Not a single banker has been prosecuted for the 2008 crisis, whereas hundreds of bankers went to jail following the US savings and loan scandal of the 1980s.
Driving an electric vehicle for months, the Hyundai IONIQ5, BMW iX and now the Kia Carens Clavis electric, has convinced me of the viability of EVs for city and mid-range commutes.
With the US-India trade deal yet to get done, rupee depreciation may be helping to mitigate India’s loss of competitiveness. The other problem is extreme despondence among overseas equity investors.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
Mr Harish Verma: Perhaps you could explain why this article is unfair before indulging in puerile name calling. Or is that beyond your abilities?
It does sound unfair that in a country very swift to take out the handcuffs and make suspects do the perp walk – including Dominique Strauss Kahn, MD of the IMF – no banker of note went to jail for the many acts of wrongdoing that led to 2008. Millions of people lost their jobs / homes. The world’s economy has recovered only recently, at the cost of enormous fiscal and monetary easing, which has led to its own bubbles and distortions. 2. Barack Obama got elected partly due to the severity of the financial crisis. He could have spent four years – but not eight, there would not have been a second term if he had followed that route – blaming his predecessor for the mess he had inherited. He could also have played to the gallery. Nothing easier than a few high profile arrests and prosecutions to prove his populist credentials. Instead, very wisely, his administration decided that restoring faith in the financial system and its major players was required to get the economy back on its feet, despite the prevailing anger over the dichotomy between Main Street and Wall Street. 3. Whether Lehman Brothers could – or should – have been saved is difficult to judge. It may have required the shock of its collapse to make everyone realise the severity of the problem and take remedial action. It required a $ 5 billion loan from Warren Buffett and the public demonstration of confidence it signified to stabilise Goldman Sachs. Had President Obama played to the gallery, the long process of healing of the US economy he initiated, with about 2,00,000 or so jobs being added each month would not have materialised. There are lessons here for India. Also for his successor, who seems to have decided to take a wrecking ball to the global economy.
Very unfair article , shame on you
Mr Harish Verma: Perhaps you could explain why this article is unfair before indulging in puerile name calling. Or is that beyond your abilities?
It does sound unfair that in a country very swift to take out the handcuffs and make suspects do the perp walk – including Dominique Strauss Kahn, MD of the IMF – no banker of note went to jail for the many acts of wrongdoing that led to 2008. Millions of people lost their jobs / homes. The world’s economy has recovered only recently, at the cost of enormous fiscal and monetary easing, which has led to its own bubbles and distortions. 2. Barack Obama got elected partly due to the severity of the financial crisis. He could have spent four years – but not eight, there would not have been a second term if he had followed that route – blaming his predecessor for the mess he had inherited. He could also have played to the gallery. Nothing easier than a few high profile arrests and prosecutions to prove his populist credentials. Instead, very wisely, his administration decided that restoring faith in the financial system and its major players was required to get the economy back on its feet, despite the prevailing anger over the dichotomy between Main Street and Wall Street. 3. Whether Lehman Brothers could – or should – have been saved is difficult to judge. It may have required the shock of its collapse to make everyone realise the severity of the problem and take remedial action. It required a $ 5 billion loan from Warren Buffett and the public demonstration of confidence it signified to stabilise Goldman Sachs. Had President Obama played to the gallery, the long process of healing of the US economy he initiated, with about 2,00,000 or so jobs being added each month would not have materialised. There are lessons here for India. Also for his successor, who seems to have decided to take a wrecking ball to the global economy.