Money Talk

What a pity when almost all would-be and prevailing democracies build pipe dreams in the minds of people and claim it rewards hard work and is accountable to the people. Its quite contrary to reality. America is a beacon of a true democracy in action and you can even say its a star in that sense. But do you think the largest democracy in this world - India - is in any sense a fair society that is accountable to the people. Most informed people would disagree even within India. Leave alone in other less diverse geographical locations. The true power of democracy cannot be achieved by just uttering the word democracy and by merely having a constitution and a government elected by the people. Success comes not from these. It comes from a fundamental trait exhibited in civility. A commentator recently mentioned in BBC radio that America's success overall is largely dependent on the foundations of a civil society that emulated European based laws. I cannot agree more fully when I

Some analysts have said the housing market is stabilizing because the rate of foreclosures slowed last month and seems to trend that direction. But I understand that this recession is way different from any previous ones in history. It is treating the US-housing a 3-fold blow and is in waves. The downturn started with the unsustainable house prices and the novel loans the banks sold to naive consumers. The second downturn was due to growing unemployment that followed and is still a contributing cause. If predictions are to be believed the third will be due to a high number of mortgages that are going to reset in the second half of 2010. Have to see if there is going to be an effective antidote showing up during the ensuing months.