In the eighties and early nineties the grocery shops had the habit of extending credit to its customers. The owner of the shop do not extend to the newcomer. H e has to be vouched by the existing "good" customer. Even then, the owner of the shop would not get satisfied he would send one of the helpers to "inspect" (Ghar ki haal) the house to test their credit worthiness. The prompt and timely payment ensures credit limit gets extended. Any sign of dilly-dallying curtails the credit limit. This is the situation of an ordinary grocery shop.
Look at the nation which had extended credit to the habitual defaulters in pursue of buying homes. For this practice, Two nodal agencies of the state stood guarantee for the loans disbursed. Actually, these institutions went to the extent of disbursing NINJA loans (NO INCOME,NO JOB &ASSET) as a result, the entire economy taken a beating. The individuals associated with this practice were not ill literates , they were MBA'S, financial wizards (compare this blokes with our grocery shop owners) they just tossed every rule in the books of credit extension.
The country which strives on "TOMMORROW'S INCOME" OBIVOUSLY, differ from the country which benefits from yesterday's saving. The country which made hue and cry about excessive government controls does the same at its own backyard when its very house is set on fire. The sector after sector seeks govrernment bail out package. Its an ironical world.
Look at the nation which had extended credit to the habitual defaulters in pursue of buying homes. For this practice, Two nodal agencies of the state stood guarantee for the loans disbursed. Actually, these institutions went to the extent of disbursing NINJA loans (NO INCOME,NO JOB &ASSET) as a result, the entire economy taken a beating. The individuals associated with this practice were not ill literates , they were MBA'S, financial wizards (compare this blokes with our grocery shop owners) they just tossed every rule in the books of credit extension.
The country which strives on "TOMMORROW'S INCOME" OBIVOUSLY, differ from the country which benefits from yesterday's saving. The country which made hue and cry about excessive government controls does the same at its own backyard when its very house is set on fire. The sector after sector seeks govrernment bail out package. Its an ironical world.
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