A 'Brief' Story

What all men have to sacrifice when their personal finance is not so good and the economy is also not helping!!!

Men cut back on underwear purchases in bad economy. According to former Fed chairman Alan Greenspan's theory, behaviour in underwear purchases is an economic indicator. Amazingly it seems to be true when I analysed my own undie purchase behaviour.

After a 12 month 12% decline through the end of Jan 2009 underwear purchase in U.S has seen 4.8% rise showing that economy is in recovery mode.

Okay to jump ship?

Although my previous post sounds as if still there is plethora of opportunities out there, to make a career move I am still not sure whether it is okay to leave current employer and choose a new one.

Is it safe to jump ship at this (still) troubled time?

Need suggestions; Pour in please.

So much for the recession year...

Looks like recession hasn't been that worse as far as Indian IT recruitment is concerned.

Indian IT industry directly employed approximately 2.2 million professionals during the last fiscal year. The year saw an increase of almost 10 per cent over the previous year. A commendable growth considering the tough times the industry went through due to global economic turmoil.

So, who were the biggest IT employers in the country in terms of numbers during the year 2008-09? Nasscom has released a list of top 20 biggest IT employers in India. However, the recession pangs are clearly visible across the companies in the list. While there were job cuts at some companies, other went for salary cuts. Salary freeze has been announced almost across the board.

Above News in TOI surpirsed me. Top 3 Indian Software giants were the top 3 recruiters.

New Kid on the Block - Australia

Australia on brink of recession after economy shrinks unexpectedly.

Mercy, please...

Amidst failing banks, falling currency value, being in recession, and xenophobic strikes even mother nature is throwing her stunts to erode the Britain's economy.

Recent News:

Few centuries old banks fail.

Economy in recession in 16 years.

Pound has hit a 23 year low.

Worst snowstorms in 18 years.

(7.5 sani for UK?)

God Show Mercy, Please...

Nothing But Official...!!!

UK is in recession, officially.

Situation now seems to be more or less the same as 1980 except that pound is becoming more weaker.

Recap of 1980 recession in UK is here.

God save the Queen...!

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.

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.

Poor Americans

Looks like poverty line in America starts at the level of upper middle class in India. Read this to learn about the conditions of Americans who are classified as Poors.