Tuesday, September 30, 2008

Rejection Of Emergency Bailout and a Conspiracy Theory

Four points ...

1) It is refreshing to see bipartisan approach to an issue. To have witnessed Indian political parties in opposition trying to shoot down every proposal the givernment puts up can start getting on your nerves.

2) This was expected. There is an inherent sense of injustice attached with the bailout. Death and resurrection is part and parcel of free market economy. Besides, there are alternatives. Too see one such (simplistic) alternative (whether you agree or not) go here.

3) The bailout defeat highlights the effort that the Bush administration has put to behind the Indian Nuclear Deal. It received marginally higher votes that the required 2/3rd majority.

4) This point is tongue in cheek - well not entirely. Consider this scenario: Congress votes down the bailout plan ... market crashes ... people in the know pick up the shares at rock bottom price ... soon the bill in its new form is presented and accepted ... markets rally ... people in the know make a killing. How is this for a conspiracy theory? ;-)

Note: The photograph used belongs to Myles Davidson. Please go here to see more such photographs

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