In Banking on Words, Arjun Appadurai argues that the 2008 financial crisis was, in essence, a failure of language. Narendar Pani finds that argument somewhat overstated, while at the same time acknowledging this book's "path-breaking" analysis of the role language has come to play in the way markets behave and are managed.
Many subprime borrowers were led straight into the debt buzz-saw by companies that were actively trying to "squeeze" every last bit of revenue out of their clients. There were people who qualified for prime loans who got nudged into more lucrative alternative loans, and people who had simple 30-year fixed mortgages who found themselves frantically trying to pay off unforeseen penalties.
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