Not very long ago,
the smart answer to the question, 'how can I become a billionaire', was 'you
start as a millionaire'. All this has changed now. As 2008 draws to a close
the new Q&A is 'how can I become a millionaire?' Answer, you will become a
millionaire if you were a billionaire at the beginning of 2008.
The global meltdown, the financial tsunami, the stock market crash,
recession, call it what you will, but Wall Street skullduggery and avarice
have left a trail of destruction never before seen. In fact more
billionaires probably have become paupers (not millionaires) in one single
year than ever before in our history. Everyone is running for cover, the
kind not seen since World War II.
As if this (2008) wasn't bad enough, the crisis has not bottomed out
-2009 & may b even 2010 could see more busts and more failures - warn the
'experts'. BTW where were these experts when the slide began? Are they all
only post mortem specialists?
Amidst all this gloom and doom, there was some cheer for the World,
America in particular. A young man (for a politician, he is young) answering
to the name of Barrack Hussein Obama was elected to assume office as the
President of USA. He has raised a lot of expectations and his supporters and
admirers aver, rightly so. A lot is expected of him and we will know in the
next few years if the World's expectations were justified.
As if a meltdown of this magnitude was not enough to contend with, terror
strikes Mumbai and strikes effectively, killing hundreds and wounding
hundreds more. For three days South Mumbai was paralysed as terrorists held
Mumbai at bay. Media, in particular TV channels, gave extensive coverage -
at times dangerously extensive /excessive - and for once the whole country
was united in shock, anger, grief and disbelief. It is another matter that
media, read TV channels, were accused of partiality in covering only what
was happening at the Taj and Oberoi; TV channels were charged with
neglecting to report on the Chatrapathi Shivaji Train terminal massacre,
where the terrorists had a free run and where they mowed down hundreds of
people.
The dark day in our history has come to be known as 26/11 - TV anchors
revel in saying 'this is our own 9/11'.
While we all thought we have had enough for the year, comes the news of
Satyam Computers announcing acquisition of Raju's companies - Maytas Infra
and Maytas properties. Though Raju beat a hasty retreat in the face of
shareholder revolt, the damage seems to have been done. As if this wasn't
enough out comes the news that Satyam has been blacklisted by World Bank and
debarred from doing business with the World Bank or its affiliates for the
next eight years, on allegations of bribery and improper documents. Talk of
a double whammy and this is it. More bad news everyday, about Satyam, in the
press and it is indeed unfortunate that one of the icons of the new
resurgent India is all but confined to the dustbin.
How can any account of 2008 events ever be complete if we do not write
about the one and only George W? Having made an ass of himself on many
occasions and on many issues, having been the single source of maximum
merriment and scorn - in equal measure- to people all over the World, it was
only befitting his image and his performance during his current tenure that
it should end with his finally finding WMD at Iraq - Weapon of Most
Disrespect! Iraqi journalist Muntazer al-Zaidi threw a size 10 shoe at him,
while at the same time shouting, 'you deserve this, dog!'
This was not only aired on TV ad nauseum, Internet sites have gone to
town with many variations and spin offs including online games and what not;
not only that, the demand for the (shoe) brand that could not actually hit
to hurt, is so huge, the shoe maker is struggling to cope.
In all this the wit has this to say, " Bush ducked effortlessly becoming
the envy of politicians around the World, since a lifetime's training to
duck issues, voters and critics has not given them the same dexterity'.
Let's learn our lessons from all that happened in 2008, but let us usher
in 2009 with hope.
Wish you all a joyful and happy 2009!
L.Ravichandran
ravi@chennaionline.com