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Baer describes the role played by Jeb Bush at Lehman, the sensitive moments when Lehman was near collapse and Lehman executives suggested Dick Fuld, the CEO, should talk to his brother George W Bush, the U.S. president. According to Baer this call was never made because of the odd position it would place the two brothers in. Jeb Bush made a trip to Mexico City to meet Carlos Slim, a telecom billionaire, seeking investment prior to Lehman's collapse. Bush was paid $1.3 million annually for his work at Lehman, and after Lehman was acquired by Barclay's bank $2 million annually. Bush worked under Steve Lessing, a key fund raiser for his brother George W. Bush, at Lehman and Barclay's. The work involved talking to clients including healthcare companies Cigna, insurance company MetLife, and other clients. About half of Bush's time was spent working at the bank as an adviser, not an employee. The only other candidate for president in 2016 who worked at Wall Street, Ohio governor John Kasich, also worked at Lehman from 2001 to 2008. Kasich was reportedly paid $182,000 and a bonus of $432,000 as managing director at the investment banking division, less than Jeb Bush but working full time. When Jeb Bush graduated from the University of Texas in 1974 he worked at Texas Commerce Bank, founded by James Baker III, a close friend of his father George H.W. Bush. He worked there from 1974 to 1980, in the international division looking at country risks in Latin America. Both Jeb Bush and Kasich face the prospect of facing difficult questions about their time at Lehman Brothers, because of the 2008 financial crisis and aggressive leveraged expansion at the bank leading to its collapse....

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Indian foreign minister Jaishankar describes the highly eccentric situation of lack of US India close economic and defense cooperation for over 50 years, when the natural flow of cooperation one would expect between the land of Washington and Lincoln and the land of Vivekananda and Gandhi was interrupted. The current form of cooperation has existed for about 14 years and accelerated after prime minister Modi was elected in 2016. This was a turning point in the US India relationship and in India US economic partnership. After president Trump was elected Mr. Modi and Mr. Trump held a huge public gathering in stadiums at Houston and Ahmedabad, in a way that was never seen before between an Asian country and America. What changed? For one thing India had a great weight lifted from its shoulders with the removal of the erratic Nehru policies of post independence India of forming a non aligned bloc with countries like Egypt and Yugoslavia. These were policies that had no connection to India and its history as the civilization where the East has its roots in Vedanta and Buddhism. It also resulted in alienating the Dwight Eisenhower administration and administrations that followed after John F. Kennedy, as the Cold War intensified and most of Eastern Europe came under Soviet domination. India never gauged the effect this had on America after the Berlin crisis in 1948, the Hungarian revolution of 1956 and similar uprisings in East Germany, Poland, and the Czech Republic. Britain was no help even with the British Commonwealth, as the British perpetuated the idea that India was too divided to make up one country, having failed to grasp India's ancient civilization and  culture, and having built the Empire in India by using the division in the country. Mohandas Gandhi described this in Hind Swaraj in 1910 and told Indians that it was they who had invited the British into India, with rulers using military garrisons of the British commercial East India Company for help in their internal wars. Americans still unfamiliar with India till after 2000 simply accepted British colonial ideas about India. The new administrations in the US, the Trump and Biden administration, and the Modi administration in India have shaken this up and changed perceptions all around. Biden recently during the Modi visit to Washington DC said India US relations as he sees it would be "the closest on earth." So that today we have an ancient civilization roused to its depths in its youth for modernization, that extends from India to Indonesia all the way to Japan rooted in India's ancient civilization of Vedanta and Buddhism, with a population of about 2 billion people. That faces the US on its Pacific coast, united in its determination to build a new and common future with ideas of parliamentary democracy, participation of the people, and of modernization with science and technology, contributing to the betterment of all peoples. ...

