"Fall" Street ?

During the last 10 days, the Wall Street is becoming more like a Fall Street. Things are falling apart. The most capitalist of all countries is bailing out big corporates by putting in billions of dollars from the state exchequer. If India does it to 'buy the debts' of farmers from the banks, it is considered a populist and bad economic move. But, if big corporations are in the same soup as our poor farmers, then the Government of US does the same thing. In UK, Gordon Brown did the same thing this week, even before anyone knew about it. He made sure that the failed bank was taken over by another bank, the Lloyds.


All this will result in thousands of people losing jobs, they are predicting. And, more ominously, the people who put their money in these failed banks are going to spend sleepless nights. UK government is asking people not to put more than 35000 pounds in the same bank ! If the same trend continues, they will ask people not to put money in the banks, but just to keep in their homes, bury it in their backyard or still better, spend it as and when they earn it !


Ironically, our adivasis were living like that only till recently. With great effort, we have asked them to start saving money and we are boasting that more than Rs.200000 ( about $4500) has been saved already. Fortunately, our adivasis are not interested to know more about the AIG crisis or about Freddie or Fannie !

If you have the money at hand, you will spend on unnecessary things or you will gamble or it may somehow get lost, we day ! So, put it in the bank and it will be safe. But, will it ? Top executives of these banks seemed to have spent on unnecessary things; gambled on wrong investments and somehow lost it ! If Banks fail, what do we do ?

At least, I don't have one problem that the world is worried about now. Don't have money to invest in any bank. So, I am insulated from the global financial crisis. It has not affected me at all !!