Business Daily from THE HINDU group of publications
Friday, Nov 23, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 23, 2007 ePaper | Mobile/PDA Version |
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Opinion
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Letters Subprime crisis In spite of stringent accounting norms and corporate governance in the US, the entire economy is rattled by the sub-prime crisis. There is talk of recession and countries, worldwide, are thinking of shifting their reserve from the dollar to a basket of currencies. The so-called credit rating agencies have failed in their assessment, putting investors in a soup. Repeated warnings by the RBI Governor, Dr Y.V. Reddy, to put a cap on FII inflow were largely ignored Result: The rupee has appreciated like never before and several people have lost their jobs. Also, banks take deposits from the public and lend/invest the money indiscriminately without following any guidelines. And, when things go wrong, they want the government or the RBI to bail them out. K. Narayanan Hyderabad More Stories on : Letters | Mortgage
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