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In a aspirational country where even US president John Kennedy's grandparent's father Patrick Joseph arrived from Ireland during the potato famine in the 1850's and aspired to reaching the level of the more educated Americans over 2 generations, whose grandson JFK's father worked as a manager in the Quincy shipyards in Massachusetts, this extraordinary concentration of support for Republicans among less educated is astonishing, perplexing, and at odds with what America is. Super Tuesday results analysis of 1000 counties in 14 states in 2024 show Republican Trump getting 83% of the vote in counties with a higher share of voters without a college education. Where voters are a higher share of the college population this drops to 61%. A sharp drop in support is seen in counties with a higher percentage of voters who have college a rapid fall as one has college education.  A strange phenomena can be seen in graphs shown in WSJ of voters by counties and income, education. A large cluster of voters in incomes below 70,000 and without a college education then falling off like off a cliff. In Iowa, New Hampshire primaries it was seen as being mostly rural voters, more isolated and in less proximity to other people. The question remains how well this category of under $70,000 without a college degree reflects the country as a whole in 2024, how has the country changed since 2012, 2016 and 2020. It is easily said there is a polarized country yet this ignores the unusual nature of this support where it is concentrated so heavily in one group in this way with cutoff of $70,000 falling precipitiously in support for Trump for incomes above that. At above $70,000 support quickly drops to 80% and falls steeply with every $1000 increase in income after that. In a country like the US this means almost the entire educated population in the US and the entire population above the $70,000 per year level excluding itself from support, so sharp is the fall off from moderate income and education levels, and so heavily clustered is the support almost like a ball up in that corner of the graph with just a few specks on the rest of the graph. This is most unusual for the US and may not be reflective of the whole population of the US in 2024. This is also unprecedented in US history since 1776, may not compare to 2016, and for the Republican party even more unusual. Two questions also come up what happened to all the country club, more educated voters who voted Republican and made the party what it was an upper class business supported party, and what happened to all the factory workers, teachers, nurses and others in America who make about $70,000 or $80,000 and who are generally Democratic. These people will be part of the electorate for the whole country in 2024. ...

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See how dysfunctional today's politics have become in the way the Speaker in the U.S. House of Representatives and the U.S. president expressed utter disdain for each other and their opposite political parties at the State of the Union gathering in the U.S. Congress. Trump focussed on the economic gains for the U.S. in trade and the economy, and sees impeachment efforts as unfair as not rising to the level of high crimes and demeanors defined for that in the U.S. Constitution. Pelosi and Democrats see Trump's style and manner as violating norms for politics followed earlier.  Harry Truman, a president in the fifties never got much respect from Republicans who saw his style and manner as too rustic and Missouri farmlike. Andrew Johnson a Republican during the early post Civil War period after Lincoln, without the education of the upper class was treated with disdain by Democrats. Interestingly both were chosen by icons Roosevelt and Lincoln. This time the focus of attention is a president who comes from outside, motivated to run in politics as he said in his speech in Congress by the wrongs the U.S. suffered from other nations in business and trade. Truman got attention from Roosevelt through the hard work to cut the extensive cost overruns and mismanagement in production for the war effort. Johnson for his loyalty to the Union from a Southern state, Tennessee. All seemed to shrug off the disdain without much discomfort and Truman was known to say- "The Buck Stops Here." ...

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There are 240 Norwegian and Finnish companies in India, says this report in The Hindu. Nordic countries are providing green technologies to India. At the Nordic-India Summit held in Copenhagen in May 2022, the five Nordic prime ministers and prime minister Modi agreed to intensify cooperation on digitalisation, renewable energy, maritime industries and the circular economy. Denmark is helping India with ports and logistics. Trade ministers of Norway and Finland visiting India together  Feb 9-10 describe the efforts to provide Nordic technology solution in green transition to India. Trade between Norway and India has doubled in the last 3 years and the Norwegian Sovereign Wealth Fund is likely to become on the largest investors in India at $17.6 billion. Vestre us Norway's Minister of Trade and Industry, Skinnari is Finnish Minister of Development Cooperation and Foreign Trade. 

