Memories of Another day
While my Parents Pulin babu and Basanti devi were living
Friday, October 3, 2008
False Pull Out Drama Enacted by Ratan Tata. Already Stripped of Five thousand Acres Land Almost Free Pantnagar Rejects Nano. Auto Industry Would Not S
False Pull Out Drama Enacted by Ratan Tata. Already Stripped of Five thousand Acres Land Almost Free Pantnagar Rejects Nano. Auto Industry Would Not Spare the AIG Cursed Tatas as Shifting the Project Happens to Be a Part of Hard Political Bargaining. Bailout fails to Revive the Global Economy!
Troubled Galaxy Destroyed Dreams
Chapter 77
Palash Biswas
History of Jamshedpur, Sakchi, Kalimati or Tatanagar ...
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Jamshedpur - Wikipedia, the free encyclopedia
Rail: Tatanagar (Jamshedpur) is an important railway junction on the South Eastern Railway and is connected directly to all the major cities of India, viz. , ...
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STARVATION AND THE RIGHT TO FOOD IN JHARKHAND Bela Bhatia and Jean ...
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STARVATION AND THE RIGHT TO FOOD IN JHARKHAND. Bela Bhatia and Jean Drèze .... The people of Kusumatand are trapped in a vicious circle of poverty, hunger, ...
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Starvation deaths in Jharkhand villages. By A Correspondent ... Not a single BPL (below poverty line) household in the crowd had received any grain from the ...
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6 Nov 2005 ... This is only possible through industrialisation. There is no possibility of socialist industrialisation in West Bengal at the moment, ...
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5 May 2007 ... Like any predominantly agricultural economy, West Bengal (WB) too needs to go in for a strong drive for industrialisation.
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India's Tata Motors has announced it will move production of its low-cost car, after weeks of violent protests in the country's east over a land dispute.Tata Motors poured 350 million dollars into the Singur plant.Its finances are already under pressure from digesting its 2.3-billion-dollar purchase of British motoring icons Jaguar and Land Rover, and from slowing domestic sales, analysts say.Tata officials have said the first Nanos could be made at other Tata plants and the company has been flooded by invitations by other states to set up a full-scale Nano plant.The factory was set to manufacture what is being called the world's cheapest car - the Nano - priced at around $2,000.Work there was shut down for several weeks after deadly protests by the state's main opposition party Trinamool Congress. Opposition leaders have said local villagers were unfairly compensated for their land, which was used to build the Tata factory.
Ratan Tata claimed that he could have built the Nano plant in other parts of India with better infrastructure but had wanted to develop under-industrialised West Bengal "as our gift" and had not "come to exploit people."West Bengal Industry Minister Nirupama Sen said the Tata decision "will have a chain reaction in the industrialisation of the state."Efforts to resolve the land dispute failed, with protesters recently rejecting a government offer to return 30 hectares of land.
But others said the battle had underscored the need to reconcile the needs of big business with those of ordinary citizens displaced for industry.The Tatas had said they hoped to roll out the car this month and December by the latest. They did not say where they would build the new plant.
Believe me, False Pull Out Drama Enacted by Tata Supremo and supported by the Marxist Gestapo head Buddhadeb Bhattacharya is a sexy Reality show catered by the FDI fed Toilet Media! It doesn`t match the realities of either Industry or Politics! India's Tata Group announced Friday it was scrapping a plant in eastern India slated to turn out the world's cheapest car after weeks of violent demonstrations by farmers whose land was seized.The row over the high-profile Nano plant in Singur on the outskirts of West Bengal state capital Kolkata had emerged as a symbol of the clashing interests of India's small farmers and industry.The announcement of the plan to relocate production of the Nano came after construction of the 90-percent completed factory in Marxist-ruled West Bengal was halted when protests made work impossible.
Terming the Tata Motors' decision to pull out of West Bengal as a "joint game plan" between the auto major and the state government, Trinamo
ol Congress chief Mamata Banerjee on Friday said it would be "unfair" if the Tatas blame her party for their decision.
"The entire issue is a joint game plan by the Tata Motors and the CPM. The decision to shift the Nano unit from West Bengal is simply an outcome of a political joint venture between both parties - Tatas and the CPM," Banerjee told reporters here.
"The Trinamool Congress never wanted Tatas to shift their small car unit from Singur. We reached an accord Sep 7 saying that both Tatas and the ancillary industries would stay in Singur, but the interests of the farmers who had given land for the project, should also be taken care of by the government."
