[ALOCHONA] Bangladeshi expatriates in US facing hardship

I believe that this is the right time for more than 4000 Bangladeshi Organizations in USA who are doing politics and others things in foreign soil should help Bangladeshi where they need help and guidance in this unwanted financial circumstances. This should be the true vision for any Bangladeshi Organizations in USA if it's really needed here.     Regards, M M Chowdhury (Mithu), USA www.changebangladesh.org ----------------------------------------------------------------- Bangladeshi expatriates in US facing hardship by priyo.com | April 15, 2009 - 6:15am The rate of incidents relating to sending back home their families including parents of Bangladeshi expatriates in the United States have increased in an alarming rate over the past three months or so owing mainly to economic meltdown.   Many Bangladeshi expatriates took their wives, parents and children to the US after waiting for years and by paying extra tax return for three years and now they are compelled to send their families back home within a few months of their arrival in the US taking permission for two years from the authorities concerned, according to a despatch of the America News Agency (ANA) from New York yesterday.   In accordance with information gathered from New York, New Jersey, Philadelphia, Washington Metro, Atlanta, Los Angeles, Detroit and Chicago City, many Bangladeshi expatriates living in these cities are compelled to adopt such a way due to economic constraints.   It is gathered that the minimum rent for a house with two bedrooms in New York is 1400 US dollars. But, house with a single bedroom is not now available in most of the localities in New York for $ 1000.   After house rent, comes payment of the bills for phone, cable, DSL etc while daily market expenditure is gradually increasing. On the other hand, income of many expatriates has declined due to less working hours while many have turned into 'half-unemployed'. The situation is tough for those who are working as employees in construction sector, grocery or retailers shops. Many expatriates could not even earn 2000 US$ a month now and for this reason, their dream for residing in the US is fading away. Mohammad Hossain is a taxi driver in New York City. He is living there for 22 years and became a US citizen 12 years back. He used to visit home after two years to stay with his wife and wards for a month. His offsprings are attending schools in the country.   The children have been facing volleys of question from their neighbours why their father is not taking them to the US, which has also pushing him in a perturbed position. At long last, Hossain could manage to take his wife and family to their dreamland to the US last year as immigrants. His family's expectations were high but Hossain with his limited income of 600 US$ failed to meet the expenses as his income was gradually declining. But, the lowest expenditure of a family like him is now stood at 2000 US$.   After paying the house rent and other bills, it has become tough for him to keep daily expenses for kitchen market. Following that Hossain couple decided to send back their family home taking permission for two years from the authorities concerned. He is now staying at a mess house and leading a life like a bachelor now.   Many Bangladeshi expatriates (immigrants) with limited income are facing identical situation to that of Mohammad Hossain due to recession now in the US, the ANA despatch added. --- On Tue, 1/20/09, M. M. Chowdhury (Mithu) <cgmpservices@yahoo.com> wrote: From: M. M. Chowdhury (Mithu) <cgmpservices@yahoo.com> Subject: [khabor.com] Why USA won't able to get out of this financial mess To: cgmpservices@yahoo.com Date: Tuesday, January 20, 2009, 12:41 PM Dear All,   I think and believe that we in USA are concern like any others about financial impact in USA and rest of the world and where this will lead us in the next 8 years.  I congratulate President Obama for taking the USA leadership but I am cautious like others even though I have campaign for Obama among Bangladeshi Community in USA.   Let's see the scenario why USA is in this position which is very different than 1930's and what steps should be taken for the incremental improvement.   Reasons for this mess   1) More than $20T, start with Trillion dollars of investors money has been lost in the last 12 months including personal 401K money. So the people confidence in companies is lower than ever.   2) More than 500,000 jobs have been cut per month by companies in USA, if it's continue then at the end of 2009 total 6 million jobs will be lost.  Adding 2 million jobs already have been lost in the last 24 months.  This is creating a nightmare for the consumers to spend  discretionary money.   3) Two third of the economy are depended on consumer spending,  when consumer stopped buying like before,  companies can not make money, their stocks goes down and companies start laying off to make baseline profit for the company.  This is called a cycle of uncertainty.   4) Biggest problem is that USA consumers has borrowed two times of their house worth for the last 5 years.  For example, if a house price is $100K in 1999, it went up to $300K in 2006, so extra $200K was borrowed from foreign countries to mortgage people's houses in USA.  Therefore, deficit went over the roof.  If this is continued,  few wealthy countries might not be interested to invest in USA like before because losing confidence into USA economy and their investment returns.   5) Once people lost jobs, they can not afford to pay high mortgage which they could not afford at the first place.  US Govt can not pay everybody extra interest for the mortgage they owe to banks.  This might come over $10T, start with Trillion.   6) Once companies make less money, the Govt tax collection also becomes low.  So more deficit for USA.  Intake is higher than delivery.   7) USA does not have leadership of many technologies like before, so USA has more competitors than before i.e. China and India.   8) More liability for baby boomers in years ahead, means need more money to take care her citizens like Social Security and Medicare.   9) Iraq war alone costs USA close to $1T and need another $1.2T to take care veterans health and financial liabilities.   10) Dollar might go down compare to others currency once foreign countries start withdraw their investment or stopped new investment in USA, i.e.  stop buying USA Bond.   Options to way of of this mess:   So what do USA have now?  President Obama's sweet talks might not bring much fruits unless he can show leadership and put new policies in place very quickly, so situation does not get out of control.  I personally think that President Obama should do the following for the love of this country.   1)  President Obama should provide executive order to cut military budget of $465B to only $50B.  Bring all military installation back home unless foreign countries provide the bill.   2) Provide middle class incentives as soon as possible.   3) Stop giving big money to banks but give direct loan to consumers from Govt Treasure.  I know it does not sound Capitalist,  but US Govt does not have any other option.  For example,  If I know that this consumer will not able to pay back my money,  I won't make loan to him even I get pressured from Govt unless Govt takes all the toxic assets.  Same situation, Banks are not lending even they got US Govt money.  Banks know consumers do not have enough money or may lose job soon whichever is first.   4) Provide stimulate money if there is any Corrective and Preventive Action (CAPA) in place for the new projects which will create jobs.   I hope and pray US gets out of this mess but I am very pessimistic now based on the scenario I have presented you here, unless miracle happens in USA.   God bless USA and her people.   Regards, M. M. Chowdhury (Mithu), Virginia, USA www.amreteckpharma. com

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