Financial catastrophe
The recent financial catastrophe initially in the US & later across the globe reminds us of the Great Depression of the 1930s. What US suggests to the developing nations sounds hollow.
However there are some lessons for us.
1) Greed shouldn't overtake us as many blamed it for the recent catastrophe.
2) Our CAPITAL MARKET should be guarded from the evil of gamblers.
3) Margin facilities by the merchant banks should be judicious, lest the opportunists avail the facility in the guise of investors. 4) Bad credit makes black holes in the financial system. So unnecessary credit should be discouraged.
Finally, the capital market should be devoid of sophisticated instruments so that general investors are not confused.
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