Wednesday, February 13, 2008

Unholy cartels are the worst enemies of the free market system

[Corruption in the RTO is not a matter between individual applicants and officials. Rather, it is an organised racket where dozens of agents have long-term relation with several officials, with a complete understanding on payments for passing various papers without due scrutiny. -- Regulating the regulators: Regulations and regulators are an inescapable part of any liberal democracy. But regulatory failure is as common as market failure, says Swaminathan S Anklesaria Aiyar, ET Wednesday, 13 February, 2008]

[Subprime impact: Who will rate the rating companies? Rating Cos’ Role In The Crisis Has Prompted Calls For A Total Revamp Of Existing System -- Joe Mysak NEW YORK THE cry has gone up again to fix the companies that grade securities… The pundits say the raters helped produce the current crisis because they assigned high grades to the crazy collateralised-debt obligations stuffed with subprime mortgages that are at the centre of this mess... Bloomberg, ET Wednesday, 13 February, 2008]

Raj Thackeray has been arrested and outsiders are to be strictly monitored in Chennai. New grouses are emerging in the age of Globalization which cannot be simply brushed aside by saying chauvinism bares its ugly face. The issues need to be discussed threadbare.

Raj is complaining against cartels that the outsiders forge to keep the locals out. Unholy cartels are the worst enemies of the free market system. Unholy coalitions among the political parties also vitiate the body politic. Unholy initiatives like Christian subsidy crop up as a result. [TNM]

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