About a year ago, investment banking giant Lehman Brothers collapsed into bankruptcy after the U.S. administration refused to support a bailout. The bust triggered a dangerous domino effect which rocked world markets as people’s faith in the financial system plummeted and forced businesses to cut production as recession started taking roots.
The shock waves were felt in India too - the benchmark Sensex fell more than 50 percent in 2008, exports plunged and companies had to resort to ruthless down sizing to weather the crisis.
Reuters India plans a series of stories and analyses on how the world economy has been rebuilding since then. We would like you, our readers, to use the comments section below to share your experiences of the past year.
It is the time to deal with stagnation it is not far. It is the time to suffer lending Crisis. When US banks can start full-fledged lending is still a ? Reluctance to lend, hiking unemployment rate (now bigger than worst case scenario) Problem which grabbed us is not a mild one.QE will be an only a short term remedy for zombie banks and Economy.
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The software industry has seen the all time low the last year, where jobs were slashed down like anything.I fear the worst be yet to come.
It is the time to deal with stagnation it is not far. It is the time to suffer lending Crisis. When US banks can start full-fledged lending is still a ? Reluctance to lend, hiking unemployment rate (now bigger than worst case scenario) Problem which grabbed us is not a mild one.QE will be an only a short term remedy for zombie banks and Economy.
Well, the year has been tough for my friends, people around me. I have heard stories of ppl being fired, pay cuts, and those lookiing for a job are still looking… the scenario has been bad.
Worst of all, there are ppl who have lost huge amount of money in the stock market.
Biggest Lesson — Stocks market doesn’t love anyone. Play safe.
As with most tragedies of this scale, the greed and ambition of few is being paid for by many. This crisis should mark the final demise of Homo economicus. Almost everyone i know who entered the job market around that time is still looking for that dream job.