The economic scenario all over the North America is gloomy. I do not see any beacon of hope, at least for near future. All the three auto giants from Motown are camping at the hub of power with a begging bowl! AIG feels relieved as tax payers money will go to them so as to take some extra risk to make extra bucks. They have not yet stopped living in luxury despite getting stick from every where. I do not know what is lacking in these modern day executives which stops them from learning.
European union too is not better off. Japan has entered into recession without much ado. India is struggling hard to stave off the global impact. We all know that Indian economic system is relatively new entrant to the global capital markets and therefore, possibly the impact will not be so severe. Pakistan is worst hit not because its economy was deeply into global financial system but because the mandarins in Islamabad (should I say, in Rawalpindi army camp) never placed US$s received for terror policing in the place where it should have gone. Now, major chunk of that foreign currency is already out of Pakistan courtesy, local 'hawala' (an illegal way of siphoning off money from one place to another.) and foreign exchange dealers. Alas! Pakistan is on road with a begging bowl to pay loans taken against sovereign guarantee.
Employment (unemployment rate) is expected to hover to double digit in next couple of months if GM brand is made to collapse under its own load. People will become unsettled with such changes fast entering into their life style. Obama, the President elect will be cradled with challenges, one after another. He is to set right the allegedly done wrongs by his predecessor. It will be a test of his Adrenalin.
I hope that tomorrow's news on CNN will not be further depressing than what it is today.
Jagdish
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