Let me start with the economy. How many of us know how the mini-revival is happening? It is an utter sham. The major financial corporations are changing the accounting rules to make it like they are turning a corner. Goldman Sachs has intertwined itself with the government forming this corporate-government behemoth that is swallowing its rivals like Lehman Brothers and Bear Sterns. And how does this affect us Indians? Well the market collapses, huge companies begin teetering on the precipice of insolvency. Our IT sector is predominently service based. And this idoitic concept of "baling out" dying companies refuses to die. The government make them not fire people and keep jobs in their countries(read Obama). Thus, these companies have to cut back resulting in fewer contracts for our services-based IT sector. Once our young, high spending IT sector stop spending, other sectors suffer due to the dearth in demand. For eg : if a demand in the real estate sector goes down, there are fewer houses constructed, i.e. lesser cement and iron needed, i.e. lesser manufacturing. Thus this domino effect consumes a chain. Our economy might not face the worst of the crisis but it is definitely not de-coupled from the economic slowdown.
Once these foreign corporations begin bleeding, there are hundreds of billions of dollars worth of losses. The economies of some countries explode(read Iceland and Latvia). Our country has these protectionist measures which gives advantage to Indian companies. These measures have saved us the worst. Imagine what would have happened if Citibank or Bank of America were as big in India as SBI or HDFC? If GM, Chrysler were as big as Tata? We could've faced something a lot worse than slowdown with 5-7% growth. I hope there is not a lot of disinvestment( selling a part the govt-owned corporations like ONGC, Air India). I am believer in capitalism. But once the big multi national organisations come in, the arm twist everyone to have their way( Royal Dutch Shell, De Beers Diamonds).
And I really want to get this pent up anger against bailout of private sector corporations using taxpayer's money off my chest. That is not capitalism and isn't that what you countries claim to practise and uphold? The govts are rescuing corporations that have made bad decisions. So when they mess up, govt takes care of them. And when they make a profit they keep it. In other words, the profit is private and the losses are public...heads i win, tails you lose?...(Goldman Sachs, JP Morgan Chase).
Maybe this is what fasciantes me or maybe this is what i feel everyone should take notice of. But we all should know if someone is robbing us. Would you like it if someone put their hands in your pocket and stole everything? I know i wont
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