In a normal economy, where greed and flagrant consumerism have not slaughtered prudence and theft,

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The first factor is the one that is hogging all the headlines in recent times. Just in case it had missed your notice, the genesis of the latest meltdown and wave of bankruptcies and bailouts is a word called sub-prime. In a normal economy, where greed and flagrant consumerism have not slaughtered prudence and theft, individuals and institutions are very careful when it comes to handling their assets. Most individuals and families take mortgages to buy a house and do not plunge into debt unless they are fairly certain of their repaying ability. Most financial institutions lend money only to those whose repaying capacities have been assessed thoroughly. Ever since George Bush came to power, both individuals and institutions have brazenly flouted this basic principle and treated investment as a gamble in a casino. Says Walden Bello, a senior analyst at Focus on the Global South in Bangkok, a project of Chulalongkorn University’s Social Research Institute, “The sub-prime mortgage disaster was not a case of supply exceeding demand. The ‘demand’ was mostly made up by speculative obsession on the part of developers and financiers... Big ticket mortgages were assertively sold to millions who may perhaps not by and large afford them by offering lower ‘teaser’ interest rates that would later on be readjusted to jack up disbursements from fresh homeowners.”


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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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