The Hindu Business Line : Market capitalism

The article "End of USstyle free market capitalism (Business Line, September24) is an eyeopener for those who are blindly clamouring for unbridled capitalism.

Those who pooh-poohed our nationalisation policy are now resorting to backdoor nationalisation in the guise of so called "bailout packages".

Though termed as a political drama, the benefits of the Indian Government's budgeting provision of about Rs 70,000 crore for agriculture loan write-off, are likely to help the debtridden farmers.

The $700 billion bail-out plan by the US Fed Reserve is not only an election stunt, but as rightly said "it is socialism for rich and capitalism for poor".

The bailout plan is to protect those who have squandered the nation's resources and enjoyed large pecuniary benefits so far.

Those who were rating other economies failed to rate themselves.

The investment bank fiasco is a severe blow to those advocating deregulation and dilution of government stake in Indian public sector banks. The American financial market debacle is a lesson to our over-enthusiastic policy makers.

K. R. Parasuraman e-mail

More Stories on : Letters | Financial Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Impact of IFRS convergence on tech companies

Easing inflows

Weak economy, strong currency

Regulate… in right measure

‘Accounting guidance needed on revenue recognition in layaway sales’

World theatre for CAs

Market capitalism

Quick decisions