Monday, September 15, 2008

Halloween

Halloween is traditionally celebrated on October 31st. Its roots lie in the Celtic tradition of celebrating the harvest and trying to ward of the dangers of the impending winter. The evil spirits, it was feared, would disease the crops and the cattle and harm the ability of people to survive winter.

To ward of the evil spirits, it was tradition to keep a hollowed out pumpkin with a candle inside. The evil spirits, it was believed, would stay away from this lighted pumpkin. In modern days in modern homes the children go around the neighbourhood dressed to scare and say, “Boo - Trick or Treat?”
Well, Halloween has come early this year.
The evil spirits of greed and excess have made some pretty loud “Boo!” sounds and the global financial markets are in a complete state of panic.
Bear Stearns had to be rescued.
Lehman has filed a USD 631 billion bankruptcy protection.
Freddie and Fannie – owners of 30% of the total home loans in USA – had to be rescued by the US government.

AIG – the world’s largest insurance company – has just been given a rescue package by the US government which now owns 80% of AIG. Central banks around the world are lending money to these financial giants – who were hailed as geniuses by all the media – to keep them alive. Announcements of losses of hundreds of millions of dollars and rescue packages of tens of billions of dollars seem like daily occurrences.

1 comment:

SARAVANA PRAKSH said...

Unexpected things occurs in world. But, who manages those "things" succeed. As USA succeed after recession due to first world war.

"Those who raises after failures maintains success."

I express my thanks for your valuable information.