Describing the crash in the stock markets as a "bubble that was bound to burst," CPM today hit out at the UPA government for not taking adequate measures to check speculation by FIIs and safeguard the interests of small investors."We have been warning the government of the artificial rise in the stock market. It (the crash) is only corroborating what we have been saying. It's a bubble that was bound to burst. The small investors have burnt their fingers," CPM leader Rupchand Pal said.He alleged that American fund managers were "pressurising" the government on policy matters like definition of traders and investors. "That is why if it is cold in the US, we tend to sneeze.""Even the steps taken by the regulator Sebi are too inadequate and too late," Pal, accompanied by party leader in Lok Sabha Basudeb Acharia, said and added that the crash was not a "correction".Maintaining that the stock market did not reflect the economy, Pal said the IPO scam had also exposed the vulnerability of the share market.Charging the government with having failed to fulfil its promises in the common minimum programme (cmp), Acharia said "two years is not a small time" and the government has not done much to implement issues affecting the poor and middle class sections of the society.
