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Message from TP-HOD
My Dear Students:
I interacted with you all before commencement of the placement season to share an overview of placements and my perceptions about prospects for the batch’09. I recall sharing that 2008-09 is not the best of years and that we need to play with adequate caution. In a globalized economy, I said, if US sneezes, we catch a cold. Since then, a lot of water has flown under the bridge and I felt an urgent need to share some of the current happenings – hence this message.
The US economy has gone from bad to worse; what is even worse is the fact that there is no sign of recovery. The next few lines are quotes of leading analysts.
“There are differing views on whether the situation would further deteriorate or would remain at the same level. Even if it remained at the same level, it is a distress situation. The sub-prime crisis is no longer confined to mortgage market, and has percolated to rest of the financial system” Dr.C.Rangarajan, former RBI, Governor.
Lehman, Merrill to pound weak job market – Headlines - “The resume flow will start like there is no tomorrow. This is seriously going to impact across the (wall) street and all over the world as well” Michael Karp, CEO, Options Group, New York.
No end to the crisis – Hindu Editorial - “The crisis has shaken the United States, and indeed the global financial system. The clear message is that the US financial sector crisis will take more time to dissipate”
The former Federal Reserve Chairman, Alan Greenspan, said the US was in a “once-in-a-century” financial crisis.
Even as I am writing this, I have got a report saying American International Group (AIG) and Washington Mutual are expected to go bust soon.
So, what does all this mean to the batch’09?
Having said all this, we are better off compared to many other campuses. The going has been tough so far but we have been going. The going could get tougher in the coming days. However, this does not mean that you lose your confidence and hit the panic button. Review your strengths and weaknesses and assess your standing and take a practical view. Your seniors are indeed a valuable source of information and often act as windows through which you see the world of industry. But then, also realize that it is a changed situation today. Last year this time, Jobs were chasing them. Today, the vector has changed direction.
With this back drop, take a more practical approach. Consult your peers, parents, brothers, sisters, seniors….. and make your decision; but finally remember the decision is yours and you need to own that decision.
Dr. A. K. Bakthavatsalam