Friday, February 13, 2009

Go go, they say you got to go!!

The song by Jim Morrison - "Light My Fire" comes calling at these distressed times.

" you know that it would be untrue...
you know that i would be a liar,
If i was to say to you,
Girl i was never fired"

In this tumultuous times getting fired is is like catching a cold so common and contagious. People are just being thrown out of their jobs in a very systematic and smooth manner and Pink is the color in vogue. Axing, sacking and other job cuts adjectives take the headline in all the dailies starting from Financial Times to Mylapore Times. Once the famous hailed upon Wall Street is cracking up and the so called dooms day has become a daily affair. United States, the Goliath of the world's economy was diagnosed a Cancer patient a few months back, sticking to its basics the disease started spreading into other countries and every economy started imploding. The economists of the world are still trying to arrive at a magic formula to treat this cancer which has already taken a toll on the most part of the body. The economists of individual countries though had a different opinion, they thought their economies were intact and was de-coupled from the world's debacle. Yes they thought that the world could take a shelter from a few growth economies like India and China. These countries once considered piping hot economies has started showing signs of influenza. What could a panda and tiger do when the whole forest is on fire.

So is world coming to an end? Are we in for an another depression, apologies, let me be honest, when do we get out of this depression? When do we again see John Thains and Vikram Pandits start raking in millions through bonuses?

Even the world's best economists don't have the answers for these thought-provoking questions. We are in deep muck and it should take years (how many??) before we come on a firm footing.

Whos responsible for all this? or may be whats responsible for all this?

May be that's like the first question in the show - "who wants to be a millionaire?" so easy and so insulting - "Greed". If there are 12 gods as per greek mythology, there are hundreds of gods of greed and Wall street was abode of these gods - One stop shop. Wall Street housed classics like like Bernie Madoffs and Dick fulds (of the Lehman's fame). Wall street people always thought that they were straight descendants of the greek god of wealth Pluto conned every investor (victim of greed??) and company to amass sacks and sacks of money through complex derivative (considered WMDs of the financial world) instruments.

It is often (mis)quoted that even a sweeper in wall street earns about $600K per annum. I used to be surprised at this fact and used to think to myself that may be the wall street analysts and fund managers sitting on high rise building have too many dollars that some of that might overflow on to the roads of the wall St. Wall street was always like wonderland and we were like Alice. I hope atleast now people come out of their perpetual derangement and realize that the cliche "wall street" is now in history books and its time to get on to the main street. The raging bull has been tamed long before!

I'm stopping here right now as I got to get back to my work - hope its still on!!

More to come ... stay tuned..and stay in a job!!

No comments: