Yep, you read it right. I bunker crashed a golf course today - crashed through a bush and right onto the biggest golf course in this part of the world - how and why is another story but what was surprising was that the course was empty, carts were empty, the club house was empty; everything was so dead and forelorn. Then it stuck me - the world economy is on the precipice.
It took its time coming but the storm has finally hit us big time. I mean I just do not understand how could bad debts be doled out to the tune which we are talking about - actually nobody seems to know the extent of the problem. The US Congress is squabbling over 700 billion dollars Wall Street bailout deal but what the "learned" congressmen do not understand is that it is not a Wall Street bailout package but a world economy support package. Not surprising when probably a chunk of them do not even know where Iraq is. However coming back to the problem at hand I am dumb founded to believe that the highly paid investment bankers of the world gave loans to people without any collateral or knowing that the person taking the loan would not be able to repay them. Ok, I can understand one or two such loans but the magnitude that it not just bankrupts an individual but threatens the whole world economy is beyond comprehension.
World is flat and this crisis proves that. Probably it also proves that lot more insights are required than pure capitalism to run a good business.
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2 comments:
I'm *waiting* for your version of "Why I crashed into the golf course?"
because I was being chased by a huge german farm dog with whiskers
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