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Microcredit was the talk of the town for much of the past decade, especially in southern Asia, where visionaries like Muhammad Yunus brought small loans to poor entrepreneurs. Yunnis, who founded the Grameen Bank in Bangladesh, even won the Nobel Peace Prize in 2006.
The idea exploded. Everybody wanted in. Banks and companies began making loans, often with high rates of interest; the poor were borrowing money. In India, the total amount of microloans reached about $4 billion. But all this unregulated growth formed what we call an economic bubble, similar in ways to the U.S. housing crisis. And like all bubbles, this one was bound to burst.
From a recent New York Times article:
Sound familiar? It should.


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