Haiti Receives Wall Street’s Short-term Aid
Since a devastating earthquake shook the hopes of millions in Haiti just a few days ago, donations from individuals, corporations and governments have continued, a slight sign of optimism amongst much tragedy. Wall Street firms, once condemned for causing the recent financial crisis and turning a blind eye on the less fortunate, have cranked up the magnitude of their altruism: the biggest names on the Street have committed up to $2 million to help the earthquake victims of one of the most economically challenged nations in the world.
These and similar donations will go to relieving Haitians of their current exigent circumstances, but whether or not further charity will also be able to improve the long-term conditions of Haiti’s economy is highly uncertain. With the highest level of poverty in the Western Hemisphere, increasing inflation, lack of investment, severe trade deficit, and ongoing dependence on remittance (a quarter of its GDP), Haiti’s future after relief efforts, most unfortunately, looks bleak as well.
For the latest reports on the situation in Haiti, visit the [WSJ](http://online.wsj.com/home-page). Photo courtesy of [Wikimedia](http://images.google.com/imgres?imgurl=http://upload.wikimedia.org/wikip...).