"We still believe industry and agriculture can go hand in hand," she said, adding, "now it'll be unfair if the Tatas blame Trinamool for their decision."
U.S. Secretary of State Condoleezza Rice is arriving in India to discuss the U.S.-India civilian nuclear agreement, which has received approval in the U.S Congress. Anjana Pasricha reports from New Delhi, India's communist parties, who oppose the deal, plan to hold protest demonstrations during the visit.
Secretary Rice will hold talks Saturday with Indian Prime Minister Manmohan Singh and Foreign Minister Pranab Mukherjee on the civilian nuclear pact, which the U.S. Congress approved this week.
The agreement ends a ban on sale of civilian nuclear technology and equipment to New Delhi, which was imposed in 1974 when India first conducted nuclear tests. India has not signed the Nuclear Non-Proliferation Treaty.
Former Indian foreign secretary and former Indian ambassador to the United States Lalit Mansingh says the pact represents a "big step forward" for India.
"Its real significance lies in the fact that the entire key to unlocking the three-and-a-half decades of technological isolation, these keys were in the hands of the United States," he said. "So, finally, the U.S. has come around to giving us the opening. Historically, it is very significant. Americans who took the leadership in imposing sanctions on India have finally helped India get out of it."
You cannot run a plant when bombs are being thrown, you cannot run a plant when workers are being intimidated," Ratan Tata, chairman of one of India's oldest industrial houses the Tata Group, told reporters in Kolkata.
Farmers and activists led by Mamata Banerjee, the fiery chief of the regional Trinamool Congress party, accused the state government of forcing farmers to give up their fertile land for a pittance to make for the plant.
"If someone had put the gun to my head I would not move away but I think Banerjee has pulled the trigger," Ratan Tata said, referring to Banerjee's unyielding opposition to the plant.
Trade lobbies said the problems that engulfed the Nano, due to be sold for 100,000 rupees (2,150 dollars), were a blow to India's efforts to woo badly needed foreign investment.
"Given the global turmoil, foreign investors could decide to go to safer destinations and not come here," said Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers.
Industrialisation has been long championed by government officials as a way to pull tens of millions of Indians out of grinding poverty.
But across India, land for factories has turned into a battleground and the Nano row was projected by some observers as a test case for industrialisation.
There has also been violence in Orissa state over South Korean steel giant POSCO's plans for a 12-billion-dollar steel plant, and clashes over plans for other Special Economic Zones, a part of the big push for industrial expansion.
Accompanied by break dancers, executives at Chevrolet unveiled a car on Wednesday that the company hoped would lure American consumers out of Toyota and Honda showrooms and broaden the American carmaker's appeal in international markets.General Motors' decision to show the car here, on the eve of the Paris auto show, reflected its increasing dependency on its international markets for its sales and car development.The car will be built in South Korea as well as in St. Petersburg, Russia, and Lordstown, Ohio. Chevrolet plans to start selling the car in Europe next year, with other regions, including the United States, to follow in 2010.Ford has taken a similar approach with a new version of the Fiesta, a subcompact car that was largely developed in Europe, on a platform shared with Mazda of Japan, in which Ford owns a strategic stake. Manufacturing has begun in Cologne, Germany; the Fiesta will also be built in Valencia, Spain, and in China, Thailand and Mexico. It is scheduled to be introduced in the United States in 2010.
Industry analysts also see the Cruze as a forerunner in the industry's shift to better-equipped, fuel-efficient small cars that can actually be profitable.
Another American automaker, Chrysler, has stopped short of its bigger rivals in global product development. Instead, Chrysler is looking to outside suppliers to try to compete in small cars. Chrysler has reached agreements with Nissan of Japan and Chery Automotive of China to export cars to the United States and sell them under Chrysler brand names.
With fuel prices hovering near record levels, GM and its Detroit rivals, Ford and Chrysler, have been struggling to respond to a shift in demand from consumers, who are abandoning gas-guzzling trucks and sport utility vehicles in favor of smaller, more fuel-efficient cars. To fill the gaps in their United States lineups, the Big Three American automakers are turning to their European and Asian operations or foreign partners.
I have been watching the development and browsing TV Channels and NET. The Media is misleading the Politicians and defending the Corporate interests out and out. As the media presents misleading facts, events, truth and analysis of Corporate versions, political initiative based on Media reports are bound to be in the interests of the Corporate. Thus, the Political leadership is quite unable to assess the situation and the pressure mounts to strike a Deal as wanted by the media. Two instances are eye Opening. First : The Nuke deal. Second: the global financial crisis. Media campaigned for Furious Security Forces. Thus, security forces got everything they wanted. But the same media never pressed really hard for the working Journalists! Why?
