Whenever people have asked me, or I’ve spoken of the “Indian culture”, I have always wondered to myself as to the single most important thing that defines my upbringing. I was looking too deep, trying to read too much into every part of my life, while it lay there all along – it was too simple to miss, and yet it was the quality that had the most profound impact on me. The differentiating attribute was the one I am grateful to my grandmother for ingraining in me.

While growing up in the Bangalore (Bengaluru just to the locals, then) of the 80’s, I had a penchant for fountain pens. There were various brands then – Chelpark, Bril, Luxor, etc at the lower end with Hero, Parker, etc making up the higher end price points. I had such a fetish that I was keeping track of every brand and model that came out – in hindsight, a very materialistic obsession with buying newer fountain pens. It was affordable enough for my parents and granny to buy me a few every year, but it wasn’t keeping up with the pace at which newer models were coming out!

To inculcate a lesson that would hold me in good stead for life, my grandmother seemingly came up with a plan: if I came in within the top-3 ranks in my class (the much berated Indian schooling system then, of monthly evaluations followed by a top-to-bottom ranking within the student populace!!), she would give me 10 rupees every month, as a reward. I could use this to fund my hobby, but it came with a rider – I could only take up to 5 rupees every month from her, for she would deposit the rest into my bank account for future use. I was too naïve then to be made to understand the benefits of saving, so this was her way of helping me understand and inculcate the saving habit. Her reasoning for stashing away half of the money was to enable me to upgrade to the next level of fountain pen collections i.e. the more expensive ones, but fortunately or unfortunately, I outgrew the hobby before I got to that stage.

For what its worth, if I remember correctly, her educational qualifications till date remain as having completed 3^rd grade of schooling. That had no bearing on her attitude in life, or what she has passed on to the next generations (that’s a new post altogether). She’s probably handed me by biggest lesson in life, and one that very likely defines a good part of the Indian / Asian cultures.

People may argue that the Asian economies are no different today when compared to the Western ones; my counter to that would be that we live in too small a world economy today that its hard to be isolated from international influences. Dug deeper, the saving mechanisms would probably be the grace factor or the deterministic index of how wide the schisms are, or in simpler and more common terms: how big a bail out we need!

Image Credit: Gemma Amor

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I often wonder when I read about the bailout packages dished out by Governments all around the world to aid banks and other financial institutions that are on the verge of bankruptcy especially the amount of money spent in bailouts in last couple of months is staggering. I am even surprised that there was not a single protest from anywhere and these financial criminals go unpunished. It is the common man who is going to bear the burden of additional tax and increased debt.

Why should tax payer’s money be used for bailing out greedy banks and corporations that have done business only with profit as motive and no concern for morals or ethics and absolutely no concern for the consequences for their acts. Putting public money in corporate coffers is just not acceptable. Financial crisis that has happened is a man made crisis done through substandard policies, deregulation and greed. I can understand putting in public money for natural disasters like earthquakes or folds. Governments all over the world have spent trillions of dollars on bailouts already

This kind of bailout is ABSURD!

We must collectively protest this .This is real money, my money, your money, our money which is hard earned paid in the form of tax.

Why should banks and financial institutions which never cared about the creditworthiness of people who lined up for loans or the soundness of derivatives business be rewarded. We should not allow government to write checks on tax payers’ account. This measure will increase the budget deficit by a significant amount, with no guarantee of recovering the amount and not holding anyone accountable for the misdeeds they have done.

What is the signal you are sending to the corporate world and investors through these bail outs? Do your businesses as you like and we will reward you for the blind errors you might commit. Is this the right way?

As far as I am concerned, there should be a thorough probe into the events that have led to this disaster and every CEO, Executive or Government who were part of this financial carnage should be jailed, their assets sold and put in a bailout fund.

It is time to wake up and realize that greed is the basis for all the financial disasters and find a way, may be strict disclosure norms, increasing the transparency in strategic decision making, making one responsible for his actions and

Few weeks back Finance Ministers of several Asian, Europe and Americas countries met and decided to act rapidly on the financial crisis

And now stock markets are being artificially manipulated by bailouts by governments.

When corporations see that the demand is coming down , it is natural for the stock to take a beating. But every other day we see CRR, SLR rate cuts which means our money is loaned back to us and the market stages a rally of any significance. FIIs and Badla traders slowly and routinely remove their money from our markets to invest elsewhere leaving the retail investor in a fix.

It is certainly not a good thing for a responsible, saving, taxpaying citizen, with no defaulted loans or credit card debt to compensate for the that Wall Street gamblers will go bust on their stupid and greedy bets, over-leveraged and poorly managed businesses with huge losses.

Let me tell you some interesting fact. Lehman has set aside $2.5 billion as bonus for their employees even as they went bankrupt for the great performance they showed in pushing the bank to bankruptcy.

What do you call this?

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