Indians can help the US tide over the depression ... starts of Thomas L Friedman in a post to the Nytimes. Its a very good article to read. Click here to read the article.
The highlight of the articles is a quote from Shekhar Gupta, editor of The Indian Express - "All you need to do is grant visas to two million Indians, Chinese and Koreans. We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate - no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans."
The highlight of the articles is a quote from Shekhar Gupta, editor of The Indian Express - "All you need to do is grant visas to two million Indians, Chinese and Koreans. We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate - no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans."
Though I tend to believe most of what Shekhar Gupta said, I would disagree in couple of things with him
1. Current Indians are good at aping. We may not really come up path breaking ideas even though we are the best when it comes to copying. Xerox is not a Indian Company but probably Indian liked Xerox Corp more than any other country.
2. Indians are not saints when it comes to repayment. Didn't we hear requests for loans being waived? I have known in my own family about incidents when people who took loan but never repayed. Its just that every Indian knows himself and his fellow citizens so well that we dont lend money that easily and if ever somebody paid back it was because of "power of the money lender", or the loans were secured or the loans are disbursed for a few trusted ones (unlike the foolish American banks and lenders)