This Indian Media is a snake which eats its own tail!
VOA's Raymond Thibodeaux reports from Barispada, near the Nano factory, which is just outside Kolkata, the capital of India's West Bengal state. Indian carmaker, Tata Motors, plans to launch the world's cheapest car, the Nano, in October. But the Nano plant in West Bengal has run into serious trouble from protests by local activists
"We support Mamata Banerjee." "We want answers." "We want answers from Tata."
These were some of the slogans shouted by tens of thousands of people during Tuesday's protests at Tata's sprawling Nano factory in Singur.
Mamata Banerjee is chief of the Trinamool Congress, the opposition party in West Bengal. She has taken up the plight of more than a thousand farmers in Singur who have been displaced by land buyouts to make room for Tata's 400-hectare car factory.
Banerjee, farmers and other opposition parties have staged massive protests that have virtually shut down Tata's Nano plant, which could stall the carmaker's October rollout of the world's cheapest car.
"Singur is a role model for the whole world," said Becharam Manna, the local vice chairman for the Trinamool Congress Party. "They have set an example before the world and for Third World countries where the big corporate houses come and grab the land. They have stopped that."
Tata motors have decide to pull out of Singur in West Bengal. Now the Tata’s are mulling the possibility of taking the ‘Nano plant’ outside of WB; the name of Gujarat and Karnataka are being discussed in various TV channels as of now.
Earlier on Friday Ratan Tata met West Bengal CM Buddhadeb Bhattacharya and in a press conference following the meet Ratan Tata made an formal announcement to this effect.
I called my old friends and the Women Activists in Uttarkhand only yesterday. They assured me, the Uttarakhandi people are Ready like well trapped Mines to resist any Land Acquisition bid by the BJP led fascist Government!The women of Uttarakhand are best known for their role in Chipko, Mahtosh, Anti Drug Job and Uttarakhand movements. They are like any woman representing the strongest resistance forces in this Universe. My friends are most active social activists and the Bengali as well as Sikh Refugee populations consist my Family! We are a connected people,mind you!
Mind you, there happens a different Bengal in Uttarakhand, contrary to the reports published in Anand Bazzar Patrika. The mass of land close to the Pantnagar university belongs to partition victim Bengali as well as Sikh refugees who are well accustomed to the language of resistance as well as Insurrection. We promise you a stronger Singur and a Mightier Nandigram in Nanital terai if the state government ever dares to follow Buddha`s ways of capitalism.
You may contact me any day calling me on: 09903717833
Ratan Tata said that he genuinely regrets taking this decision, that too on the eve of 'Durga Puja', but added that question mark over the security of the employees and contractors associated with the 'Nano plant' has forced the company to take this decision.
Already stripped of more than Five thousand acres of prime land almost Free, the Prime Agricultural University in Pant nagar may not afford giving up a single inch land as the Teachers, Staff and Students now realise how the Uttarakhandi Man of Development, then chief Minister ND Tiwari betrayed the University and the people on the name of Development, Urbanisation and Industrialisation living to his reputation of always being closest ally of Land Mafia in Terai!
Tata Motors got the piece of land, one thousand acres at the rate of Rupee One per acre only. Sidcule acquired four Thousand and five Hundred acres of land from Pantnagar University spread over Fullbagh, Haldi, Mota haldi, Nagla and matkota. Five hundred acres of land was also acquired to create infrastructure of newly created Udham singh Nagar district headquarter!
Pantnagar was the mother of Green Revolution changing the Food security scenario. The university have been experimenting to invent Seeds, Fertilisers, Chemicals, Pesticides, agricultural tools since then. Gene technology, Bio technology, Fishery, Veterinary and so many disciplines need land to continue higher education,research and development. The Rural changes in Human scape as well as landscape in Western UP, Hariyana and Punjab owe much to this University!
Mind you, during ND tenure, BJP and NDA threatened to cancel the Land Acquisition provided they return to power. What happened?
Just see the National equation!
How NDA, UPA and the Left defend US corporate interests? How they follw the dictations? How Civil and human rights are violated? How Nationalities are crushed mercilessly! How there happens none of the mainstream mass movement present before LPG!
Security forces, Administrative officers and Government employees are appeased while the Scribes got only thirty percent interim relief after so much delay! What happens to public grievances despite the much hyped RTI Act!
