Zeitgeist

Since my puny little brain happens to process a lot of information, at times it sparks off some brilliant analysis – which even surprises me!! I’m just quoting a few things I read over the past few days and if you read the fine print closely – it indeed points to something noteworthy.

#1: Jaspal Bindra, Chief Executive (Asia), Standard Chartered Bank had to say this about the current economic crisis in a leading newspaper, “For the first time since World War II – the US, Europe and Japan are simultaneously in recession. After the turmoil of 2008, the world is yearning for a period of relative calm”.

#2: Citibank CEO, Vikram Pandit is taking $1 as salary and no bonus until the bank returns to profitability

#3: And one of my favorite author/journalist, Thomas Friedman (Yes he wrote ‘The world is flat’) had to quote Shekhar Gupta (editor, The Indian Express)  in his  New York Times article, “All you need to do is grant visas to two million Indians, Chinese and Koreans.We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans”.

The problem. The existing situation. And the solution!

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~ by rb on February 13, 2009.

2 Responses to “Zeitgeist”

  1. Tom’s my fav journalist too! I happened to read the article you are talking about… However utilitarian that solution might seem, it only would serve to get US out of the recession. Would it not? I mean, the home owners wont get their homes back. Neither would the greedy banks learn from their mistakes, when all the abandoned homes are taken from their hands.

  2. Absolutely true! In fact I was just reading today about the unprecedented levels of US government debts which may require quite a radical kind of solutions…research shows that as time passes by, the deficit will keep on rising (federal debt which is 41% of GDP last year will double in the next decade)…yes its kinda sad to see that not everybody has learnt a lesson from their mistakes.. rest like they say, only time will tell!

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