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The Stimson Center looks at the closing of an era of Conservative politics in Japan which ended in 2025 after the death of Shinzo Abe and the 2 year premiership of Kishida. Interview is conducted by the Stimson Center of a senior Japanese political figure with 30 years of experience in the Foreign Service, and the author of the only English language book on Shinzo Abe, reflecting the paucity of research on Japan. Shinzo Abe was premier for a short time in 2005-2006 and for a full term in 2012. He made changes to Japan's SDF, its partnership with India, Australia in the Quad, and his economic policy which increased women's participation in the economy. For the first time in post war Japan there was a new sensde of confidence under Abe and he is missed sorely in Japan today. Yet as this senior Japanese politician says, Japan has changed the way the US and Europe have changed, and nationalist politics are replacing old Conservative politics of the LDP. In a way also how the deindustrialization of US, Europe and Japan has also taken place discrediting that era. Takaichi Sanae is itself a representative of the new era, as she did not hesitate to say Japan would get involved if China attacked Taiwan. Her popularity is at 62% and she has called a snap election, as she came in to replace Shigeru Ishiba in October 2025 and was not directly elected PM. Yet in the long view this is also a misconception because neither the Stimson Center or the interview participants had a keen sense of who Abe really was and Abe's grasp of the history of the Kamakura period of Buddhist Japan and China, India, of the 12th century before the foreign invasions from the north. One of Shinzo Abe's biggest legacies is the relationship that was close to his heart, the relationship with India and prime minister Modi. This week chancellor Merz of the Federal Republic of Germany was at the kite festival with PM Modi in Ahmedabad and at the Sabarmati Ashram of Gandhiji. The same degree of warmth shown by the German leader and Modi reflecting Vivekananda's time in Germany, was seen long time back between Modi and Abe. The bullet train project Mumbai to Ahmedabad and the ones that follow across India are a testimony to the warmth shown by Abe for India, and his knowledge of history from the Buddhist period in India when by the 12th century in Japan in Dogen's time Tenjiku (India) was the sacred homeland of Buddhism. Today India has revived the Buddhist traditions and centers of Buddhism, the universities and research centers for Buddhism from that period in Indian history. Buddhism started in India near Nepal in what is now Bihar state at Sarnath and Kushinagar, and spread through China to Japan and Korea. The whole continent of Asia would reflect Buddhist ideals and ideas without the intervening period of Vedic culture in India and China's Mongolian and Manchurian northern invasions, and the periods of European colonialism. Today Buddhism and The Bhagavad Gita are itself strung like pearls on a string as the Gita itself says, part of the long spiritual traditions of three nations- India, China and Japan, and of the many others Vietnam and Korea. ("All these worlds have their rest in me as many pearls on a string." -Mascaro tr. of Bhagavad Gita, Penguin). As Asian nations and peoples come to their own inner selves, find their inmost self, this is the culture that really pervades all of Asia. ...

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The Democratic Party's progressive wing and Mr. Biden support the effort by president Trump for $2000 checks to go to American families as direct payment instead of the paltry $600 approved by McConnell in the Senate and Pelosi in the House. The delay in providing relief has hurt Americans working in retail and restaurants, hotels, and travel, tourism, sectors hard hit by the pandemic lockdowns. To make up for the delay and because the pandemic after the second wave looks to be not just for 2020 but for at least the first half of 2021 $2000 is essential for American  families to support themselves. Food insecurity unknown to Americans for most of the twentieth century has returned in ways that are unimaginable. The same is true for southern Europe as pictures of Barcelona in DW,com show. It is high time both the European Commission and the U.S. Congress get their act together. Partisan press is one thing, and debate is the oxygen of society in a democracy, and making ends meet on a day to day basis is another thing.  Working from home remotely one half of society the professionals may not see the other half, yet they are there as the pictures from Barcelona of people collecting metal and other scrap  on streets for sale to buy food in the El Raval neighborhood show, and the pictures of Americans in long lines at food banks show.  ...

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In an astonishing contrast to other European countries, including neighbors Norway, FInaland and Denmark, the Swedish government decided to not impose a lockdown, keeping bars, restaurants, hairdressers, gyms, primary and middle schools open. Secondary schools, museums were closed, sports gatherings, gatherings of more than 50 people were not allowed. Social distancing was not enforced, and entirely voluntary. Sweden now has 29000 cases according to Statista and its death rate of 358 per million population is higher than in the U.S. which is 267, and Denmark 93, Finland 53.  Critics such as Lena EInhorn, a virologist, say the Swedish government did not set up a broad testing program, and let a problem develop for elder care in nursing homes. She says a 14 day quarantine of household members of a person infected with the virus would have made a difference. Most action we take for granted was not taken in Sweden. Restaurants that were not required to close spread airborne transmission. Einhorn also says that the government officials have denied it but under their breaths they have acknowledged working on a herd immunity strategy. Denmark has opened schools with social distancing and other measures and reopened its economy. Sweden is in reverse with calls for stricter action and an ongoing debate. No reopening as there was no lockdown, yet considerable and nagging uncertainty. The speed of transmission of coronavirus is the biggest danger, as it can let the numbers grow very quickly if the wrong decisions are taken or something is left out. ...

