A metaphorical subprime mortgage, of course.
From The Economist:
India has a big advantage over China in coping with an economic slowdown. It has all-too extensive experience in it; and it has a political system that can cope with disgruntlement without suffering existential doubts. India pays an economic price for its democracy. Decision-making is cumbersome. And as in China, unrest and even insurgency are widespread. But the political system has a resilience and flexibility that China’s own leaders, it seems, believe they lack. They are worrying about how to cope with protests. India’s have their eyes on a looming election.
China has been outperforming India during the boom years, but perhaps India will weather this recession with less pain.
Democracy: muddling through good times and bad, since 500 BC.