An Open Letter from a Grand Pa
An Open Letter from a Grand Pa LATELY, I have been thinking a lot about the Lehman crisis . Spending money that they didn't have and going beyond their means is one of the main reasons for their situation today. In fact that is the cause for the current economic crisis in the US. When I see all this happening, I can only remember the good old days. Then, karz (Hindi for 'Debt') was bad. People looked down upon those who took loans. Parents would not give their daughter's hand in marriage to a man with loans. But of course, times have changed now. Everyone I know has a loan. The buzz word is EMI(equated monthly installment). Today, you can buy everything on EMI - a house, a television, an i-Pod. In fact I know of someone who just bought a fancy BMW 3 series on EMI, instead of buying a cheaper car outright with cash. I mostly prefer to take public transport, but then I am an old man with old thoughts! Anyway, coming back to what caused the crisis. Imagine havin...