The world’s smartest bank is getting bailed out. $ 320 in the form of government guarantees and $ 20 cash injection constitute the bailout package. This is in addition to the Bear Stearns and AIG bailout. Consumer spending has come down drastically, unemployment rate has soared to an all time high and to add fuel to the fire companies are issuing pink slips to its employees left right and centre. Regulatory system stands exposed. The Afro-American president will inherit the worst economic mess during the last 50 years. The vital thing is to get the recovery package on the road, get money into the pockets of the middle class, increase consumer spending and to get USA worked up again. The Legal eagle has already got a team to tackle the crisis with Mr.Geithner , President of New York Federal Reserve Bank at the helm. USA has been the epicenter for this crisis. Sub prime loans, CDS were all products of your greed and “nothing will go wrong” attitude. Post 1929 this is one of the worst recessions. Mr. Obama your task is cut out and we sincerely hope “You can”. Get the main street working and give us a thriving wall street.
On the other hand, Economists have confirmed that the global economy has slipped into recession but our Harvard educated FM says India is yet to get into recession. What a paradox!!!
No comments:
Post a Comment