The meltdown started here in US and spread to the whole world, every single individual in the world felt the whip of it in one way or the other. Even those who are not reading newspapers come to know that there is something wrong.
The banks started collapsing first and then each sector started feeling the heat. This recession is considered as bigger than the great recession after the second world war.
Everybody is praying for this phase to go away at the earliest. Millions lost their jobs, not only in US, globally. In europe or russia or middle east or Indian sub-continent or in China...every where. The consumption rate is decreasing day by day...the peoples purchasing power is coming down..nobody have the confidence...daily news about companies shedding their employee strength..and some companies, just taking advantage of this situation to sack their employees..
So, there comes the importance of this stimulus package by Obama...people are seeing a savior in Obama. What I feels is that, Obama should stop speaking and start his action. He already did that with this biggest ever economic stimulus package.
When you covert $787 billion to Indian Rupees, it will be around 37 Thousand Crores of Indian Rupees. Can you imagine the quantity???
Let's pray for the good times to come back...the terrorism to stop and a peaceful life in the future...
