"Too big to fail" is very popular theory in economics. I don't know very precise meaning of that but some how I sense two meaning out of it....one is that country can not afford the failure of a big institution due to post disastrous consequences (chain reaction) of the event. Second...its all about of arrogance of large institutions, who strongly believe that they are immortal. Just to bring in notice ....both theories are irrelevant in practical term. Fall of LTCM to Lehman Brothers have been classic example in US history.
In India, Despite sensing the horrified consequences post "1998 Nuclear Test", Indian Government took the decision to go ahead with that. Once again at this time, I would like to remind the events of Anna Hazare's anti-corruption movement & death of Gaddafi in Libya , which were almost impossible to imagine before it happened.
Although, I am not a big admirer of Arvind Kejriwal but today's his demand of cancellation of Bank licenses of HDFC bank, Axis Bank & ICICI bank, post money laundering exposure by Cobra Post & than reaction of many readers on that was very surprising to me. Arvind demanded what would have been morally and patriotically right.If these banks or any other institution can not prioritize country's benefit, I think it has no rights to run its operations more. But reactions of readers were like that he (Arvind) was demanding like a naughty & stub burned child for bringing moon on earth. Most of the readers were of the view that canceling license of these banks is impossible, will not be right decision for economy and will be a full of emotions. It may lead to inefficiencies in the banking and financial system & millions of people will became unemployed.
So far it looks that message from public is very clear, whenever it comes to the government & politicians, we all are echoing same voice that Government & politicians are corrupt but at the same time, we don't want to give-off our jobs for saying no to bad practices.
In another way, given the few examples above in discussion from Lehman Brother's to India's Nuclear Test....forget to sense that we can not afford cancellations of banks licences & removal of other bad practices in India...but the realty is that we are in very comfort zone of saying no to these all........we can not afford short term pains for long term gains. Race in between and easy access to short cuts have ruined our patriotism. Finally, we don't want to be change, we want to see.
In India, Despite sensing the horrified consequences post "1998 Nuclear Test", Indian Government took the decision to go ahead with that. Once again at this time, I would like to remind the events of Anna Hazare's anti-corruption movement & death of Gaddafi in Libya , which were almost impossible to imagine before it happened.
Although, I am not a big admirer of Arvind Kejriwal but today's his demand of cancellation of Bank licenses of HDFC bank, Axis Bank & ICICI bank, post money laundering exposure by Cobra Post & than reaction of many readers on that was very surprising to me. Arvind demanded what would have been morally and patriotically right.If these banks or any other institution can not prioritize country's benefit, I think it has no rights to run its operations more. But reactions of readers were like that he (Arvind) was demanding like a naughty & stub burned child for bringing moon on earth. Most of the readers were of the view that canceling license of these banks is impossible, will not be right decision for economy and will be a full of emotions. It may lead to inefficiencies in the banking and financial system & millions of people will became unemployed.
So far it looks that message from public is very clear, whenever it comes to the government & politicians, we all are echoing same voice that Government & politicians are corrupt but at the same time, we don't want to give-off our jobs for saying no to bad practices.
In another way, given the few examples above in discussion from Lehman Brother's to India's Nuclear Test....forget to sense that we can not afford cancellations of banks licences & removal of other bad practices in India...but the realty is that we are in very comfort zone of saying no to these all........we can not afford short term pains for long term gains. Race in between and easy access to short cuts have ruined our patriotism. Finally, we don't want to be change, we want to see.