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Britain's prime minister Johnson has gained approval for 16 billion military buildup for naval and other buildup for the next 4 years. It was apparent for some time during the administrations from Blair through the financial crisis driven by banks under Cameron, that Britain had lost its resolve to have a strong military capability. This was evident in its handling of Hong Kong, from the transfer to its weak response to the situation in Hong Kong as participatory democracy failed in Hong Kong. During the period after the second world war Britain failed to bring participatory democracy in Hong Kong under its rule. Labour and Conservative administrations made no effort even as participatory democracy was brought to large parts of Asia and Africa through independence, following democratic elected legislatures in the period between two wars in India and Ceylon. No such effort was made in Hong Kong leading to questions about its own commitment to the principles when China introduced its own government in Hong Kong by changing legal structures.  Britain lacked the military capability and its partnership with France and the U.S. was also weaker because of other distractions from middle east conflicts and internal problems. This is now changing with the military capability buildup for the next 4 years. This is happening as France under Macron takes a new posture in its battle to defend the ideals of its Republic, and rebuild its manufacturing capabilities. ...

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Ines Pohl of DW.com reflects on the U.S. Republican National Convention in Cleveland, Ohio. It turns out he says to be a sort of Trump Festival, with the candidate and his family everywhere, not much discussion of the platform or policy issues- he says it offered the world a spectacle never seen at such a convention- 15,000 journalists from all over the world covering 2500 delegates, all the delegates mere onlookers at this entertainment extravaganza. John McCain, Mitt Romney, former presidential candidates not present, and president Bush and family not present, all staying away because of derogatory remarks. Not the kind of display of unity to bring together different segments of the party. The lone dissenter at the convention turned out to be rival Ted Cruz who made a speech without supporting Trump, and is booed off the stage. Cruz won in some important primaries including Texas, Oklahoma, and in votes cast on voting day in Louisiana, in addition to Wisconsin, appealing to evangelical voters in a section of the South, and in western states such as Nebraska and Idaho, typical Republican territory. Ohio's John Kasich is called "petulant" by campaign manager, and stays away- Kasich won in his home state of Ohio, a state president George Bush needed to win over Kerry, especially with its evangelical voters. Pohl adds humor in his coverage by referring to the traitors Bush, Kasich and especially Cruz, who are dispensed with, as the Republican delegates rally behind Trump on the last day of the convention.  ...

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Martin Caparros describes the deadlock in Spain with no two parties on the right Ciudadanos and Partido Popular, and on the left, Podemos and the Socialist party, able to have enough seats i parliament to form a government. An agreement between Ciudadanos and Partido Popular of prime minister Mariano Rajoy, has brought the 2 parties close to 170, 6 short of a majority in the 350 member parliament. New elections will have to be held for the third time in December 2016 as a result of this impasse. The two main parties in Spain the Partido Popular and the Socialist party, alternated in forming a government during the period since the restoration of democrati government after Franco's dictatorship. Following the deep recession in Spain since 2012 two new parties have been formed Podemos on the left, and Ciudadanos a centre right party. Both parties are critical of corruption, and the cuts in spending for education and healthcare following the financial crisis in Spain and bailouts by the European Union. Caparros describes the cynicism that voters express about not just the two main parties, but also for Podemos and Ciudadanos, as voters voice their rejection of politicians and parties on the left and the right. A similiar process is taking place in other countries, in Britain most recently with Brexit and the departure of prime minister Cameron. In the U.S. with the Sanders and Trump movements, and the Beppe Grillo movement in Italy.  ...

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Advice from David Walker on the role of a chairman of a large bank and good bank governance. This is part of a 184 page report prepared for UK bank governance practices following the financial crisis. David Walker is now the new chairman of Barclays and considered an excellent choice with the experience and wisdom to correct the problems facing the financial industry. He calls for putting corporate governance at the centre of things in the current environment- this applies to banks in Europe and the U.S.- in the following passage from the report which deserves careful reading: "The need now is to bring corporate governance issues closer to centre stage. Better financial regulation has much to accomplish, but cannot alone satisfactorily assure performance of the major banks at the heart of the free market economy. These entities must also be better governed... The behavioural changes that may be needed are unlikely to be fostered by regulatory fiat, which in any event risks provoking unintended consequences. Behavioural improvement is more likely to be achieved through clearer identification of best practice and more effective but, in most areas, non-statutory routes to implementation so that boards and their major owners feel "ownership" of good corporate governance." Walker calls the role of the chairman paramount in doing this, requiring "exceptional leadership skills and the ability to get confidently and competently to grips with major strategic issues." This means that if done right there will be little time for a chairman to do any other activity....

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In an effort to fulfill a campaign pledge and yet not upset peace negotiations president Trump plans to go halfway by recognizing Jerusalem, while keeping the U.S. embassy in Tel Aviv. 

