In our view, this credit crisis is just a financial sector crunch, not an economic Armageddon

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All of those dislocations came, wrecked havoc and eventually got cleaned up by market forces with some form of government intervention. Without question, that will happen this time around too, most assuredly because the underlying global economy is so fundamentally strong. Yes, it may be entering a period of slower growth, but thanks to record levels of economic interdependence and activity, it is more resilient than ever. Which is why now is the perfect time to take the big swings. The rewards can be huge, even disruptive – in the best sense of the term. Case in point is Bank of America’s recent $2 billion investment in Countrywide Financial Corp., a leading mortgage banker that was facing a liquidity and credibility crisis. The deal not only delivered short-term paper profits to Bank of America, it allowed BofA to leapfrog its way into the mortgage business and opened the gateway to a flood of new deposits. In one fell swoop, Bank of America expanded its market share and enhanced its industry profile, basically changing its competitive position.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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