BASIC REASON FOR RECESSION in WEST..!!
A naked and drunken woman boards a cab in New York one night.
The Indian driver keeps staring and does not start the cab.
Woman:
Haven't you ever seen a naked woman before.??
Indian Driver:
I am not staring at you lady..... just wondering where you kept money to pay me..!!!
Moral:
That is what most of the American and European Banks failed to do.
i.e. Assessing repayment capacity before enjoying exposure..!!
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