I am in College Station, Texas. As the name implies, College Station is a university town – home to Texas A&M University, which is famous for its football team, its veterinary school and the George H.W. Bush library, in that order. It is a fabulously rich university. As the Dow continues to crash through the floor and gloom about the US economy becomes all pervasive, it’s worth being reminded how much entrenched wealth there is in this country. The university provost told me that they currently have $800m worth of building-projects underway on campus. Those are the kind of numbers I associate with places like Abu Dhabi. Read more
© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.