Lot of people here starting to finally ask the older folks "What was 2000 and 2008 like"
I was in school and obviously have no clue what people did to tide over those, career wise, but I do remember seeing "pink slip" stories for a whole year followed by "austerity" for another
I was in school and obviously have no clue what people did to tide over those, career wise, but I do remember seeing "pink slip" stories for a whole year followed by "austerity" for another
Newspapers and news channels talked of "pink slip" events for months and months
The entire extended family would be super concerned for all the distant relatives in the US. (Many had returned during that phase).
It still was more of "happening over there, not here" for India
The entire extended family would be super concerned for all the distant relatives in the US. (Many had returned during that phase).
It still was more of "happening over there, not here" for India
In the aftermath of the initial crash came the long road back of recovery.
"Austerity measures" was the most common term in newspapers.
Media calling out various CXOs of large corps for opulence, and then elected officials of public fund wastage became a thing.
"Austerity measures" was the most common term in newspapers.
Media calling out various CXOs of large corps for opulence, and then elected officials of public fund wastage became a thing.
Companies, corporations, and then finally entire governments started announcing measures like C-suite taking $1 salaries, private jets being grounded, business class travel for senior execs removed, politicians made a lot of show of their austerity measures
Compared to that, at least today, we are nowhere close yet.
In fact talking to folks, who are not so plugged into Twitter, and followers of business and geopolitical news, I get a sense they haven't even yet figured out we are in an economic downturn.
In fact talking to folks, who are not so plugged into Twitter, and followers of business and geopolitical news, I get a sense they haven't even yet figured out we are in an economic downturn.
Also largely the media, at least in India, is still too busy with political ideology and religious identity level news, to have had time to cover the economic downturn.
Outside of tech startup sector in India, nothing much affected (in terms of jobs) yet either.
Outside of tech startup sector in India, nothing much affected (in terms of jobs) yet either.
Just adding here, that since, there have been many ecnomic studies that wanted to figure out if we (as a global economy) did too much of austerity and if that itself made the recession worse.
nber.org
nber.org
The way the world has shifted since then, I expect more of the bourgeois to wash their hands of fiscal responsibility and not even pretend to try any austerity and show studies like above to the proletariat to prove that austerity measures will only make the recession worse.
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