SMS: Economic recession

Mon, 10/13/2008 11:38 AM | Reader's Forum

Your comments on the global economic recession and the action required to buffer the impact to the Indonesian economy.

Let's not worry about global recession because we have been at the very bottom before. There's no way to go down deeper. MARIA SULIS
Bekasi, West Java

For pessimistic traders, recession is a ghost. But for optimistic traders, recession is an opportunity. What side are you on?
NUSYIRWAN JACOEB
Jakarta

Forget foreign help. The nation has to create self-sufficiency.
HENDRAR PRAMUDYO
Jakarta

Now that global financial markets are in "meltdown" mode and the "contagion" is spreading the so-called champions of capitalism are scrambling like madmen trying to salvage the situation. No one seems to know what the problem is, how serious the crisis is and how best to tackle the situation. Things are falling apart all over the Western world primarily. The effect on the rest of the world can be devastating just because these countries thought that West is best and laid all their eggs in the Western nest.

Suit-ably and tie-dily dressed experts on American and European TV news channel (those that are broadcast by my cable TV provider) are expressing their opinions on what are the causes and solutions. As Inspector Callaghan (Clint Eastwood) tells his boss in one of the Dirty Harry movies "Opinions are like a**holes, everybody has one".

As I write Fox News anchors are gloating over the fact that the Dow was in positive territory 160+, but in less than five minutes the plus dropped to minus 30. Another day of mayhem on Wail Street (remember, I have re-christened Wall Street to Wail Street) and in Europe.

President Bush blamed China for its trade problems, balance of payment and other ills in the American economy. He and U.S. Treasury Secretary Henry Paulson and other financial wizards in the U.S. and Europe were blaming China's tight control of its currency for the trade imbalance.

All they got was an all-knowing smile from Chinese President who knew he was right because he is Hu and Hu always laughs last and laughs loudest.
YASH
Jakarta

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