Monday, September 29, 2008

Live within your means...

Live within your means and save for the rainy day.. used to be the Indian Maxim...

..until Credit Cards arrived with rosy promises

..until one found installments facilities for every product that was beyond your purse

..until self made financial gurus harped on spending rather that saving..

and all this was to bolster the economy and who was the hero to be looked up?

It was the American economy.

But then we saw the same gurus with crestfallen faces looking up to see if the sustainers of the great economy (a minority actually, and one can find some of them in the Forbes List)will be allowed to maintain their status quo.

The world saw Mr. President begging to let the bail-out pass through.

We also saw the US treasury secretary Henry Paulson begging Nancy Pelosi, Democratic speaker of the House.

Will this save the average American? I personally don’t think so and I feel it is not fair to have used the public money thus. Those hardworking ones who refused to speculate but spent what they rightly owned will continue to feel the pain.

But when it has been done Barrack Obama takes credit too...

Obama also took credit for proposals by fellow Democrats that added protection for families in danger of losing their homes and limited pay packages for Wall Street executives to the plan.

Whatever this bail out will do, the next President has got a lot of problems in his hands. His headaches have already started.

But for now, we better sit tight and hold on to our purses and listen to our elders. (I better listen to my Father’s advice!)


  1. The American system will handle this in someway of the other, but what i am worried about is the impact on the other countries which depend very much on this system and the strength of the US dollar..The impact can be too big to fathom!

  2. Right..

    Optimism may carry the Americans through..

    as for the rest of the world.. we better brace ourslelves for a bumpy landing and hence better tighten our seat belts.. ie. our purses

  3. Living within limits is agreeable provided you have the limit... the sky is the limit


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