Wednesday, November 19, 2008

GFC



Photo Courtesy : http://yalibnan.com

Global Financial Crisis (GFC). The three little dangerous words. The impact of the GFC is so high that many major companies across the world are dismissing their employees. And no body knows where it will end. So much we read about the crisis in newspapers, so much we see on TV, so much we listen to radio that the whole world is feeling the heat. But did the GFC really affect you ? Did it really change your lifestyle or not ? Do you really worrying about the GFC or you don't care about it ?

14 comments:

Tanweer said...

The ongoing global economic gloom would certainly affect the middle class and poor people...Now u wud say ..why not the richer section of the society..its very easy to understand..if you would look clearly u will find out that all the major economies are pumping in billion of dollars to save their economy...but folks,,when was the last time they have injected so much money to save the poor people..i guess never ever in history..so all these bailout packages are meant to benefit the rich people..why r they spending the hard-earned tax money of the middle class to save these corporates..let them doom...they have dug their own graves...they r ruthless people, they never cared for government or the society when they were blooming..why r they now knocking at the government's door to save their ass...let them bear the spanking on their bloody ass...they deserve this..let them become beggar..let them come on the road and beg..it wud set an example that its not good to overlook everything and indulge in mindless spending...All said and done..its not possible...because these fat-pocket people runs d government..so government should lift them on its shoulder and help them in winning the race now..Alas...

Amrita said...

the impact of GFC will be felt in a shortwhile but inflation is still continuing, even though the economists say that inflation figures are coming down. but the ground reality is this, once the prices are up they rarely come down...probably it may come down when some benefits for the business class is announced by the govt at the time of general election...

tanweer has a good point, that why are the govts. worldwide bringing the bailout packages..even though the money, shares of people are at stake... this way the govt should not be loitering the tax money of the middle class people who are at the end going to be handed over the pink slips by these bailed out firms as part of their cost cutting measures...
after the AIG bankruptcy and nationalization i was left wondering while going thru their advertisement on the front page of a national daily..if they are bankrupt, from where the money for the advertisement is coming?..instead of paying for advertisements they should keep more people working....cost cutting should not be at the expense of human lives and dignity..
and one more thing..the sub-prime crisis was continuing for a long time..why was the financial market allowed to give sub-prime loans on the first place..the interest rates should have never been dropped...it should always been..if you have the ability/resources to take loan..you will be sanctioned one....

a recommendation....'Godaan' by Premchand should be made a compulsory read for every one.. debt..credit-debt..are all explained in graphic details by showing the impact happening on the lives of people....

personally, I am going to feel the effect of this finacial crisis, while negotiating the salary package..jobs will be there..but few meeting the salary expectations...

humanobserver said...

Tanweer, Amrita thanks for your response.

Rakesh Vanamali said...

Very relevant in today's context!
Good post!

PS: I cant help but worry about the ongoing crisis owing to the nature of my work and the industry that I am in!

Kadri said...

The cost for our living has gone up a lot already. Our government is also looking into saving money on the health system that I depend on.

Still, I think that the crisis is and should be treated as a paper dragon. Not that people and the "market" does so, but they should. People panic and make it a bigger issue than it should be and by that they create a larger problem instead of getting rid of the problem.

Martin Miller-Yianni said...

All these greedy industrialists have had it too good for too long, Like Tanweer said, they have dug their own graves.

Kelly said...

I think this is weighing on all of us. Particularly those of us with children getting nearer to college. I personally worry about meeting the expenses of their continued education, but more than that, what will be waiting for them when they have finished their studies.

Plamena Markova said...

i'm sorry but i can't take this seriously... to me the whole talking about GFC is some kind of a policy

what about me? i can live with 2 euro and i can live with 200. i'm not scared

R. Ramesh said...

ya..i may sound foolish..but at least as of now it is true...in dubai for example the poor r not feeling the impact of the crisis. For example, earlier one dirham got us 9plus rupees..now it is getting 13 in exchange..the gold price had crossed 100 dirhams earlier..now it is in 80s..so it's good for the poor as of now..and the rich r hit hard and rightly so..greed is a poison that society has to pay a price for..in mumbai at one time, brokers used to buy a flat for Rs1 lac and double the price in a matter of a few months.can u imagine the consequences for the middle class. let's wait and watch..as i always quote socrates: "man with least needs is the richest."

tantra flower said...

I have many friends who have been laid off by their corporate employer so, yes, I do worry.

As far as being effected personally? I have lost money on paper as a portion of my retirement is invested in the stock market. I'm not selling though -- it will go back up eventually and I am a good thirty years from retiring so I can ride out the storm. Day to day living -- well the cost of groceries and utilities have gone up considerably, but, thankfully, I am not job-threatened. Both of my employers are not-for-profit. My home business on the other hand is not doing as well as it could because people either don't have the money to spend for my product or they are afraid to spend money in these uncertain times.

In principle I agree with those that feel a government "bail out" is wrong...we shouldn't enable or reward irresponsibility...however when thousands of jobs are on the line that will cost the government considerably more in unemployment insurance benefits should the corporation fail...well that has to be considered. It's a tough situation.

kalina said...

GFC... Terrorism... Diseases... Natural disasters... Hunger...There will ALWAYS be something. Life's just not perfect!

your sassy reporter said...

like anything else we'll just hope this crisis will pass

Martin Miller-Yianni said...

If you haven't any money to start with what's the problem!

mahims said...

There is no meaning worry about this kind of things….This market world created by man….Market problems created by Man….Man always a create problem which solution already have with him….This is Man’s handy work. It is not created by GOD.

Poor class people, they really don’t know about the GFC. They never thought about that. They worry about Food…. How to survive? Poor and Middle class people mental ability is very strong. They don’t bother about this kind of things. They always bother about TODAY.

Only the person, who knows about the market world, he may worry. But worrying is doesn’t solve the existed problems.

I haven’t seen any food and consumer products are going up like that.

This problem only affect the MNC’s, Insurance companies, Product development companies..Creditcard world. These are all not belongs to Normal man.