Thursday, February 26, 2009
India May Get Junk Rating
India is now about to achieve the dubious distinction of earning a junk credit rating on borrowing. So much for the claim about Manmohan and Congress having been architects of India's economic liberalization -- a credit which we all know was stolen from Narasimha Rao. As we can see from Manmohan's ongoing mismanagement of the economy, the description of him as a father of economic reforms has always been a charade.
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while there is no doubt that the economy is going in the wrong direction, thanks to 'economist' Manmohan Singh and 'Harvard' Chidambaram, we also need to take these rating agencies with a pinch of salt.
These are the agencies which rated AAA (or whatever denotes the highiest) to all tained stocks like enron, BearStearns etc. These were caught pants down...
The american agencies' ratings are more like the western awards like 'Oscars' and 'Nobel prize'.
We also need to come up with our own rating agency.
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