Sashi Kumar, Head of Sales at Indeed, asks the Global MD of HR at Accenture, Unmesh Pawar about how are the regulatory changes worldwide affecting the Indian IT industry.
The 2008 financial crisis was the one of the worst economic crisis since the Great Depression of 1929. It took place despite tremendous steps by the Federal Reserve and Treasury Department to keep the U.S. banking system from a collapse.
The financial crisis was essentially due to deregulation in the financial industry. This allowed banks to get involved in hedge fund trading with derivatives. Banks then asked for more mortgages to back up the profitable sale of the traded derivatives. This led to the creation of interest-only loans that were affordable to subprime borrowers ultimately resulting in push up of housing prices. This is what ultimately led to the global recession.
The main lesson that we learn from macroeconomic crisis is that we need to be agile and preemptive in our approach to deal with such disasters.
(This session is part of Talent Acquisition League 2017. Watch the complete video to know more.)