Sunday, 26 October 2008

When the bubble burst

I have always had a deep distrust of the global financial systems and economies that run purely on projected figures. I was also very uncomfortable about the lack of focus on sustainable development of rising economies. The credit boom and inflated financial atmosphere across the world discouraged investors from worrying about the credit worthiness of those they trade with and encouraged excess. Some of my friends told me in the past that my distrust arises from ignorance and a lack of understanding of the financial sector, maybe, it was so . I am still quite clueless about the intricacies of the financial sector but I have been doing a lot of reading over the last one month. Especially, about the current global economic meltdown and the more I read the more I feel my lack of trust was justified.

One line that got stuck in my head was part of what the 'The Economist' ( a copy of which a friend forgot in my house) had to say about the role of those who deal in financial products in the current economic crisis- " It helps explain one of the mysteries of recent years: who was taking on the risks that banks and investors were shedding ? Now we know."

I wrote following lines years back because the Wall Street financial types always fascinated me, I always wondered what they were pakoing...now we know.


Race

Blank, pale faces.
Narrow, focused gazes.
Black suits.
Starched shirts.
Polished shoes.
Dark moods.
Practiced, polite murmurs.
Heads whirring numbers.
Cell phones buzzing.
Lap tops burning.
Life of running,
After or from?


PS-The last line does seem a little relevant today.

4 comments:

laugh out loud said...

whats interesting is the quick action by federal governmnets in bailing out these bankrupt companies from tax payers monies...

and come to think of it, its the same corporate class that made a song and dance about the 60,000 crore loan waiver announced for farmers in distress...

classic doublespeak...

nisha said...

What we have now is socialism for the rich (though , don't use the S- word in the US! or McCain - Palin will accuse of trying to take money away of from Joe the Plummer and Spread the Wealth)

nisha said...

She says it best.....http://www.youtube.com/watch?v=O8v-Ygst9a0&feature=related

Anup said...

I think a lot of this is cyclical with history repeating itself, remember Drexel Burnham, Mike Milken and the junk bond story!! ofcourse dont remember a govt bail out then!!