Bengal was prohibited zone for the Aryans even in Middle age! The Kol, Bheel, Munda, Snthal, Pulind, Chandal and dom were the aboriginal indigenous communities demonised by the defeated Aryans, inhibited Bengal. Until the Pal dynasty, the aboriginal indigenous people who had origin in Negro pan African Black gene, later mixed with Australoid, Dravid, Mongolian and Aryan blood! Where they stand now?
Singur crisis has heightened the eviction of aboriginal and indigenous people. The Resistance hegemony never recognises the Black untouchable Power House!
This morning I warned my Hawker that he should not supply the Trash Desh Patrika. It has published a cover story focusing the URBAN Metro psyche, lest the educated middle class have not to become Agrarian once again! Desh has published another story supporting Retail Chain! It supports US Corporate Imperialism and the strategic realliance in US lead. It defends War against Terrorism. It sponsors the Brahminical hegemony and dominance of Brahmins in every sphere of life. I hanged with it to know the Ruling Class psyche and make myself update with activities of West Bengal branded obscene Brahminical nationality! But the manner in which Marxist ways of capitalism, Persecution and Repression and The Marxist Gestapo as well as Brand Buddha are defended, it has become unbearable!
Dr Amartya Sen jumped in the Arena!
So jumped former Indian cricket captain, Saurabh Ganguli!
All in defence of Fascism! Imperialism! Manusmriti! Apartheid! Industrialisation! urbanisation! Retail Chain! Chemical hubs! Nuclear Parks!displacement and Massacre! In support of Salim and Tata!
Tat is identified as the saviour of Bengal as Sunil Gangopadhyaya and Pabitra Sarkar happen to be the saviour of Bangla Nationality! CPIM poses as the saviour of SC, ST, OBC, Rural Population, Landless and underclasses, indigenous communities, nationalities and minorities!
Political Truth happens to be quite different!
Nuke deal supports the destroyed super Power war machinery as well as Economy! It saves Americanism as well as US Strategical interests galaxy wide! It intensifies War against terrorism. It shifts the war and civil war in Asian geopolitics.
Thus, Mc Cain as well as Barrack Obama voted in favour. The Senate registered only thirteen votes in opposition!The U.S. Senate has approved a landmark agreement to end a 34-year ban on U.S. civilian nuclear trade with India. The 86 to 13 vote, coming four days after the House of Representatives endorsed the pact, hands President Bush a key foreign policy victory in his remaining months in office. VOA's Deborah Tate reports from Capitol Hill.
The agreement offers India, which has never signed the Non-Proliferation Treaty and conducted nuclear tests in 1974 and 1998, access to U.S. civilian nuclear technology. In return, India has agreed to open its non-military nuclear sites to inspections by the International Atomic Energy Agency (IAEA).
While the US House of Representatives rejected the Paulson Bail Out Plan! Senate passed a Modifies bail out covering the Investers`, depositors`, shareholders` interests!In a 263-171 vote, the U.S. House of Representatives has approved a measure aimed at rescuing U.S. financial markets, just days after rejecting a previous version and sending stock markets reeling. VOA's Dan Robinson reports from Capitol Hill, Democratic and Republican leaders were able to sway a sufficient number of opponents to vote yes on the legislation, which is considered an imperfect but necessary short-term effort to address the financial crisis.
Nobody in the House wanted a repeat of the negative House vote last Monday that triggered the largest ever single closing point loss on Wall Street, which helped spur the Senate to adopt a revised version in a 74-25 vote on Wednesday.
In floor debate in the House on Friday, supporters, including House members who previously opposed the measure, referred to the dangers of inaction and potential ripple effects through the economy, while others underscored their continuing opposition.
Any Bloody fool would understand the game! But Big Boss never understands. The King Singh never understands!
The top U.S. presidential candidates say the latest unemployment numbers make it much more important for Congress to act quickly and responsibly to address the country's financial crisis.
Republican John McCain and Democrat Barack Obama released statements Friday, calling on the House of Representatives to pass a financial bailout package for troubled financial institutions.
Both candidates are U.S. senators, and voted in favor of a revised rescue plan earlier this week.
McCain says Friday's jobs report from the Labor Department shows the nation's economy is on the wrong track. He says if elected president he will "clean up the mess" created by the greed of financial firms, and fix the root causes of the crisis.
Obama says if elected he will rebuild the middle class and create millions of new jobs by investing in the country's infrastructure and in renewable energy.
Any new set up for Nano would take at least three years hence! The Auto Industry would not wait for the Tatas!
