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October 10th, 2008
09:40 PM ET

The two faces of America's economic collapse

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/10/wallstreet.flag.jpg]
Sandip Roy
New America Media

Neel Kashkari, 35, MBA. Job Experience – Goldman Sachs, TRW, U.S. Treasury.

Karthik Rajaram, 45, MBA, Job Experience – PriceWaterhouseCoopers, NanoUniverse, Azur Partners LLC.

In another life they could have known each other, traded business cards. Successful professionals with all the trappings of the model minority. The kinds that can own a home in a gated community with a Lexus SUV in the driveway. Indian-American median family income rose from $87,484 in 2006 to $92,925 in 2007. Kashkari and Rajaram should have been examples of those statistics.

But instead they have become the two faces of America's economic collapse – the two horsemen of our apocalypse.

Kashkari is the $700 billion man – the knight on the white horse heading the rescue of collapsing corporations. Except it was too late for Rajaram.

Rajaram, unemployed, his savings wiped out in the market collapse killed his three sons, wife, and mother-in-law before turning the gun on himself in a 2,800 square foot house in an upscale California neighborhood.

Read more...

Editor's Note: Karthik Rajaram, the unemployed father and husband who recently killed his three sons, wife, and mother-in-law before turning the gun on himself, has much in common with another Indian American, Neel Kashkari, who has been selected to head the Treasury's new Office of Financial Stability. When banks go bust, the American dream implodes - not just in NASDAQ indexes, but also in tidy suburbs and quiet, gated communities, writes NAM editor Sandip Roy.


Filed under: 360° Radar • Bailout Turmoil • Economy
soundoff (4 Responses)
  1. ESTALINE PLEDGER

    what is the government going to do to help people that have already lost their homes.. sold pennies on the dollar just to avoid foreclosure.

    October 10, 2008 at 10:37 pm |
  2. Annie Kate

    In the economic collapse of 1929 financial men shot themselves or jumped out of windows. This sounds so much like it except this time we know the names and see some of them taking their families with them. I hope this is a singular chilling incident and I feel for the rest of his family if there is any. The greed of the few have cost the many others so very much – this family literally everything.

    Annie Kate
    Birmingham AL

    October 10, 2008 at 10:35 pm |
  3. JJ

    Good idea Bruce! But maybe MCcain could be thrown in with the deal. With his policies, We will just pass the Buck.

    October 10, 2008 at 10:16 pm |
  4. bruce seymore

    The perfect idea to save our economy lets sale Alaska back to Russia for 700 billion and well throw in the governor for free!

    October 10, 2008 at 9:43 pm |