Thursday, October 16, 2008

Plain greed

Shares continue to tumble and the global healing touch has simply proved to be ineffective. What lies behind the crisis? It's plain greed. The present Gen is so money-centric that basic values are taking a backseat, and that, at jet speed. Lemme explain. In the 90s, I used to watch real estate agents in Mumbai, India. Some of thempurchased houses meant for middle-income groups at throwaway prices and jacked up the rates to almost double in a matter of months. Not that the governments didn't know of such a practice. In fact, the governments wanted their own pound of flesh and increased the property tax rates to unbelievable heights as happened in New Bombay (called Navi Mumbai now.) A people's movement had to be launched to bring the tax rates to reasonable levels. How many people have heard of salaries doubling in a matter of months!! It's a vicious circle. Let's wait and watch.
rr/Oct.16, 2008

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