What is the connectivity of Pantnagar?
What market is targeted by Tatas for Nano Launch?
Why Kerala evicted Tatas from a piece of land?
Why CPIM protests Tatas in Orissa as well as in Karnataka?
Why Tatas were pushed out of Tamilnadu during Jailalita Tenure?
Why Chilka Project was rejected?
Is the law and Order position in Gujrat is better than West Bengal!
Just address the questions and analyse the fact, you would know how hard happens to be the Political bargain!
Media, Muscle Power, Money and civil society are used simultaneously to siege Mamata Bannerjee! At the same time , it is a Time Pass game. Riz Subversion drama has just began. Any flareup in Darjeeling would rather help the Brahaminical hegemony! Let the festival season be over, ten you would see the exposed vicious faces of the ruling Gestapo! Just look how opportunists seem to be the Ideological Left Partners Forward Block, RSP and CPI!
Just remeber Marichjhanpi, Keshpur, Nanur, Purulia armsdrop, Land thept in Shantiniketan and the graveyards of Bengal Jute, Cotton and tea, the closed Fifty six thousnad factries in bengal and the prevailing Promoter raj, Builder raj in sub Urbans!
What happened in Jamshedpur ? What the hell of development and change is attributed to Tatas in Singhbhoom and Jharkhand , their home Turf?
The US Senate passed the Indo-US civil nuclear deal with an overwhelming majority and is expected to be signed by Mukherjee and his American counterpart Condoleezza Rice on Saturday.
The de facto Prime Minister, anti Indigenous, anti dalit, anti Black , anti Muslim and anti Refugee Brahminical head from Keernhar, Pranab Mukherjee did everything to make India the colony of United States of America. He was second in Command in Indira Ministry while India was considered Anti US. Now, he holds the same position or more than that under a Planted prime Minister!
We are well aware of NDA and Marxist opportunism to kill Anti fascist ant imperialism movement in India.
Invoked is the Nuclear Durga and the Goddess of Indigenous Killing has to depart on NANO! It is Mythical bengali nationalism which is as per as the blind nationalism always ready to import Wars and civil wars in Asia.
Neither the NDA nor the UPA ever went against Corporate, MNC, India Incs, Builder, promoter interests as it may never dare to question US dictation!
Congress never intervened in Singur or Nandigram. LPG driver, SEZ Chemical nuclear Queen the Italian Sonia Gandhi now heads Peasants movement and she stands quite shamelessly with Ms Mamata Bannerjee!
What a Misinformation campaign have they launched!
Just see!
India said on Friday that despite the nuclear cooperation agreement with the US, the country still retains the right to conduct a nuclear test, while others have a right to react to such an incident.
"...India has the right to test, others have the right to react," External Affairs Minister Pranab Mukherjee when asked to comment on India's options to conduct an atomic test after signing the Indo-US nuclear deal.
However, India had declared a voluntary moratorium on future nuclear tests after the 1998 atomic tests at Pokhran in Rajasthan, Mukherjee told a news channel.
"In regard to testing, I have already stated we have voluntarily declared moratorium on the further tests and we will continue to bind ourselves by this book," he said.
However, the minister made it clear that New Delhi would not like to convert the voluntary moratorium on testing into a treaty-bound obligation.
"We would not like to convert this voluntary moratorium into a treaty-bound obligation. That position has been maintained," Mukherjee said.
The nuclear deal with the US has opened nuclear trade to those countries which are interested in having the commerce with India, he said.
Mukherjee said India's nuclear trade will depend on the type of bi-lateral, bi-party agreements which will have to be entered into with the countries concerned.
After the US Senate's approval of the Indo-US civilian nuclear deal, it is estimated that with international co-operation, nuclear power in India could increase fifteen fold to over 60,000 MW by 2030 from the present 4,120 MW, according to a study.
A nuclear power program with the limited import of 30 to 40 light water reactors (1000-1600 MW each) enabling capacity addition in a relatively short period would require about Rs 30,000 to 40,000 crore per year for next two decades, said the study carried out by a Bangalore-based Centre for Study of Science, Technology and Policy (CSTEP).
Who willbe benefitted?A very large fraction of this investment would be spent in the country itself and would provide opportunities for Indian industries to contribute in a major way. The availability of adequate number of skilled workforce is going to be a challenge that India would face, CSTEP's Director Dr Anshu Bharadwaj said on Saturday.
Addressing the media after meeting with Chief Minister Budhadeb Bhattacharjee, Ratan Tata, however, said that Nano will come out as per the committed time.
