The US financial crisis has been the talk of the town. And the fact that I did not want to seem as lost as Rakhi Sawant in UN’s World Summit, I had no option but to metamorphise my homepage from indiafm to economictimes. After reading a dozen or so articles about the US economy which were as joyful as watching RGV Ki Aag a dozen times over, my tolerance levels were slipping. And just when indications of me facing a mental crisis after reading so much of the US crisis seemed apparent, I decided it was time to take a break from the world of finance, and began chatting with a friend online.
Aise hi baaton baaton mein, while chatting with her, I asked her if she had any clue about what the hell was happening in US. Whilst she always had a doubt that I had some of my screws missing up there, asking her this question was a confirmation of my insanity. “Ek marungi, kuch dhang ki baatein karo” came her curt reply.
Upto mischief as always, I started pestering her and pleaded her to find out about the US crisis and explain it to me. “Apne dost ke liye itna bhi nahin kar sakti” , and a few more emotional dialogues later, courtesy Yash Raj Films, I had really got to her nerves. I could have continued with my pestering ordeal had a project meeting not stalled my activity.
Mentally exhausted after two hours in the meeting, I was surprised to see a huge message window greeting me. I couldn’t stop smiling once I started reading its contents. And thought I should share its contents with all my blog readers too. So if you really want, a simple/ non -technical depiction of the US financial crisis, then this is very your search ends. Here’s my friend’s description ( word by word) of the US financial situation and its impact on India. Fantastic, to say the least.
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Abe sun jo tera US financial crisis mein mujhe jitna padha who bata deti hun……Jo abhi Lehmenn brothers collapse hua hai na…kyunki it was the major investor in the market for mortaging… and other reasons as well. kyunki doosre banks ne refuse kiya uske saath kaam karne ko kyunki…kyunki uske business karne ka tarika bahut hi complex and opaque tha and moreover usne housing loans diye they logon ko who bahut hi risky the. Kyunki jab interest rate badhta tha to borrowers could not repay lehman ..and this led to huge losses.
And the 62-year-old CEO of Lehman Richard Fuld( ulllu and gadha insaan) rejected many bids to save Lehman becoz he thought he wanted more price for the sale of the company…and was not satisfied what Barclays was paying…Because of this ullu jaisa lehman ka crisis many people lost their jobs… and US is facing crisis.
Also to add to it…Bank of America is buying Merrill Lynch …