and were stuck 6 miles away, in the woods, right by the Lake. Notice that these are two nice Brahmin boys (very marriagable, to any girls who are reading this) who do their Sandhis every morning and take their coffee hot every afternoon at 4 sharp. Snakes and bears? Ayyo ayyo. It began to get chilly. I wanted to suggest that the boistrous boys should kill a bear, eat its meat and wear its skin as a coat.

I was ahead of myself. It turned out that there were some boats by the Lake. Though the occupants were quite intoxicated, they were not sufficiently enough that they couldn't call the Rangers. Rangers ride (glide) to the rescue. The poonaled payyas were loaded onto the boat and duly tranported to the nearest spot of land not inhabited by bears and snakes. Unfortunately, this spot of land was 50 miles away, it was 11 in the night, and we were driving a 2 seater. We did what we had to do (not really, but since we did it, one might as well take the credit). The two were parcelled into the back seat. I suggested that the one who had forgotten his wallet and phone should be put into the trunk, but my friend Arrvindh had been weaned on the milk of kindness.

Now the keen observer would note that if the wallet and phone were in a parking lot 50 miles away, so would be the backpack and clothes. Thus not only was my evening ruined, but my clothes were too (due to forced donations). So concluded my Sunday.

Monday was spent driving to New York City with Rajesh and KP. Arrvindh had decided to return back to Rochester. Such is the busy schedule of a Ph.D. student.

As is life, troubles tend to multiply. In NYC, not one, not two, but three friends bailed out on me. Is there something about me that is intrinsically undesirable? One was busy with work, another had a gf's birthday and the third had to visit parents in New Jersey. My moping was partially saved by Rajesh, who offered to continue to tolerate my existence in his apartment. His roommate Arun I found interesting, mostly due to our shared interest in coffee and tennis.

I found NYC to be too crowded, expensive and noisy. However, I did fulfill my newly found interest in Finance by visiting (externally) the headquarters of every major financial institution - Lehman Brothers, Morgan Stanley, Bear Stears, BlackRock, Citigroup, Bank of America etc. . The list is very long. Outside the Bear Stearns headquarters I tried to imagine which were traders who had lost a lot of money. Since I hadn't checked on the market that day, I let my mind run wild with all the things that might have happened. Maybe the market had crashed, and all these people were leaving, never to return. They looked that way anyway. I was to be disappointed, the market was up 20 points for the day. That was my Tuesday.

On Wednesday morning, after a late coffee (with Arun) and an even later lunch, I go down to Greenwich Village and Soho. Most overrated. I certainly wouldn't pay a million dollars for a 1 bedroom apartment there. I think NYC would be a good city to live in if you make a couple of bucks a year, and can afford a good standard of life. Otherwise it is all about small apartments, crowded trains, and long commutes.

What I do love about New York though is Central Park. It is the little patch of green and peace that counterbalances all the madness. All of New York comes there, be from Harlem or the Upper East Side. I saw Steven Tyler listen to a some roadside bums explain their decoration on a mosaic that said "Imagine", obviously a tribute to John Lennon. The running paths: I could run forever, what with the skyline in the background and endless stream of interesting people to look at. I wanted to run a quick 5 miles, but I hadn't brought along my athletic shoes.

I also love the Metropolitan Museum (Met). It is one of the most carefully designed museums I have been to, and trust me I have been to many. The arrangement of the Egyptian temple in real scale, as it would have been 4000 years ago, is something I have seen nowhere else. It also has a great collection of Roman and Greek artifacts. I was so enchanted that in my 5 hours there on Wednesday I barely managed to finish the Greek and Egyption sections. Very disappointing. It is something I have to get back at a later date.

Late on Wednesday, I take the bus out to La Guardia to catch the flight to Chicago. As luck would have it I forget the name of my flight, though I did remember the departure time. I have a harrowing and highly embarrassing time trying to figure out the name of the airline. Thus is too much choice. India is good that way - Air India and Indian Airlines. It was that way at least. Capitalism, competiation and choice have descended there as well.

