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Economists are calling it the ‘Credit Crunch’, bankers call it the ‘financial crisis’, employers call it ‘recession’, shoppers call it ‘inflation’, oil rig engineers call it ‘fluctuation (of prices)’, traders call it ‘a great depression or a black Monday’ and many are naming it a ‘downturn’. What is this linear progression of economic terms? The mind boggles! It is nothing but a pinch that everyone is feeling at the moment. Job sheds, people become homeless, affordability of common commodities becomes difficult and overall there is liquidation in all industrial segments.
The hot topic of the day is all about the ‘economic downturn’. Retail giants on the high street offer a 50% discount, newspapers are filled with headlines about ailing financial institutions, huge investment banks fall victim to this attack they file for bankruptcy one after the other. The question at the moment is just, ‘Who’s next’?
Why is the world of finance not anymore known for its handsome compensations and five digit bonus figures? Does it all lie in the fate of the dollar and the value of the rude crude oil? Or is this ‘Business As Usual’?
If so why has this issue affected a large cross section of people over the past few months?
I believe it is not just an economic downturn, but a downturn of ‘human virtues’ and ‘business ethics’. Investment bankers, to whom time was a scarcity, mainly had formal conversations with the ‘high net worth individuals’ simply ignoring the needs of other common people. For them the language of business was just straight Money.
Simple marketing theories taught to students in business schools, have a fruitful result when applied in actual business platforms. ‘If you look after your customer, your customer looks after you’ rings in my mind at this moment.
The lack of honest dealings and pure greed has led to this huge distress. Lack of proper scrutiny before lending loans and mortgages was one of the causes. This deep wound would take its time to heal, as there were not adequate precautious measures nor any remedial steps.
The Materialistic world now pities itself, for it did not appreciate Oliver Goldsmith’s words which read aloud “Where wealth accumulates Man Decays”.
(Picture Courtesy: http://www.retailmarketingblog.com/wp-content/uploads/2008/07)/21621329.JPG