Hi,
I am not a finance expert but do have a common sense and believe that 80% problem can be understood and solved by it.
Failure of economy due to sub prime trouble is the most discussed topic in business community to common man in India too. The reasons are many, logical when heard from an expert, illogical when said by a common man. The country who has been able to give birth to the top most economist or import it from any continent has become help less.More over most economist having received noble prizes also in USA only. The most powerful person President George Bush who is having the large list of top most economist of the world could not sustain the failure of economy.The paradox is, it is the beginning and not the end of the trouble.
It is for sure that it has not come in a day like an accident of 9/11 which failed all security claims of the most secured nation of the world until then , also it is not the first failure of the US economy , instead there is a long history to support the statement to name a few incidents Penn Central Rail road (1970) $3.2 Billion,Lockheed (1971) $1.4 Billion,Franklin National Bank (1974) $7.7 Billion many more can be seen at http://www.propublica.org/special/government-bailouts/
Despite the failure no one shouted at the team of Experts whose negligent and irresponsible behavior shocked the whole world ,things at least seems to be moving business man like Warren Buffett are busy fishing in troubled pound the simple dictum of One Man's trouble Other Man's opportunity would be Buffett of India Chairman , Anil Ambani also want to reap the fruits of turmoil , one thing for sure not happening is Harvard graduates are not abusing any body or getting abused , a new term of "Golden Parachute" is coined for the failed CEO's who are getting fat packets to enjoy rest of their life.
Imagine if this had happened in India the first thing would have been to demand the resignation from Prime Minister,Finance Minister and transfer the responsible top beaurocrates to more safe places by promoting them and all these blaming each other for the failure, rescue package only if it can be used for making the vote bank and ensure the come back in next election .Besides the common man had no option but to get abused by all those lucky once who remained unaffected or less affected with the incident and believing in the hard luck they are born with.
This way India is different from the others and yes" I AM PROUD OF MY NATION"
"Ajay Ekal"
I am not a finance expert but do have a common sense and believe that 80% problem can be understood and solved by it.
Failure of economy due to sub prime trouble is the most discussed topic in business community to common man in India too. The reasons are many, logical when heard from an expert, illogical when said by a common man. The country who has been able to give birth to the top most economist or import it from any continent has become help less.More over most economist having received noble prizes also in USA only. The most powerful person President George Bush who is having the large list of top most economist of the world could not sustain the failure of economy.The paradox is, it is the beginning and not the end of the trouble.
It is for sure that it has not come in a day like an accident of 9/11 which failed all security claims of the most secured nation of the world until then , also it is not the first failure of the US economy , instead there is a long history to support the statement to name a few incidents Penn Central Rail road (1970) $3.2 Billion,Lockheed (1971) $1.4 Billion,Franklin National Bank (1974) $7.7 Billion many more can be seen at http://www.propublica.org/special/government-bailouts/
Despite the failure no one shouted at the team of Experts whose negligent and irresponsible behavior shocked the whole world ,things at least seems to be moving business man like Warren Buffett are busy fishing in troubled pound the simple dictum of One Man's trouble Other Man's opportunity would be Buffett of India Chairman , Anil Ambani also want to reap the fruits of turmoil , one thing for sure not happening is Harvard graduates are not abusing any body or getting abused , a new term of "Golden Parachute" is coined for the failed CEO's who are getting fat packets to enjoy rest of their life.
Imagine if this had happened in India the first thing would have been to demand the resignation from Prime Minister,Finance Minister and transfer the responsible top beaurocrates to more safe places by promoting them and all these blaming each other for the failure, rescue package only if it can be used for making the vote bank and ensure the come back in next election .Besides the common man had no option but to get abused by all those lucky once who remained unaffected or less affected with the incident and believing in the hard luck they are born with.
This way India is different from the others and yes" I AM PROUD OF MY NATION"
"Ajay Ekal"
1 comment:
Hi Ajay,
This is a very imprtant event in world history, I would like to link this to another story which goes as follows, i hope that you will enjoy.
I had a discussion with a parsi colleague of mine. I asked him a question, what makes your community so money wise?. At first he went into a politically correct denial, but when I quoted some stats to him, he agreed that some Indian communities did have a better money management gene in them than others.
I think one of the things that Indian or hindu caste system has achieved is specialization of certain skills and sooner or later the world will have to accept the wisdom that Indians have developed over thousands of years.
How is this linked to the recession story ? Well what has caused the recession
a) Addiction to credit which was partly made worse by the Bush administration who had to keep the economy afloat during the war.
b) The banks and financial institutions then packaged the hyper infalted financial instruments and sold them world over.
So what's happening now
WHat we are seeing is only a correction, not that the houses that are built will disappear but the paper value of the houses will disappear.
FOR EVERY PERSON A WHO LOST A HOME - THERE WILL BE A PERSON B who will buy it on a bargain price.
The diffrence between person A and person B.
Person A is not really of interest. what is of interest and of relation to the example above is the person B.
Are you surprised that the whites are selling and chinese and Indians are buying ? WHY ?
You mention that If such a situaiton happened in India what would happen ? Well such a situation will never ever happen in India because there is something about the way asians manage their money.
There is a fundamental diffrence, I don't think that is discussed partly because it is un PC to mention the caste word in India anymore.
just random thoughts.
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