A lot has been written about the current downturn being the worst ever seen in the last century (ignore the 1930's Great Depression, for a second). And enough has been said about the credit excesses of the American financial system that had such a wild & cascading negative effect around the world.
I just feel that the lessons learnt from the last 8 months will lead us to a world that will be quite regulated. More than anything else, I am convinced that we will enter a world that will restore some level of sanity in the way business is done. The economic boom for a majority of the time in the last 2 decades, had led to wild business excesses that were never caught in the light of the good times. But, the current recession has taught us that bad things will be found out eventually & people will have to pay a price for continuous excesses.
I therefore think, that in a strange way, this killer recession of 2008-09 was a much needed correction factor for the business world to be given a serious wake up call. I just hope the lessons learnt now are only used to create a saner environment in the future (am convinced, it is required).
I just feel that the lessons learnt from the last 8 months will lead us to a world that will be quite regulated. More than anything else, I am convinced that we will enter a world that will restore some level of sanity in the way business is done. The economic boom for a majority of the time in the last 2 decades, had led to wild business excesses that were never caught in the light of the good times. But, the current recession has taught us that bad things will be found out eventually & people will have to pay a price for continuous excesses.
I therefore think, that in a strange way, this killer recession of 2008-09 was a much needed correction factor for the business world to be given a serious wake up call. I just hope the lessons learnt now are only used to create a saner environment in the future (am convinced, it is required).
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