Shyam
I observe that, under pressure from campaigners (like Anna Hazare), the Indian government is reluctantly still trying to decide how to appear to be tackling the problem of corruption.
http://www.ndtv.com/article/
However, I would respectfully-suggest to your free-thinking readers that, if they take the time to examine the wider-picture, all this apparently laudable activity in India, is merely the equivalent of trying to catch (and to re-arrange) one sliding-deck-chair on the rapidly-sinking Titanic.
It is generally accepted that the current world economic crisis (which is probably about to turn into another Great Depression) was triggered by a chain-reaction of related-frauds perpetrated by the greedy, and increasingly-desperate, bosses of American financial institutions. These wealthy crooks, gambled that they would not be held to account, because their government (influenced by their own agents occupying key-positions in the Federal Reserve) could easily be made to feel obliged to print, and/or borrow, and inject into their collapsing-criminogenic system, vast sums of money (the interest on which would ultimately be born by ordinary tax-payers), believing this fundamentally-unjust strategy to be the only way to stop the entire global economy from collapsing. However, various well-informed observers (like William K. Black) warned that 'bail-out' was only a way of delaying the entire global economy from inevitably collapsing.
Instead of a corrupt doctor's prescription of a diluted socialist medicine to cure the symptoms this purely-criminogenic cancer dressed-up as 'free-market capitalism,' intellectually rigorous, and honest, commentators simply called for the underlying problem, fraud and corruption, to be cut-out, and for the rule of law to be restored in the USA.
In brief, the real position is as follows: Right under the noses of stupid, and/or lazy, and/or corrupt, US financial regulators, on the obviously-specious grounds that the value of American real-estate would continue to increase ad infinitum, a significant number of major, and minor, American financial institutions all began to make apparently 'secure and profitable,' but actually unsecured and catastrophic, mortgage loans to countless, aspiring poor persons who had no means of repaying them. However, since it appeared that the high-levels of projected-interest from these 'liar loans' was going to boost the lenders' profits, the individual bankers who approved them, pretended success; thereby, allowing them all to keep claiming increasingly-juicey, but fraudulent, commission, and bonus, payments on theoretically-expanding profits which couldn't actually exist. Thus, it became in the short-term financial interests of all these greedy criminals, to ignore reality and keep approving more and more 'liar-loans.' Consequently, they were aggressively-marketed.
When the American real-estate market inevitably began to stagnate and the bosses of certain American financial institutions faced the reality that, eventually, they could be left collectively-holding trillions of dollars of effectively-worthless assets, they conspired to get rid of their stinking heap of toxic-debt; so-they packaged it up, gave it various sweet-smelling labels and fake ribbons of approval, and began to peddle it to countless ill-informed victims all around the world as a 'secure investment.' However, since there was too much of it, the same criminals (knowing that their economically-suicidal enterprise was on the point of collapse and exposure) took out insurance to protect themselves. This had the added-effect of pushing one of the world's largest insurance companies, 'AIG,' into a position of insolvency.
To date, despite billions of tax-payers around the world being penalized by the resulting-economic-crisis, no one responsible for perpetrating, or permitting, these frauds has been indicted by the US justice system. Furthermore, we do not yet know what the final catastrophic results of allowing these historically-significant crimes to go completely unpunished, will be.
David Brear (copyright 2011)
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