Hillary Clinton Plumbing the Depths

Hillary Clinton seems to have become very desperate and is willing to do anything to become the President of USA.

Her invitation to Barack Obama to be her Vice-Prsident is one such low. Besides being desperate, it is also very stupid. Why would Obama who is leading her in the Primaries accept a second position? And if as she has repeatedly said that Obama is not Presidential material on a/c of his inexperience, how can she ask him to be Vice President which gives him a chance to become President should something happen to Hillary ? Does not make sense at all.

In fact viewed against Hillary's record, all her wrong experience seems to be of no good use to America. I am reminded of a quote about experience-'My father always said he had 40 years of experience but what he really had was one year of experience repeated 39 times'.

Hillary has also stated that a Republican would be a better President than Obama.
Is she hoping to scare the Democratic voters ?

It appears that the Democrats have lost a golden chance to reover the Presidency. After the disastrous Bush Regime, the Democrats had a very good chance as the country is crying out for change to put things right ASAP. But all the Democrats could come up with was Hillary who is hated as much as George Bush and Barack Obama who may not appeal to many (let us be frank here) because of his colour, background and lack of specifics.

I am afraid if Obama is nominated for the Democrats then between the convention and the Election date many mainstream Americans may have second thoughts about having an African-American as President and could use his lack of experience as an excuse to vote Republican.

So it looks like John McCain can trounce either Obama or Hillary in the election and help the Republicans retain the Presidency. He has all the experience, war hero appeal, good -looking wife and he could appeal to disaffected Democrats as well.

But what would really make the race interesting is if McCain picks a woman or black as his running mate. Then he is sure to win.

Clinton and Obama are splitting the Democrats and whoever is nominated will find it very difficult to fight against a McCain slate with a woman or black as a running mate.

May be McCain can go one better and select Condi Rice as his Vice-President and thus appeal both to the blacks and women.

Farm Loan Waiver in India-Bank Managers are happy

I am sure thousands of Bank Managers in India are saying thanks to the Finance Minister for announcing loan waiver to small and marginal farmers amounting to $15 billion.

These loans have caused much headache and footwork for the Bank Mangers tasked with recovering them. The Indian banking and legal system being what they are, these loans had to be meticulously documented,and the loan documents kept alive by regular acknowledgements from the borrowers. The loan servicing was a big job, with regular visits and writing of reports. Many of the loans had to be first classified as difficult then doubtful and annually audited with voluminous reports. Then the individual banks had to claim reimbursements for these doubtful loans from another Government Organisation. The carrying cost of these small loans was much more than the original loan amount and the process took a few years.

Now with a single step, the Finance Minister has enabled the Banks to remove these loans from the Banks' books and give immense relief to the Bank Managers.

There are similar loans to other small sectors like small businesses which may also have to get similar relief in future.

In fact there was a joke doing the rounds when such loans were given under political pressure in Loan Melas: 'why not disburse the loans directly by debiting the Profit and Loss A/c, saving trouble all around and also get tax relief'.

It is great to see that the Finance Ministry has realised this atleast now and has taken the first step.

Also, it is only just that the economic prosperity that many sectors in India are experiencing in the last few years be shared with the small and marginal farmers, who are not able to otherwise participate in the boom, by leaving their farms and joining call centres.

The Congress Party came back to Power because of the disaffection of marginalised populace who could not benefit immediately from the booming economy, so it is right that the Party gives something back to its consitituents.

In the process the Banking sector gets a much needed clean-up and the Bank Managers have been made happy.

Win-Win for all concerned.
Bravo, Mr Chidambaram.