Unless you have been stuck in a far away deserted island or been slumbering like Rip Van Winkle, you would surely have heard about the ongoing Credit Crush. It is unique in that it is truly global, effects all of us and in a way challenges the very basics of modern economics.
So far, it was the bankers and related industries who faced the wrath of credit crunch. Banking giants like Lehman Brothers and Merrill Lynch succumbed to the dramatic change in investment climate. But then they were bankers who make money out of taking risks. I mean these are a bunch of clever cookies who make money through astute investments and taking calculated risks.
Today, for the fist time I saw the very visible face of credit crunch - by visiting the local
WoolWorths store. It's arguably the most visible casualty of credit cruch and would remind us of the times we live in everytime we visit the high street - A century old high street chain a source of income to some thirty thousand, mostly unskilled, people would cease to exist from as soon as early Jan next year.
I am used to finding Woolworths on every high street and almost always shop from there for all my little nephews & neices. Have always found the staff cordial and the ambiance inviting. But, it wasn't the case today. There weren't any smiles, the staff were visibly distressed, some even shattered, the stores bore resemblance to a warfare after the bargain hunters' onslaught.
My heart sagged - for the diligent workers who were in this situations because of decisions made by someone else - probalby in a boardroom. In the quest of growth and ever more profitability, the very fundamentals of sustainability were overlooked.
I wish all this would not have happened. None of the workers working there deserve this. For me this is the first real human factor of credit crunch!!