"Nano will come on time. We will make make-shift arrangement to meet deadline," Tata said.
"We regret the decision. But there was little choice but move out of Singur,” he said.
The move has been prompted after taking into account issues such as well-being of its employees at the project and safety of contractors as well as that of its vendors.
The persisting agitation by the Opposition parties has been the sole reason behind the decision to pull out the project, he said.
The company is exploring offers from three-four states about the new site of the project and the new location would be announced soon, Tata said.
"There was little choice but to move out of Singur," 70-year-old Tata said.
The Rs 1,500-crore project was announced in May 2006 for which the work started in January 2007. It ran into rough weather with the Trinamool Congress strongly opposing the land acquisition by the state for the project.
"To the best of my knowledge, the land was acquired legally. It was done transparently and the compensation was based fairly," he said.
Efforts by the West Bengal Chief Minister and Governor Gopal K Gandhi to salvage the project turned futile with Banerjee unwilling to relent on her demand of returning 300 acres of acquired land to farmers.
Tata said the move has been prompted after taking into account issues such as well-being of its employees at the project and safety of contractors as well as that of its vendors.
On the future association of Tatas with the state, he said the group already has considerable presence here and it has not lost enthusiasm in future investment.
Tata's decision to pull out of Singur unfortunate: Forward Bloc
3 Oct 2008, 2149 hrs IST,PTI
NEW DELHI: The Forward Bloc, a Left ally, on Friday described the Tata Motors' decision to pull out of Singur as "unfortunate" and said it would pull
backward the development process in West Bengal.
"The decision is unfortunate. It will pull backward the development process in West Bengal," Forward Bloc Secretary G Deverajan said.
He said the Left Front government in West Bengal had done enough to ensure that the Tata's Nano plant remain there.
"We don't know what all 'interests' had played so that Tata has to take such a decision," he said.
Rahul cultivates son of soil image
3 Oct 2008, 0815 hrs IST,TNN
KOTA: Rahul Gandhi, after having shared the grief of victims of the temple stampede in Jodhpur, made a 24-hour foray into a tribal region in Kota. HeCongress General Secretary Rahul Gandhi takes part in a 'Shram Dan' (voluntary labour activity) at Pinjra village in Rajasthan. (PTI Photo)
More Pictures
shared dal-roti-aloo with a tribal family, lent a helping hand to villagers in digging a pond as he sought first-hand account of the implementation of NREG scheme and took 'sewai' with a Muslim family. And, on his way back to the airport, stopped for Rajasthani 'Kachori' that was far too spicy for him.
So, was the visit linked to the ensuing Assembly polls in the state? "No", said Rahul Gandhi. Media and local politicians did not get a whiff of the AICC general secretary's visit to the villages near Kota. Some journalists, however, managed to catch up with Rahul Gandhi, at an NREG work site at Pinjani, about about 50 km from Baran district headquarters.
He said he came to the village on Gandhi Jayanti with a social objective. "Youth shall have to play a positive and constructive role in building the nation," he told the media. He said he wanted to see the poor tribals and take a closer look at their problems. "I have been touring the country and staying in villages to understand the rural people and these visits are apolitical," he added.
The Gandhi scion flew into Kota's small airport on Wednesday evening from Jodhpur. After interacting with tribals, including groups of women, in Amrauli village, Rahul had dinner with a tribal, Birbal, and his family members. He went to bed well past midnight and slept on a cot even as SPG provided him a three-tier security cover.
On his way back on Thursday, he stopped by at Pinjani village on Kishang anj-Bhanwarg arh road to meet the labourers engaged in digging a pond under the National Rural Employment Guarantee Scheme. He not only spent time with the labourers, but also lifted mud like them during his two-and-a-half hour stay at the work site. At Bhanwargarh, he visited the office of an NGO and stayed there for some time. From Bhanwargarh he moved to Pinjani village.
http://timesofindia.indiatimes.com/Rahul_cultivates_son_of_soil_image_shares_tribals_woes/articleshow/3554705.cms
In the league of extraordinary PMs
3 Oct 2008, 0356 hrs IST, K Subrahmanyam
Manmohan Singh calls himself an accidental Prime Minister. Be that as it may, with the Indo-US nuclear deal and consequent liberation of India from tPM extraordinaire
he 34-year-old technology denial regime, he has secured his place in history as one of the notable prime ministers of this country.