In a sign of much policy has changed since the Obama presidency, new information cited by NYT shows Trump working closely with premier Netayahu of Israel to prevent a vote on Israeli settlement policies. Mr. Obama had decided to proceed with a vote and had sharp differences with Netanyahu that dominated press coverage in the second term. See search term Netanyahu.  The issue is a delicate one because it depends say experts on how Trump frames his decision, does it recognize West Jerusalem, what does it say about its status as holy city, and about Palestinian claims to East Jerusalem. It is fraught with risks as Saudi Arabia is likely to say no to negotiations if the issue is framed to only recognize the Israeli position.

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Russian proposals for settlement in Ukraine including giving up the whole eastern Donbass region, recognizing Crimea as part of Russia, and limiting its army and long range weapons. These are the same conditions set in 2022. There is a new situation developing in Europe as Germany, France, Britain and most of Eastern Europe looks to be firm in support of Ukraine. Germany is stepping up its military preparedness under chancellor Merz of the CDU led coalition government. The US under DJT is working under two pathways seeking engagement with Russia and at the same time seeking a way to settle the Ukraine conflict. With German, British and EU support it appears unlikely that Ukraine would agree to all the Russian terms as Russia is using some gains on the war front to gain a clear win in 2025. By 2026 with European support Ukraine may look for a settlement that offers better terms than currently offered by Russia. For the US DJT faces pressures from within the Republican party that would oppose giving Russia a win after its role as the aggressor in the Ukraine conflict, and after the bombing destruction of Ukraine's cities.   ...

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A US Supreme Court 6-3 ruling that president Biden calls one that "contradicts common sense and the Constitution, which should trouble us all." The 6 conservative Justices and 3 liberal Justices vote along party lines to strike down a century old New York law with restrictions on the use of concealed weapons or weapons carried openly. Appointments to the Supreme Court have only meant taking the party disagreements into the Court- Mr. Trump appointed 3 Justices Gorsuch, Kavanaugh and Brett who joined Thomas, Alito and Roberts, appointed by the 2 Bush presidents, for this decision. The three on the Democratic side Breyer appointed by Clinton, Sotomayor, Kagan appointed by Obama. Today the presidents who made these appointments Clinton, Obama, Bush and Trump are all seen in a different light with their thinking and ideas not drawing support from all corners of America for a common sense approach to the Constitution. Following the pandemic and the war in Europe there is a shift in thinking all over America and the world, and the old politics simply don't fit in with this. Biden calls this a decision that "contradicts both common sense and the Constitution."  A group of Senators from both major parties are coming up with a common sense approach in a gun control bill in the US Senate. ...

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Angela Merkel left Germany dangerously dependent on Russia for energy supplies that may simply be shut off after maintenance on the Nordstream pipeline. She did even worse on China says this report in The Times that says that it leaves Germany on the hook for billions. There are $200 billion of German investments in China and German business concern is snowballing with new restrictions on operations in China and the deteriorating business sentiment. Worse the entire supply chain for solar energy and other renewable energy products to tackle climate change is dependent on Chinese components. Another failure to prepare for the future under different scenarios. And 46% of German business have supply lines that include components made in China. By grossly underestimating the risks of such dangerous dependence on Russia and on China, and ignoring warnings from the US, Merkel has hit Germany's new elected government of Scholz, Baerbock and Habeck with very serious problems that may take the next five to ten years to sort out. On energy and how to build a whole new supply chain in Asia with the US and its allies Japan, India and other countries. The ultimate irony was that Merkel felt that she was the leader of the free world, and a free world that excluded the US and India. Such is folly. And how she was presented as a good leader in the media is today hard to comprehend. ...

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This merger is part of a process that happened after 1970 when Penguin Books a national institution in Britain in the war years 1939-1945 was acquired by Pearson Plc, and later sold in 2013  to German publisher Bertelsmann. Penguin became a part of British culture because it sold a million cheap paperbacks at 6 pence in 1939 and continued to provide low cost access to books to all parts of the English speaking world from UK to Asia till the 1960's. The astonishing period of creativity and design of founder Allen Lane ended in 1970 after Pearson Plc focused on profitability and acquisitions. Under this new deal in 2021 a large part of the world publishing industry would come under the control of German publishing house Bertelsmann. Penguin Random House is owned by Bertelsmann and the deal would bring its rival Simon and Schuster under its control. The US Justice Department filed a lawsuit to block it. Attorney General Merrick Garland says- "American authors and consumers will pay the price of this anticompetitive merger- lower advances for authors, and ultimately fewer books and less variety for consumers." Penguin Random House already controls 22% of titles published in the US. The US publishing industry has already seen mergers leading to reduced competition. News Corp. acquired Houghton Mifflin Harcourt in May and merged it into Harper Collins. Largadere Hachette acquired Workman in September. ...

