Word: consumerized
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Reverberations from the implosion of the U.S. debt bubble can be felt a long way from Wall Street. Gaurav Rege was a hotel manager near Rishikesh, an Indian hill station at the foot of the Himalayas. He and his new wife are young, educated, well-off - and worried. A member...
Thousands of Indians like the Reges are having similar doubts. Just as credit-happy Americans are being brought low by a housing-market meltdown and slowing economic growth, so too are Indians learning the downside of personal debt. Over the past five years, Indian banks, finance companies and retailers introduced...
No one is predicting a wave of bad debts will crash the Indian financial system and economy. That's because commerce on the subcontinent still runs mostly on cash. Dheeraj Dikshit, the head of consumer assets in India for U.K.-based bank HSBC, reckons that credit cards are used for...
Nath and other government officials have been trying to reassure businesspeople and the markets that slower growth is a good thing - it might help get inflation under control - but the public isn't cheered. Opening this month is a new movie titled EMI, which stands for "equated monthly installments," an...
That virtue died with the baby boom, but it had been ailing ever since the Depression, argues cultural historian David Tucker in The Decline of THRIFT in America. That crisis, he writes, invited economists to recast THRIFT as "the contemptible vice which threw sand in the gears of our consumer...