The Wall Caves in...

The wall seems to be crumbling and caving in. Started with Fannie Mae and Freddie Mac. Then Merill Lynch, Lehman Brothers, AIG followed suit. These giants went down like a pack of cards, some have been lucky to get the rescuers in time.

Even the greatest minds at Wall Street and Fed may not know what will happen next. What consumers can expect going forward is a question mark.

As the news spread like wild fire, it had an impact on the share market also. All the major indices went spiralling downwards. All my investments in stocks are in red. :((

The whole series of events just makes me feel how vulnerable everything is. If giants like these face such setbacks, the common man should have little to complain. I guess larger the height you're at, bigger the fall is and a greater risk too, and ofcourse it will have more impact. Being average is not that bad. I have a good academic record and a decent job (nothing that i can boast of), but it does make me feel secure.

Fresh graduates from top B-schools, who dream of working with these big names at Wall street, may need to alter their dreams. These companies are top recruiters, and offer huge salaries and lucrative roles. These elite institutions have taken a hit on their placements.

My friend Sambuddho rightfully said to me in a casual convo around this, that our education cannot be contingent on the availablility of wall street jobs. Education should give freedom not a sense of anxiety of some wall street companies crashing.

The inflation every where is an all time high. The jobs are drying up in the market. Stock Markets are going down. Major financial institutions reporting losses. I wonder are we on the brink of having another Great Depression after 78 years?