Crisis of Confidence

This is one of the best articles that I have read in the recent times. It says that we(India) are at the time of crisis of confidence and this financial crisis is only in our(Indian) minds.

How to Avoid Mishaps?

Five Innovative Ways to Avoid Such Mishaps:

1. Building an invisible shield around the person behind the podium

2. Asking people to remove their shoes, socks, belts, wallets, handbags, hairclips, chains etc before they get in to the meeting hall

3. Wrapping a bandage on people's middlefinger tied with index finger. (you know the meaning of showing the middle finger in some culture)

4. Sticking a duct tape around the mouth of everyone in the meeting hall (ofcourse except the person behind the podium)

5. Go green. Avoid travels. Use Video Conferences instead of travels. Save the planet from carbon emissions & save yourself from the flying shoes.

Any more innovative ideas?

Fired Today

65,500 jobs lost between August-October in India

Playboy lays off 14%

Gone in 60 Seconds

Can you believe that on an average six people have lost thier job in every 60 seconds in December so far?

Read the story here.

Pretty scary statistics, eh?

Fired Today

1. Bank of America to cut up to 35000 jobs

2. HSBC lays off 193 staff in India

3. ArcelorMittal plans to cut 650 jobs in Belgium

4. Santander to cut 1,900 jobs at its UK bank

Great Depression - A sequel?

Are we getting into another Great Depression era?

As per Wikipedia

Irving Fisher, an american economist, argued (about Great Depression) that the predominant factor leading to the Great Depression was overindebtedness and deflation. Fisher tied loose credit to over-indebtedness, which fueled speculation and asset bubbles. He then outlined 9 factors interacting with one another under conditions of debt and deflation to create the mechanics of boom to bust. The chain of events proceeded as follows:
1. Debt liquidation and distress selling
2. Contraction of the money supply as bank loans are paid off
3. A fall in the level of asset prices
4. A still greater fall in the net worths of business, precipitating bankruptcies
5. A fall in profits
6. A reduction in output, in trade and in employment.
7. Pessimism and loss of confidence
8. Hoarding of money
9. A fall in nominal interest rates and a rise in deflation adjusted interest rates

I see that the chain of events happening now, in this economic downturn. It's a bit scary...are we getting into another era of great depression?

Fired Today

With more companies firing employees everyday I thought 'why not track it'. This is just what I come across today. (There may be plethora of companies firing. I didn't go in search of this news. This is just what my eyes caught).

1. Yahoo India - to lay off 3% of India workforce

2. Rio Tito - Sydney - cuts global headcount by 14000

Certainly Uncertainty...

Certainly Uncertainty sucks.

Believe me you wouldn't understand unless you are/were in such situations. I am so used to be on the other end of the 'uncertainty' spectrum. My friend Arasan who was leading a life with full of uncertainties used to crib me a lot about it. Though I used to empathize him I couldn't fully understand his situation until I was pushed to his side of the spectrum.

Thanks to the goof-ups by banks and the global economic slowdown. Being part of an IT project in a bank, which is struggling with credit crisis in a western country is not really a good situation to be in. With lot of economic challenges there is this big uncertainty monster sitting in front of me blocking the view of my future.

Of course I am in a better position than the people who are expecting pink slips at anytime. But still my pain is painful to me.

Certainly Uncertainty sucks.