Chidambaram has a dubious distinction of 'share market saviour'. Whenever he comes to power, he tries to help the markets. He is always bullish. He uses all the tricks in the book to take the markets up.
Now he openly started challenging RBI. It looks like threatening now. he seems to be losing the common wisdom that is expected from a economist. What a pity?
When inflation is at double digits would you believe that a finance minister of the country openly threatening/forcing his country's central bank to cut rates only to save the blood sucking Real Esate Mafia? Unimaginable. This can happen only in India. Still people are mum. People simply donot care if their day to day expenses raises at a alarming pace, but they are only worried that their real estate investments should not go bad.
The comedy is by allowing FDI in aviation ( there is a hidden selfishness about saving state run banks here} and by allowing FDI in retail ( thousands of small traders life in limbo}, we think that we have done a great reform and expect economy to improve. Everybody with little bit of commonsense would know that by doing this government is trying to boost share market sentiment and by luring FII money they think they can bridge their CAD. The irony is the hot money can go at the same pace.
I believe Chidambaram is trying to boost sentiment at the cost of long term economic benefits for the country oonly to postpone the inevitable until 2014 elections. Unfortunately nature has a terrible way of paying back and I am quite sure now, the inevitable crash will happen before elections and Congress is going to pay dearly for this.
Wednesday, October 31, 2012
Comedy by SBI chief
SBI Chief had said yesterday that CRR is a waste of economy.
I am wondering what about the 1500 crore he gifted to Mallya? Is that not waste?. Dear Sir, CRR will be used to compensate the unsuspecting savers of the country when you makes loss by dancing to Mallya's tunes.
He also said something like 'even after 10 rate hikes inflation is not controlled' . I am amused at this idiotic statement. Had Subbarao raised 1 or 2 percentage more a year ago, today inflation would have been under control. Subbarao also knew that mistake and he is trying to control the damage by holding on the rates. He also knew these blood sucking corporate vultures may even get rid of him if he raises rate.
People like SBI chief are responsible for Real estate bubble and forgetting that he is working for a state run bank he competes with corporate vultures for people's blood. What a irony? Dear sir, I am worrying what you will be telling next year, when due to real estate crash, your bank's assets quality takes a hit?
One remembers that after taking over he provisioned bad loans he acquired from his predessor and he would have thought the economy will continue to boom so that he can show huge profits quarter on quarter. But he forgot basic economics that the economy works in cyclical fashion. He is seeing the fall the SBI shares now under his regime. The best thing he can do is to prevent the asset quality from slipping instead of nudging/harassing RBI to cut rates.
Please remember. You work for the country.
I am wondering what about the 1500 crore he gifted to Mallya? Is that not waste?. Dear Sir, CRR will be used to compensate the unsuspecting savers of the country when you makes loss by dancing to Mallya's tunes.
He also said something like 'even after 10 rate hikes inflation is not controlled' . I am amused at this idiotic statement. Had Subbarao raised 1 or 2 percentage more a year ago, today inflation would have been under control. Subbarao also knew that mistake and he is trying to control the damage by holding on the rates. He also knew these blood sucking corporate vultures may even get rid of him if he raises rate.
People like SBI chief are responsible for Real estate bubble and forgetting that he is working for a state run bank he competes with corporate vultures for people's blood. What a irony? Dear sir, I am worrying what you will be telling next year, when due to real estate crash, your bank's assets quality takes a hit?
One remembers that after taking over he provisioned bad loans he acquired from his predessor and he would have thought the economy will continue to boom so that he can show huge profits quarter on quarter. But he forgot basic economics that the economy works in cyclical fashion. He is seeing the fall the SBI shares now under his regime. The best thing he can do is to prevent the asset quality from slipping instead of nudging/harassing RBI to cut rates.
Please remember. You work for the country.
Sunday, October 21, 2012
Shameless Bankers of India
"Selling assets of Kingfisher is last option for the lenders" - bank officers
One cannot stop laughing thinking about this absurd statement. Everybody knew that there is nothing left in kingfisher. The aircraft are leased and if at all anything to be salvaged by sale of assets, the first priority to be given to employee's salary which has not been paid for few months now.
The blood sucking bankers if at all they are interested to get back their money, they should have proceeded against kingfisher few months ( couple of years??) back. State bank of India ironically converted a portion of debt into equity valuing at 60 Rs per share when the shares traded at 30-40. Who will initiate probe against the responsible officer(s)?
