Its not just the Wall Street...its ALL streets!!

With the stock market (read the benchmark BSE 30-Share Sensex) plummeting to a three-year low and with the recession lurking not so much in the background anymore, the global downturn may be deeper and the recovery longer than expected. No one knows how long and how serious the financial crisis will be. But one thing is for sure - unless acted upon decisively, it is going to have a devastating effect on the lives, working conditions, and hopes of millions around the world.

The International Labour Organization has projected that the world unemployment would increase by 20 million, with the construction, automotive, tourism, finance, services, and real estate being hit hardest. People living on less than a dollar a day could rise by 40 million and those living on two dollars a day could rise by more than 100 million. Scary!

Stemming this rot will require devising economic plans that focus, primarily, on people and enterprise. Productivity must be linked to salaries and growth to employment. As Juan Somavia, Director-General of the ILO, says "People must have trust that the economy is working for them".

Measures have been and are being taken. Credit flowing is being increased. It, however, should also include credit for small and medium enterprises, unemployment insurance, pension protection et al - in short, its imperative to support the vulnerable. Regulation that rewards hard work and enterprise is also utmost important. Entrepreneurs must be encouraged so that they can invest and innovate, thus producing jobs and products. Sustainable globalization is also a key but that will require relevant international organizations to come together so that they can figure out means to keep economies and societies open.

Its a crisis. Its not for the weak-hearted.

Its time to think bold.