At the just-concluded CII conference in the capital, RBI Governor D Subbarao was asked his view of when the global (and Indian) economy would recover. Since predictions have a habit of going terribly wrong, Subbarao decided to try some humour instead. Within a week of his taking over, he told the audience, US mortgage giants Fannie Mae and Freddie Mac went bust.
Lehman Brothers followed soon after. If there’s a link, then the recovery could take a long time since Subbarao has been in the job for a very short while.
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