No bailout of America’s financial institutions is going to do any good for the common man. When a business overextends itself and starts placing wild bets with money that is not its own, things can only go a certain way — down.
So there will be a credit crunch you say? Bring it on. The fact is that a majority of Americans are increasingly getting tired of credit. They are going back to the ways of their grandparents: “If you can’t afford it, don’t buy it!” And what we have left is an angry bunch of pilferers for whom there is no more money left to embezzle. There’s nothing left but a printing machine at the Treasury.
People in the US are fed up. It’s time white-collar professionals grow up.
Jean-Paul Cassone, Fremont, California
Silver lining?
The crisis in the US has taken its toll in our stock markets as well, mainly because of the FIIs who have pulled out to increase their cash requirements. However, despite the severe hammering, we can hope for lower inflation figures and good second quarter results that are expected in a month’s time. If both these numbers act according to market expectations, there will be enough reason to cheer by the end of October. FIIs will not want to hold on to their cash for too long and will be desperately seeking avenues to invest to get the best risk-adjusted returns. And India is one market that can live up to their expectations. How many economies in the world can boast of 7 per cent growth under the current circumstances? Secondly, another positive trigger for stock markets around the world could be, in case the Democrats come to power, the US elections in November. It is widely perceived that a drastic overhaul is required in the US economy and big bets are being placed on Barack Obama and his team to bail out the US from the current mess.One can hope for better times soon.
Navneet Dhawan, New Delhi
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In defence
I am shocked that you have castigated the three defence chiefs (“Extreme Step”, September 30) for deciding not to implement a government pay order. You have to understand that they have not defied the government but are waiting for the final decision of the government — issues that the government has agreed to review.
In the past, all defence chiefs have implemented the Cabinet order on pay commissions straightaway with the result that the anomalies have never been addressed or sorted out. This has caused a lot of heartburn, innumerable court cases and loss of faith. Bureaucrats responsible for the implementation of pay commissions have sorely tested the faith of the men in uniforms. They ensure delays even in cases decided by the courts. The offshoot of the famous Maj Dhanapalan case, decided by the Kerala High Court, has still to be decided for others, despite more than a decade having elapsed since the publication of the Pay Commission award.
We in the defence forces are proud of our service to the nation and our apolitical ethos despite decades of denigration and degradation. It is a shame that the powers that be are playing games with our disciplined and apolitical forces. It is a dangerous trend that should be nipped in the bud lest we share the fate of countries in our neighbourhood.
Col. Vivek Bopiah, Bangalore