| Call rate on 14th | 9.95% |
| S&P 500 returns | -0.53% |
| VIX | 55.13 |
| Nikkei 225 (9:33 AM IST) | -0.70% |
| US Financials index | +4.55% |
| ICICI Bank ADR | -0.94% |
| Currency futures (9:33 AM IST) | 48.67 |
- RBI liquidity support of Rs.20,000 crore for mutual funds facing redemptions, but see this and this also.
- Ben Bernanke speaks, in Wall Street Journal.
- Gordon Brown will will be in the history books for having put UK financial and monetary policy on a sound footing, and having played a key role in solving the Panic of 2008.
- Some firms in India are booming in this time of distress in the US.
- Creative destruction in hedge funds.
- David Brooks is pessimistic about how US economic policy will shape up in an Obama presidency.
- Buying gold is a vote of no confidence in civilisation in general, and fiat money in particular. As the current joke goes, one man says to another: "The global financial crisis is making me really pessimistic. I'm starting to buy gold". The other replies "You're an optimist; I'm stocking up on rice".
David Brooks is a bit of a usual conservative who cant somehow seem to put his conservatism ahead of his party affiliation, unfortunately.
ReplyDeleteThere are bound to be repercussions on retail this year..too many peoples 401k are wiped out and there will be psychological damage, the movement in the polls to Obama is a clear indication.
Finally the housing market aint found its bottom yet, and we dont know what sort of strategy will be used in the bailout to understand asset portfolios of the troubled banks.
Seems we are a ways away fro this being over!
Ajay,
ReplyDeleteIt was great to be there yesterday for the meeting on the financial crisis.
Two quick queries -
I would like to hear your comments on a) the UK response to the crisis, specifically Gordon Browns response/reaction to the issue and
b) in the current Indian situation the probable fiscal policy responses (given the current political situation and the looming elections)
Rao
BHC