Mood:
downTopic: As I think
Credit Crisis - search for a mythical toy that is - MADE IN USA
GREED - is the only word that comes to my mind when I look at today's world markets. The money that the big-people claim they lost is never existed in the first place. It is only the common man who has sold his savings to play in the share markets; and the workers who kept their corporate pensions in the hands of funds that went bust.
Coming to the issue of common-man, a person by definition works hard by honest means to make ends meet; a man who earns money by sweating on the factory floors; a man who does everything in his honest means to bring that daily bread to the family's dinner table! Common-man is a man who can only trust his physical ability to work; uses his hands and legs. You don't find common-man in the universities; neither at the top of the corporate chain -- just because he couldn't afford that great MBA degree to put him in the corporate hierarchies; or we could also understand a common-man is a man who doesn't have that kind of mental ability to think of great mathematics to do a white-color job. I think it is this common-man who is blamed for this whole credit crunch. Banks are blamed for giving mortgages to these common men because they couldn't pay back.
Now hang on a minute... let us me think clearly... So you think it is a mistake to give mortgage to a common-man. I know for a fact that banks are not donors; neither standing in streets giving away money! Bankers do at least a descent amount of vetting before they go on giving mortgage to the common man. They check if this common-man has a daily wage or any means of paying back the loan. So those who are offered the loan in the last 15 years started failing to pay back their mortgage -- hence they called it as "Toxic Debt".
I would like to ask a few direct questions here: Why has the common-man failed to pay back his mortgage?! What has so significantly changed in his life that he can not afford a mortgage anymore?! Has be became lazy and not working?! The answer could be a BIG NO. Let us accept that there is common decency in the common-man.
Given a chance nobody would like to beg, borrow or live like parasites on the others. At least this is the case with regards to Human race. So something may be "a force beyond the control of this common-man" has pushed him in to a place where he can not afford the bills anymore, where he can not pay back the mortgage anymore! What could be this force?! Has the great thinkers, who are easily blaming the bankers for giving so-called toxic-credit to the common-man, ever bothered to find what has taken place in common-man's life.
I think I know the answer. I am not an economist but I believe the capacity to earn a descent living is taken away from the common-man. All the jobs that a common-man could do are exported. If you offer mortgage to a common-man then taking away his job from him is the perfect way to make him default on his mortgage. I believe this has happened in a massive scale. Now you may say that the jobless index is quite low ... blah blah blah... but it is definitely effecting. There has to be a logical reason for the common-man's failure to pay back his debt!
Recently I was in USA. My wife has asked me a question that made me think of all this. She asked me "why in USA we find everywhere made in China?” I was there for 10 days visiting Grand Canyon, Las Vegas, Hoover Dam, Los Angeles and Seaworld in San Diego. By the way, I can't afford this kind of vacation but I happed to win a raffle ticket in one of the conferences I went so I went. Anyway, I was constantly looking for any single item that I could find that is written the word "Made in USA" in all these places I went. Please take a look, none of the shops where ever you go will have "made in usa" toys or cloths with them.
I visited one of my friends in LA and I mentioned this to her that I couldn't find a single toy that has "Made in USA". She remarked --- all those jobs are exported by the greedy number crunchers. I can see how sad it feels to know that people are made to lose their jobs. Their factory floors are shut down in the name of exporting all inferior jobs. It is like pulling the rug under the feet of the common-man. I also came to know of the stories where people were forced to learn entirely new-skills. Those who failed have lost their jobs. But isn't it "mental ability" that makes one learned?
Who is responsible for the common-man's failure to repay his mortgage? I wouldn't blame the bankers for their indiscretion in giving loans. They know what they are doing. But the "GREED" that is up there somewhere in the thinking-chain in the great American Corporate has made the collapse happen. It really pains me to think of the plight of the people who lose their jobs not because of their inability to work, but because someone else sitting up-there thinks by exporting your job they would make a few extra bucks! I feel sorry for you the common-man of America.
Love & Light,
Madhava