Indian government on its part quite shamelessly expecting some foreign idiot to come in and invest in this bankrupt airlines. The government's aim is to save the ass of state run banks and they are not really interested in FDI in aviation. Otherwise they need not have added a clause which stops new airlines companies to form in India with FDI.
Shameless.
When inflation is at 8% consistently and CPI threatening to cross double digits Axis bank chairman and HDFC GM are pitching for rate cut. Again shameless act of trying to save their ass when country to going to dust.
Shameless.
One cannot stop laughing thinking about this absurd statement. Everybody knew that there is nothing left in kingfisher. The aircraft are leased and if at all anything to be salvaged by sale of assets, the first priority to be given to employee's salary which has not been paid for few months now.
The blood sucking bankers if at all they are interested to get back their money, they should have proceeded against kingfisher few months ( couple of years??) back. State bank of India ironically converted a portion of debt into equity valuing at 60 Rs per share when the shares traded at 30-40. Who will initiate probe against the responsible officer(s)?
Indian government on its part quite shamelessly expecting some foreign idiot to come in and invest in this bankrupt airlines. The government's aim is to save the ass of state run banks and they are not really interested in FDI in aviation. Otherwise they need not have added a clause which stops new airlines companies to form in India with FDI.
Shameless.
When inflation is at 8% consistently and CPI threatening to cross double digits Axis bank chairman and HDFC GM are pitching for rate cut. Again shameless act of trying to save their ass when country to going to dust.
Shameless.
Sunday, October 14, 2012
Who are Mango people and what is banana republic?
Initially I got angry when I heard Robert Vadra said the famous 'mango people in banana republic' comment. After few moments I realised that he has not said anything wrong. Infact what he said is absolutely true. Some of the articles in Firstpost and Economic times suggest he indeed is an idiot. But honestly I don't think so. It is true that we are mango people. We turn a blind eye when politicians and corporates make huge money at our cost. Instead we praise them. We are in a banana republic because instead of hard truth there is no action against any of the looters be it Vadra(DLF Scam) or A.Raja(2G scam) or M.M.Singh(Coal gate).
It is beyond the limits to my mango mind, when the highest court of the country says that auction route of one particular asset is wrong ( 2G, A.Raja is wrong, incidently he is an Tamilian and Dalit) and auction route is OK for another particular national asset ( Coal, Manmohan Singh is right). My mango mind is still confused. My mango mind did not bat for A.Raja but want Manmohan Singh also to be punished. As simple as it is. The so called intelligentia of our society, who ridiculed A.Raja for 1,76,000 crores chose to shut their mouth and other openings of their body about M.M.Singh where in his case the loss figures is around 10,00,000 crores. No public agitation or outcry. Are we not Mango people in banana republic?
To control Dengue, here is an minister who suggest school children to use full pants to avoid Mosquito bites. He is also suggesting to kill female Mosquitoes. My mango mind thinks how would you identify female mosquitoes to kill or why not you kill all mosquitoes? No public agitation or outcry. Are we not Mango people in banana republic?
When my salary risen from 6000 to 60000 with no apparent or little change in my life style or savings it is very clear that it is not growth but inflation effect. No public agitation or outcry instead we are made to pray that real estate should not fall as our hard earned money is converted to flats we bought at exorbitant jacked up prices. Are we not Mango people in banana republic?
It is beyond the limits to my mango mind, when the highest court of the country says that auction route of one particular asset is wrong ( 2G, A.Raja is wrong, incidently he is an Tamilian and Dalit) and auction route is OK for another particular national asset ( Coal, Manmohan Singh is right). My mango mind is still confused. My mango mind did not bat for A.Raja but want Manmohan Singh also to be punished. As simple as it is. The so called intelligentia of our society, who ridiculed A.Raja for 1,76,000 crores chose to shut their mouth and other openings of their body about M.M.Singh where in his case the loss figures is around 10,00,000 crores. No public agitation or outcry. Are we not Mango people in banana republic?
To control Dengue, here is an minister who suggest school children to use full pants to avoid Mosquito bites. He is also suggesting to kill female Mosquitoes. My mango mind thinks how would you identify female mosquitoes to kill or why not you kill all mosquitoes? No public agitation or outcry. Are we not Mango people in banana republic?
When my salary risen from 6000 to 60000 with no apparent or little change in my life style or savings it is very clear that it is not growth but inflation effect. No public agitation or outcry instead we are made to pray that real estate should not fall as our hard earned money is converted to flats we bought at exorbitant jacked up prices. Are we not Mango people in banana republic?
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