Lessons from the American Melt Down

The Sunday October 5 2008 Hindu magazine carried an article by Shyam P When the bubble burst “ While some blame the greed of Wall Street investment bankers and the dangers of a totally unregulated system for the current financial crisis, what can’t be denied is that lives, and lifestyles, have been suddenly changed across the social spectrum and careers built up over a lifetime have vanished in an instant. Apart from the revised $700 billion bailout plan, can the U.S. government do enough to restore confidence and assuage the trauma? “ I was wondering all these days why the US melt down was triggering melt downs else where too. Probably I got the answer which I was looking for. I thought I should share this with Praja where the techies are in majority (in a lighter vein).