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Officials of 130 countries met virtually to agree on a global minimum tax rate. A minimum tax rate of 15% would be paid by corporations in each of the countries in which they operate so that tax avoidance is prevented. The Group of 20 major economies including India and China also agreed to this change in taxation to ensure that all companies pay their fair share of taxes. It is also part of the Biden plan for tax revenue generation to fund the infrastructure and human needs in health, education and public services that were neglected for so long. US president Biden says- "This will level the playing field and also make America more competitive. And it will allow us to devote the additional revenue we raise to make generational investments, which are necessary to keep America's competitive edge razor sharp in today's global economy." This tax change was needed to prevent companies shopping for low tax locations such as Ireland. This kind of locating in low tax rate locations worked badly for the major G-20 economies for decades as it prevented the generation of revenues needed for essential services and infrastructure investments. Tax changes include Biden's plan to increase the corporate tax rate to 28% from 21%, and raise the minimum tax on US based companies foreign profits to 21% from 10.5%.  ...

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When Daniel Henninger of WSJ Editorial Board says in the adjoining article/video that to get anything done with something like the current split Congress a newly elected Republican president would have to operate by executive orders and could get little done, he is referring to the stalled Ukraine aid legislation in the US Congress after passage 70-20 by bipartisan vote in the US Senate. Legislation is stalled in the 2022 newly elected US House of Representatives with a group of Republican Congressmen called the Freedom Caucus seeking to block all legislation if it does not get its way. The now famous line "dead on arrival" line of Speaker Mike Johnson of Louisiana for legislation passed in the Senate for Ukraine aid. Pew Research looks at the change in the House and explains. It says about 49 members of Congress are part of or aligned to this group. About 71% or 35 of 49 members have less than six years of experience which includes 9 freshmen, compared to 58% or 100 of 173 Congressmen of all other Republican members of Congress. And two thirds of Freedom Caucus are from the South compared to 46% of all other Republicans in Congress. It is striking that only three are from states such as Wisconsin, Illinois and Pennsylvania or a mere 6% for Northeast and Midwest.  ...

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France's high speed train network SNCF and its new trains TGV m are the focus of French Connections series in FR24. It is a great success for France as it connects 230 cities across France and decentralizes the country making remote areas reachable in hours. 770 kms Paris Marseille is covered in 3 hours. It has transported about 3 billion passengers since its founding in 1981 under Francois Mitterand. 122 million people traveled on TGV trains in 2023, and this is increasing by 20% a year. The trains travel at 350 kilometers an hour and are capable of over 500 kms per hour. For countries like India this is very useful to know as the first bullet trains based on Japanese technology are being built for route Bombay- Ahmedabad- Jaipur- Delhi. It shows that if it worked so well in France it can work well in the US or India. In India it could transport many times the 122 million in France and connect remote regions exceeding 1000 kms. Madras Srinagar is 3000 kms or 1900 miles. Imagine this being done in 7 hours at 400 kms per hour. It would really decentralize India. Same for the US for Austin Texas to Boston Massachusetts 1600 miles in 7 hours. It would better integrate communities in the US that are far apart socially.   ...

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Germany's homeless problem compares with that in the US, with Federal Working Group Bag-W estimating it at 600,000 of which 50,000 live on the streets. In Germany authorites are expected to give emergency shelters to people on the streets. The Federal Ministry of Housing and Urban Development and Building put out a 31 point Action Plan as a first step. Previous efforts have failed. The Action Plan includes getting financial assistance to state governments to build social housing -18.15 billion euros were allocated for 2022-2027 to build affordable social housing. Yet in the first year 2022 only 22,545 units were built short of the 100,000 goal per year. Affordable housing is at the heart of the fight against homelessness. There is an acute shortage that is driving up cost of housing in the US and in Germany. WSJ recently showed about a third of US housing is tied up by retired boomers hanging on to large homes. Germany's allocation of $3 billion per year is inadequate  for a problem of this magnitude that colors out perceptions of the quality of life in American and European cities. Capital markets are misallocating funds, and doing little for work that is an absolute priority for quality of life in the streets and neighborhoods of America and Europe. Larger investment is needed. ...