Largest economy in the world,forgotten fundamentals and copious tears!

Commitment to excellence by improving constantly the product quality and couple the same with cost effectiveness so that the consumer gets products progressively improving in quality, at reducing prices, is the key to keep the consumption up beat and add wealth too because the purchasing power of the currency is sustained. This leads to sustained jobs and surplus incomes to enable spending. This in my mind is very critical core issue of building up an economy.

Then the same qualities should reflect in financial services and banking too. That means Ponzi schemes and similar conscious fraudulent games should be treated as crimes and the white collar criminals should not get the extended goodwill treatment. The regulators and the systems have notoriously played shut eye even though the signs were glaring.

The quality of lending keeping in view the debtor's capacity to pay is a fundamental issue, which again was compromised and that too knowingly. It is as much failure of the state regulators as well as that of the herds on the go to make quick commissions; make hay while the sun shines.

Then highly placed economists making it out as some complex phenomenon for which no one should be accountable is admirable in the face of so much real pain around, but this attitude will only lay the foundation for the next bout of more serious and severe bubble burst.

Yes the network approach to describe the collateral damage is fine but it is not the network which caused or triggered the melt down. Fundamentals were forgotten in the glitz created by some monsters of creative get-rich-quick players who produced funny money and illusory wealth.