“ I bought a iPhone last year, and now there is iPhone XS , and I just need it. It is there on and in few months time, another newer version comes and you just need it! What’s more, you get an exchange offer of Rs.15000 off. Great Deal, this Flip kart Big Billion Day Sale! I have become an Apple addict.”
Tony said, “Sagar, I too am waiting to buy Galaxy Note 9, where I will get a No Cost, EMI which would start at Rs.7500 p.m. Great Deal isn’t it?
Tony and his classmate, Sagar were discussing about Flipkart Big Billion Day Sale. The first round of online festive season sales had just kicked off, last week. Both Flip Kart Big Billion Days Sale and Amazon Great Indian Sale was being discussed in the college campus. Everyone wanted to grab great discounts on their favourite products. But it’s easy to get carried away in the mad rush of flash sales and offers that seem too good to be true. Both Sagar and Tony were bargain hunters and were on a retail therapy this festive season.
“We are really blessed, that, Indian Economy was resilient and we were not only able to survive the Global Financial crisis of 2008, but also be the second fastest growing economy globally after Dominican Republic” Chirag Mehta said, in his opening remarks as he started his lecture. “It was an eye-opening situation, but I learned how important it is to always save and spend what is left after saving and not the other way round”.
Chirag Mehta was at his best, lecturing on his favourite topic, “A decade of Financial Crisis and the collapse of Lehman Brothers”.
Chirag Mehta enquired, “Do you know anything about Lehman Brother and the subprime crisis?”
The entire class said, “Yes, we have just heard about it but don’t know in detail about what went wrong? Can you please explain sir?”
Chirag Mehta continued, “On September 15, 2008, Lehman Brother, filed for bankruptcy. With $639 billion in assets and $619 billion in debt, Lehman’s bankruptcy filing was the largest in history, as its assets far surpassed those of previous bankrupt giants like World Com and Enron . Lehman was the fourth-largest U.S. Investment Bank at the time of its collapse, with 25,000 employees worldwide and erosion of US$ 10 trillion in market capitalization. It was the largest victim of the US Subprime mortgage.”
Students were listening with rapt attention. Chirag Mehta continued, “ Lehman Brother’s bankruptcy also made it the largest victim of the U.S. subprime mortgage induced financial crisis that swept through global financial markets in September 2008.
Sagar asked, “Sir, how could you blame the banking system alone? Was it solely responsible for this?
Chirag Mehta continued, “ First the Carter Government and then Clinton Government signed the Community Reinvestment Plan and then Fannie Mae Corporation , the American Government sponsored Mortgage Association, eased its credit requirement to lend. They were lending to NINJA – i.e. “No Income, No Job, No Assets” – loans, down payment assistance, subprime credit standards Persons. This was hazardous.
Chirag Mehta continued,” Today I overheard you speaking about Amazon and Flipkart’s Sale. But did you know, that, Consumerism had become a “powerful driver” for increasing demand for resources and consequent production. Human civilization would “collapse” and efforts to tackle global warming will fail unless the world curbs its culture of greed and excessive consumerism”.
Chirag Mehta continued, “Greed was central to this economic crisis and credit crunch of 2008. We Indians, wish to set up a economic system where we imitate the west, especially the American dream and American lifestyle, which encourages, materialistic values, and people high on materialism and such people are likely to engage in unethical business behaviors and manipulate people for their own purposes.”
Chirag Mehta further mentioned, “As the world slipped into economic meltdown, the nation started talking about greed: greedy lenders, greedy Wall Street executives, greedy CEOs and greedy Americans who used credit to finance unsustainable lifestyles.”
Chirag Mehta asked the students, “Did you hear about Confucius, the scholar, teacher and courtier, who lived in 550 years BC. He wanted that all the small states which were fighting for independence, come together during the Zhou Dynasty and give back the lost glory and strength to China.
Chirag Mehta continued, “Confucius believed that if people are educated and given a means of earning then China would be a force to reckon with. He believed that true education would teach how to use the wealth which is amassed, not squander it. Confucius remarked that virtue created wealth not the other way round.”
Chirag Mehta asked the class, “So what happens to the Big Million Sale this Festive season? As Warren Buffet, the Stock Market said, “If you buy things, you do not need, soon you will have to sell things you need. So think and leap for that Big Billion Sale. Remember this, before you click the order button on the website. Good Day, Friends”.
Quintessential Indian 