I return home late Wednesday night, and head out to work on Thursday, my traditional hatred of Monday mornings temporarily shifted to Thursdays. All in all a good holiday, a lot to write home about.

Summer Update

Dont you find it funny that only after much of the summer has slipped away do you start thinking about things - the things you did, the things you could do but did not do, and the things you wanted to do but could not do. In any case, I had a good time, and look forward to the fall and winter. Winter however cold, wind swept and bleak you might be - I am not scared.

Interestingly, I did vigorously cram as much as I could into the summer because the winter is boring. If summer extended all year long (as it does in Madras), I am sure I would have planned out far less.

In other developments, the past few weeks have been quite the learning experience. As many of you may know, and may not know, there has been much tension in the markets. Spurious NINJA (No INcome Job or Assets) housing loans over the last few years are coming back to haunt many a lender. There has been many a default, leading to many a loss of money to those wise people who lent the money. Summing up, hedge funds who bought these loans have been blowing up left right and center. It doesn't help if you borrow 10 bucks for every buck that you have and buy stuff that then goes on to lose 50% of its value over 4 weeks. When a fund loses big money, it gets margin calls, and to meet these margin calls it has to generate cash, and to generate cash it has to sell other parts of its holdings that are doing just fine. So, the whole market crashes down because there is a mad rush to sell and get out of positions before they fall in value. It is like a game of musical chairs; when the music stops the last one standing is out. At times like these one is thankful that one is an Analyst, the lowest kind of life in the Financial pecking order. As an Analyst, you aren't really responsible for anything, and consequently get paid nothing. However, you do get a birdseye view of the proceedings, and observe all hell breaking loose without actually being tarred and feathered.

Weird

I got this SMS on my office phone today :
"Tilly and me would like to invite you to golf today at ridgemoor 2pm."

a) Whoa! Hold it there buddy! You are inviting me to golf?! Are you insane ?! FOBs don't play golf. They wear running Nikes, buy 14$ 50c racquets and screech up the neighbourhood Tennis court.

b) Since you are bringing Tilly, I really need to rush to the pet shop nearest me and take Collie, my newly acquired pet dog.

c) Now since it is on the office phone I really need to be careful. Wit might lead to bit of bother. See everyone has the same first 6 digits. Its the last 4 digits that differ. So a misdial would lead to an office colleague (most likely senior as I am the lowest form of life). To explain how scarily well this works, I once had a friend who got robbed blind while on vacation. He got in touch with me (to go through his apartment and retrieve identification documents) by dialing random digits on the last 4 and asking the person who connected to look me up on Outlook!

Over the last few weeks I have been feeling really stupid. See, I am not a great techie. I can use a computer well enough that people who know nothing about computers think I know what I am doing. I suck at math. I know more math than the average social science major but can't hold a candle to anyone who knows what they are doing. And my interpersonal skills? Ha! Lets not even get into that. One might argue that a combination of these skills might be worth something even if each of these skills are worthless individually. But then comes the principle of comparative advantage. It just restates that there is little point in being the Jack of all trades and the master of none. Or that Roger Federer is better off playing Tennis than Golf. Why didn't I believe in worn out cliches?!

To be honest, the basic reason why I feel so blah is that I am going to be a quarter of a century old pretty soon and have squat to show for it. There were so many things I thought I would be when I was 25 (when I was like 17) - let me not embarrass myself by delving into my adolescent aspirations but just say that there is a disconnect between reality and past expectations. Lets try here, what can I show? Can I show you my biceps? I know it isn't going to make me mister universe but who are we kidding? All we need to kid is myself!

The worst part is I really have nothing to complain about. I find my job reasonably interesting, I have a varied group of friends, play Tennis, Soccer (terribly) and Swim when I can, and eat in nice restaurants and travel to nice places. Its the general sense of blahness in life that is getting to me, the sense I am missing what I really wanted at some point in my life.

That makes me wonder...How did you feel when you were going to be 25?