Kamla Bhatt says Indians seem to be blissfully unaware of the recession in the U.S., and the possible impact on India:

Of course, we know about the ones that we read in the media, but what about the layoffs that go unreported? For over a year now I have been tracking the housing market in Bangalore and watched with rising alarm the number of empty and unoccupied flats that have steadily grown in numbers. There was a news report in The Hindu recently about the decline in the booming housing market in Bangalore. All you have to do is drive around Ring Road and White Field area of Bangalore and notice the hundreds and hundreds of new flats that are empty and vacant. Who owns them and how are they paying their mortgages?