Abstract
Subhrendu Bhattacharya examines the economic and financial challenges that the US economy has been facing since December 2007 and also the factors that caused the crisis, both structural and risk management. It analyses how consumerism, supply-driven production patterns, and ubiquity of debt, have actively interacted with each other, in the economic landscape, to unleash forces that have been very challenging in recent years. Further, it compares the aggressive risktaking initiatives of American banks with risk aversion and cautious approach of the banks in India. Finally, the paper dwells on the areas, where India enjoys some plusses, relative to highly debtridden US economy, with its concomitant challenges to the personal finances of average Americans.