http://www.hindu.com/2008/11/04/stories/2008110459350300.htm
Chennai IT is hitting rough weather for sure.
Today I got the news that my ex-employer is cutting down as well. Reason? Credit crises. It’s all a connected world, baby! This is precisely the reason why we IT coolies had more to write on that damn thing. We would not have bothered half as much had we been probationary officers in Dhanalakshmi Bank.
Now they are talking!. I hope the markets will respond to this treatment. Let us see.
One of my acquaintance who works there is not optimistic about the company.
Remains to be seen in the days to come.
The effect of Wall street crises on them
Interesting! 
Those who are interested should listen to all the 5 parts in Youtube.
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I am learning quite a few things in the last few weeks and I should thank the internet, the US media, and specifically Youtube for bringing to me all this and much more. It’s bad that people who don’t know English miss out on all this!
I hope someone comes up with more serious videos on tamil and make it available on the web.
Right now what we have as tamil videos are essentially Vadivelu comedies and film songs. I am not saying those need to be removed. But there should be something which caters to the awareness angle as well. Maybe Kizhakku can come up with something to fill this void.
If ever one had any doubts about keerthi’s ability, check out his blog today:)
BTW the first bit kavidhai is apparently his, and very professional too!
I am happy the bail out failed. Like Jim Rogers says, the bail-out was the equivalent of applying band-aid to a cancer patient. Kudos to the US congress for defeating it.
Now WaMu.
I guess a few people are kinda pissed off that I, sitting in India write about the banking crises in US.
I think I know not to confuse between events holding global repercussions and what is local to one particular country. I generally do not write about incidents like Virginia campus killings even when a Tamil Nadu professor was killed, or even this one, with the same generalization strokes as the banking crises. What I think is local is for the locals to write.
Global issues are like the way free markets should ideally be - free access to all. Almost anybody except probably Bernanke will have the same level of knowledge, thanks to YouTube and Google. I personally think the banking crises is almost the financial 9/11. It will have its impact on the whole world in some way. Some of the steps taken by the Bush administration cannot be seen as a mere Government’s response. They are revisiting the country’s entire economic philosophy during a time of crises without saying so, very similar to the way Manmohan Singh took some decisions in 1990-91. Only that the decision to nationalise AIG stands in stark contrast to the decision to privatize biggies in India. My two cents.
But America rocks in important things like this. This will never happen in India, not with the current crop of university heads who are busy minting money with their political connections. Like Sundar says, there are problems galore in US and India, only that the problems are different in nature and magnitude.
Update:
I might be seen as an idiot, but i do see some parallels between the US housing market and the Indian one. I personally know of a few individuals who are betting big in the real estate. Their total monthly EMI bills come close to Rs. One lakh — no exaggeration.
I guess things will look fine till the Indian economy maintains its 7% growth. It remains to be seen what happens when India Inc. slows down.
I guess Economics is called dismal science primarily because all of its doomsday scenarios turn out to be true, while the most optimistic scenarios does not.
Kudos to:
To Ada-paavi, for his josiyam that Morgan Stanley and Goldman Sachs will soon transform themselves to full fledged banks. He told me about a week ago and it is turning out to be true today!
Volga vilirundhu Gangai varai:
This book is a tamil translation of Volga se Ganga. This is a masterpiece and will remain for long in my memory. I had my own doubts before opening the book. The author, Rahul Sankrityayan was a Marxist, and I also thought he had too strong a faith in the Aryan Invasion Theory. Despite those, I still think it requires a ‘soorathanam’ to write a book like this.
‘Ente Keralam’ restaurant:
Agreed it is expensive, but the food they serve makes it well worth the money. It’s high time some of the mokkai three star/five star hotels learn how to cook from these specialty guys.
Lessons from:
USA is fast becoming into USSRA - United Socialist States for the Rich in America would be more apt.
Qualitatively, I do not see much difference between free color TV, free 2 acre land, reservation to IAS officer kids, 60,000 Cr. farm subsidy in India and the seven hundred billion bail out package in US.
Lehman was my first big client. Some of the names of the applications I worked on include: Global Credit Risk, Firm Risk, etc. I only wish they had something like Lehman Risk, Tax payer’s money risk etc.
When ten people commit a crime, it is easy to implement law and order and punish those ten. When only ten people obey the law, it is much more pragmatic to redefine what is right and wrong and punish the same ten people who obeyed the law in the first place. That is what governments do. This is what happens be it US or India. The issues vary, but the end result is the same.
via Ada-paavi