"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain..!! "- Mark Twain
I am no Paul Krugman or Amartya Sen to talk about economics. The only economics paper that I have ever read was for my Management paper in my 7th semester, that too at the eleventh hour before the exams. Nevertheless, I decided to dig deep into causes of this recession (you start looking at things seriously, only when the impact zone is nearer to you). For starters US economy has officially started shrinking, 0.5% for this quarter. What amazes me is the failure of Big Corporations in US you name it Goldman Sachs, Lehmann brothers, Merrill lynch, AIG Insurance, Citi Group, Bear Sterns, Fannie Mae and Freddie Mac. These are A-list corporations that attract the best management talent in the world from Ivy League, Wharton and IIM’s in India. Just to give an idea, there only 10 countries in the world whose Gross Domestic Product is larger than their combined losses (Thank God, India is one of them). So the mistakes that have been done are not only big, but it’s also done by pretty smart people ( Now , they don't look so smart, after posting losses of billlions of dollars, do they??? ).
