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3/26/2009 Global Credit Crunch and what not...Dear All,
I am picking up the pen after quite sometime now...about 6 months...to pen what I figure will be one of my more unpopular posts...(Spoiler Alert: Its not funny)
Recession. Sub-prime. Credit Crunch. Liquidity. Chapter 11 Bankruptcy. Collapse. Wall Street. 401K. Deflation. Mortgage. Forclosure. Deliquency. Hedge funds. Leverage. Portfolio Banking. CDO. CDS.
Phew! It feels so good to get those out of my system. These words have been haunting the global scene for quite sometime now. But they have had a relatively negligible effect on 20 year olds doing Comp sc engg far from the maddening crowd. Besides me.
I had a chance to go to a competition that involved me looking up most of the aforementioned words, and try and understand their meaning. I would say I succeeded to a degree that seemed impossible when I began, and while Mohsin might taunt and torment me forever for this but: HEIL WIKIPEDIA!!!
Those stupid blue hyperlinks that irritated me so when I looked up something I knew to a reasonable extent, those clickables that inadvertently took me to another page even when I didn't wanna go there...they became my lifesavers! I think I had a little crush on hyperlinks and wikipedia just about then! Sample this:
Background information: Science student who's only interaction with money is pocket money and stipend, who's most mammoth achievement in a bank has been to get a banker's cheque and who doesn't know the F of Finance.
Subprime Crisis:
The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.
Whooosh!! (sound made by above statement as it sped past the upper extremities of my head usually accompanied by a hand gesture with similar movement)
The only word I could understand there was United States, apart from conjunctions and prepositions ofcourse (I'm not stoopid you know).
Hence the click-every-alternate-word fetish.
Anyhoo, as it turned out, the effort was not worth it for the competition per-se. I would have done just as well narrating baba black sheep in prose.
BUT, it did serve to give me some perspective on the Liquidity Crisis that has enveloped the world.
Thought overload.....brrrrrrrrrrrrrrrrr.....OUT.
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