The two major markets, stock market and the property market have tumbled tremendously as a result of the financial crisis. Bank has adopted strict policies that have tightened the outgoing loans and it has aggravated the whole economy with its credit crunch. Most of the people’s 401K accounts have started shrinking and they are getting worried thinking about how to support their retirement. Many people have got their homes foreclosed by the banks because of non payments on their mortgages and thereby having no place to live.
The collapse of the US financial markets is deepening into an economic crisis. It’s not only affecting the financial institutions and the banks, but every common man. This recession has left a terrific impact on the whole world. The downturn momentum will not go away for some time. Nobody knows how long this is going to continue. More cases similar to Bernard Madoff’s Ponzi scheme will be exposed thus further weakening people’s confidence.
There are so many big names in the global market such as AIG, GM, Ford, Chrysler, CitiCorp etc. They have their top CEO’s, top executives, senior management who are blamed for their lack of vision, alertness to potential danger and readiness to change, that should have otherwise minimized the chances of this recession.
They are the elite people of all these international corporations. Nobody can doubt on their skills, knowledge and smartness. But the question here arises on their professionalism and ethics. They have been thinking too much on the short term instead of the long term visions. Monetary benefits would blind people from seeing the true big picture.. the hidden melt down of their corporations. We don’t see that vision for an evergreen healthy company anymore. Just thinking if they are too much focusing on their profits and related benefits that will help them only? The pursuit of the quick dollar is contagious. It flowed from CEOs to their followers, then to the greedy people walking on their streets. This greed has further blind folded their judgment. They have lost their brain power as it becomes too much obsessed with greed for quick money. Many people bought stocks, real estates because they found a lot of money in it. Greed is all over the places in this world.
What’s to be done now? If you are planning for retirement, try to postpone it for a later date. It is time to start seeking for something new and meaningful. Use your knowledge and skills to earn money for you.
This entry was posted on Monday, March 16th, 2009 at 4:17 pm and is filed under Financial Crisis. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.