Ah, yes, I am back to blogging after an unintentional break.. I read this article by Swaminathan Anklesaria Iyer about a month ago and would really like to share with all. It really educated me on the Financial Mess US (and therefore the whole world) is in, and why Freedie Mac and Fannie Mae did what they did. Its a must read for all and especially for the uninitiated like me. It opened my eyes to what damage we can do and the extent to which politicians will go to be in power, with money. Hats off to Swaminomics for this enlightening column [http://timesofindia.indiatimes.com/Opinion/Columnists/S_A_Aiyar/Swaminomics/The_perils_of_inclusive_loans/articleshow/3535309.cms ]
and I have been a regular reader of Swaminomics since June 2008 as he was the only person in the whole world who put his neck out to say crude will fall below 100 $/barrel when it was at 135 $/bar
2 comments:
Blaming US politicians for the financial crisis is not correct..they are only to some extent responsible. The politicians did allow a lax regulatory framework to govern mortgage lending. However the real blame for the crisis rests with greedy bankers and Wall Street financiers who wanted to make a quick buck at any cost by throwing caution to the winds.
Oh yes, the article only points to the politicians, as adding fuel to the fire, and stoking it further. The politicians point is important because we, in India must learn from such a costly mistake and not resort to stupid populist measures
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