He joins the ranks of Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi, Rajiv Gandhi, P V Narasimha Rao and Atal Bihari Vajpayee in shaping and advancing India’s progress in international politics.
Nehru formulated India’s non-aligned strategy, not non-alignment as a doctrine. Shastri thwarted Pakistan’s carefully laid plans to seize Kashmir and humiliate India.
Indira Gandhi won the Bangladesh war and conducted Pokhran nuclear test. Rajiv Gandhi ordered the assembly of nuclear weapons when his far-sighted nuclear disarmament plans were ignored by the UN.
Narasimha Rao nurtured the nuclear arsenal and liberalised the economy with the assistance of Manmohan Singh. And, Vajpayee conducted the Shakti Tests and declared India a nuclear-weapons state. Vajpayee also initiated the dialogue with all major powers of the world to ensure India’s rightful place in the international system.
But it was given to Manmohan Singh to complete the process of liberating India from technology apartheid, obtain recognition for India as a power with nuclear weapons outside the Non-proliferation Treaty, but no longer boycotted by the international community. Today, India has strategic partnership with US, European Union, Russia, Japan and China. And it is recognized as one of the six balancers of power. India is invited to G-8 summit along with China.
Manmohan Singh understood well the changes in the international trends and the opportunities the post-cold-war world order presented to India. He enabled Indian entrepreneurship to take full advantage of the favourable international trends.
The result was the unprecedented 8% growth rate. His handicap was the political alliance with the Left, still steeped in Stalinist and cold war orthodoxy. This resulted in his reform programme being slowed down.
In the first four years he appears to have opted to keep the government going. However, in the fifth year he faced a choice between sacrificing the opportunity to achieve for India the liberation from technology apartheid and recognition as a legitimate sixth nuclear power, or, a few more months in office without risking a confidence vote. He decided to stake the life of the coalition government.
He succeeded in winning the vote of confidence for his government and timed it well. That timing generated pressures on international community to get India the IAEA safeguards, the NSG waiver and completion of the Indo-US nuclear deal in quick succession.
Manmohan Singh has been reviled by his opponents — that is nothing new in Indian politics. Shastri was called a ‘‘prisoner of indecision’’. Indira Gandhi was called a ‘‘Goongi Gudiyah’’. Rao was famous for his exposition that no decision was itself a decision. What Manmohan Singh has done is irreversible, just as his liberalisation and globalisation were.
In the immediate future the IAEA safeguards, the NSG waiver and the Indo-US nuclear deal are bound to be criticized by his opponents. But he has established his place in history. It is to be seen how he is going to use his newly-won clout. That will not make him a conventional politician.
His understanding of the international political and economic trends is far superior to that of most of our politicians. There is talk of his being projected as UPA’s prime ministerial candidate in the coming elections. The current achievements — the NSG waiver and the Indo-US nuclear deal — certainly justify this.
(The writer is a Delhi-based strategic affairs analyst)
http://timesofindia.indiatimes.com/In_the_league_of_extraordinary_PMs/articleshow/3554037.cms
Paris auto show debuts have Indian roots
3 Oct 2008, 0232 hrs IST, Pankaj Doval,TNN
PARIS: The Paris Motor Show opened on Thursday amid concerns over falling consumer confidence and diminishing car sales. And though Indian companies
were conspicuous by their absence, the country was not missed as three global debuts at the Show — Suzuki's Alto, Hyundai i20 and Nissan Pixo — would be solely manufactured in India to be sold globally. This shows the confidence of global auto players in Indian manufacturing.
Suzuki Alto, that will hit the European markets only next year, will be produced at Maruti Suzuki's Manesar plant and would hit the Indian roads by year-end. Here the car is known as A-Star.
The Nissan Pixo, is an extension of the A-Star, being contract manufactured by Suzuki for its fellow Japanese automaker. It is believed that Suzuki will sell approximately 50,000 units annually to Nissan. Suzuki plans to export 100,000 units of the new compact globally, while reserving 50000 units for the Indian market.
i20 is the extension of i-series cars that Hyundai is developing for tightening its grip on the global auto industry. It is manufacturing the car at its factory near Chennai, which is also home to the i10 compact.
Why are global auto makers looking at India for manufacturing base? It's the high quality of manufacuring, with Indian component offering global standards, making it easier for biggies to source parts. Tax sop offered by the government to make small cars has also made India attractive. Small car manufacturing in India enjoys half the excise duty (12%) to that charged on big cars. Adding to the Indian connection was the presence of Ratan Tata. Though Tata Motors is not a participant at the Show, he certainly has a big stake at Paris through the newly-acquired firms Jaguar and Land Rover, which have made him amongst the most sought-after auto company boss globally.
