Happy New Year

   The Economy

“It's the economy, stupid", a phrase developed by James Carville, a campaign strategist during Bill Clinton’s successful presidential campaign in 1992 was the slogan that led Bill Clinton to victory.  While the 2008 campaign reflected President elect Barack Obama’s “Change we can believe in”, the economy  is indeed worrying every person. And, the markets eagerly await the inauguration of the President Barack Obama on January 20th, 2009. Newsweek reports that he economic crisis is far worse than what we think. Everyone is so fearful that I wonder whether the self fulfilling prophesies will take effect. When I was a student, I did not quite realize what an economic recession could do, life just went on. Now, when I look back, some of the worst economic recessions were during my college days. The first few years of work life introduced me to the world of economic recessions. I did an economic quiz though it is very American centric and achieved a score of 70% In Asia, the news was not good all around. Western Digital in Malaysia reported job losses.  Singapore reported the economy slowing down. In the Middle East declining oil prices triggered fears of budget deficits. In India, there were worries too. China, on the other hand was cautious. While I do not look at Japan much, economic news from there was troubling too.

Newsweek reported on a Labor Department report that American employers axed 49,000 jobs in May, the fifth straight month of job losses, which inspired a 394-point decline in the Dow Jones Industrial Average. Auto sales, the largest retailing sector and housing in the U.S., were also down. Prudence and caution may well be the buzz words for the next few months. You could also test your knowledge by taking the quiz: http://www.newsweek.com/id/140374

 

 

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