Lessons Learnt
There is chaos everywhere. Every news channel, every newspaper is talking about the same thing: the US financial crisis. And I get dragged into it...trying to find out how it affects me and the society I live in.
USA has changed from the time I first got here, which was 6 years back. Gas used to be $1.50 back then ! I never heard people here talk about saving resources like gas, electricity,etc. The financial crisis has affected people so much that you might actually get a place in Kona grill on a friday evening!
The first sign or symptom of the crisis was the mortgage meltdown. Houses got foreclosed, people became homeless and the american dream was shattered. This explosion was a result of a chain reaction so as to say. It started with the buyer's dream of building a house, the lenders ability to lend them money, the banks pouring their money into the housing market and finally the government trusting the banks with their judgement. What went wrong then? The lenders could convince the buyer's that they can afford the payment even though they can't afford to clear off their credit card debts. The banks twisted their rules to make huge profits from the ever booming housing market. But if the foundation is weak, the building will eventually collapse. The foundations here were "profit-making" and "greed". The mortgage crisis let to the bankcrupcy filings, plunging stock markets, fear amongst the investors and uncertainty in the minds of millions.
What do we learn from this? Everyone has a take-home lesson here. For the government it probably means imposing regulations, for the banks it means following the rules, better judgement and thinking about the bigger picture, and for the buyer it is to be able to know where you stand. We need to analyze our financial status and learn to live happily with what we have. Greed always destroys.
In a few years the markets will bloom again, another technology will rule the finances and people will forget the bad times. But the lessons learnt should not be forgotten, coz that is the basis of evolution.
USA has changed from the time I first got here, which was 6 years back. Gas used to be $1.50 back then ! I never heard people here talk about saving resources like gas, electricity,etc. The financial crisis has affected people so much that you might actually get a place in Kona grill on a friday evening!
The first sign or symptom of the crisis was the mortgage meltdown. Houses got foreclosed, people became homeless and the american dream was shattered. This explosion was a result of a chain reaction so as to say. It started with the buyer's dream of building a house, the lenders ability to lend them money, the banks pouring their money into the housing market and finally the government trusting the banks with their judgement. What went wrong then? The lenders could convince the buyer's that they can afford the payment even though they can't afford to clear off their credit card debts. The banks twisted their rules to make huge profits from the ever booming housing market. But if the foundation is weak, the building will eventually collapse. The foundations here were "profit-making" and "greed". The mortgage crisis let to the bankcrupcy filings, plunging stock markets, fear amongst the investors and uncertainty in the minds of millions.
What do we learn from this? Everyone has a take-home lesson here. For the government it probably means imposing regulations, for the banks it means following the rules, better judgement and thinking about the bigger picture, and for the buyer it is to be able to know where you stand. We need to analyze our financial status and learn to live happily with what we have. Greed always destroys.
In a few years the markets will bloom again, another technology will rule the finances and people will forget the bad times. But the lessons learnt should not be forgotten, coz that is the basis of evolution.
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