RESEARCH ANALYSIS: Thailand’s emerging eco-car industry
1 October 2008 | Source: just-auto.com editorial team
The Thai government in 2007 announced a package of incentives designed to stimulate a new phase of growth in the country's automotive industry. The incentives package for 'eco-cars' has already attracted substantial interest from international OEMs, writes Tony Pugliese.
Through the Ministry of Industry's Board of Investment (BOI), the Government is offering up to eight years' corporate tax breaks and duty-free import of related machinery and equipment to companies investing in the manufacture of small cars. The BOI set out the minimum investment requirements and specifications for the car, dubbed "eco-car" due to its low fuel consumption and emissions specifications.
The BOI hopes to repeat the success it had in developing a globally-competitive one-tonne pick-up truck industry in creating a new automotive product niche. By specifying the latest European standards in terms of fuel consumption, emissions and crash-testing, the BOI hopes to secure access for its eco-cars to the world's largest regional small-car market. Most eco-cars produced in Thailand are expected to be sold in Asia and Australia, however.
Domestic demand for eco-cars expected to be strong
Domestic sales are expected to account for a significant proportion of output. The BOI expects domestic demand for small, fuel-efficient cars in the US$10-12,000 price-range to be significant. Leading sub-compact cars currently available in the Thai market, the Honda Fit and Toyota Yaris, have minimum retail prices of US$14,000 and US$15,500 respectively.
In tandem with the eco-car programme, the BOI in 2007 announced a new package of incentives for prospective manufacturers of large motorcycles (above 500cc) - a segment that has yet to be developed significantly in Southeast Asia. The BOI is also making significant efforts to attract investment in support industries, such as in up-stream steel and other raw materials production and automotive component manufacture.
The Government has also launched a number of biofuel incentives in 2008 designed to reduce the country's dependence on fossil fuels. The timing of these announcements has left vehiclemakers somewhat dismayed, as they came after most companies had already submitted their eco-car investment proposals.
825,000 in new car capacity approved so far
So far, seven global vehicle manufacturers have been granted permission by the BOI to carry out their proposed investments in new eco-car manufacturing plants - each with a capacity of at least 100,000 units per year. A total of 825,000 units of new vehicle production capacity have been approved by the BOI, and an eighth proposal submitted by Volkswagen awaits approval. The eighth project would bring total new small-car capacity to close to 950,000 units - similar to the country's total pick-up truck production in 2007.
One of the BOI's specific requirements for eco-car investments is that actual annual production must reach 100,000 units within five years. On the basis that all seven of the already approved eco-car programmes do meet these minimum production stipulations, annual eco-car production would exceed 700,000 units by 2016. Around one-third of output is expected to be sold in Thailand. The first model, from Honda, is expected to be produced at the end of 2008.
While global demand for fuel-efficient cars is rising sharply as oil prices continue to spike, it is conceivable that not all eco-car manufacturers will meet their production and sales targets. Tata Motors looks the weakest of the group, with negligible sales volumes across the ASEAN region, including Thailand, and a poor brand image outside India. All other prospective eco-car manufacturers have strong global distribution networks and will likely do well.
Thai vehicle production forecast at over 2.1m by 2016
Thai vehicle production is forecast to exceed 2.1m units by 2016, provided that most eco-car programmes go according to plan. This would represent a 60% increase on the 1.3m vehicles produced in 2007. Some erosion will occur between vehicle segments, with conventional small cars coming under pressure as the lower-cost eco-cars become widely available across Southeast Asia. Eco-cars are expected to compete closely on price with pick-up trucks, but any sales trade-off is likely to be limited due to the significant difference in specifications and end-user requirements.
See also: Thailand's emerging eco-car industry - forecasts to 2016 (download)
http://www.just-auto.com/article.aspx?id=96178
Car industry squares up to economic storm
By Jorn Madslien
Business reporter, BBC News, Paris Motor Show
http://news.bbc.co.uk/1/hi/business/7645344.stm
The global car industry is gathering in Paris this week for its bi-annual jamboree that consists of a slew of press briefings, model launches and lavish events.
But although the parties are still large, the industry itself is dwindling - in more ways than one.
For the manufacturers, selling the biggest cars that used to bring in the most margin has become almost impossible.
During the first half of this year sales of large sports utility vehicles (SUVs) in Europe fell almost 45%, while sales of large cars and people carriers tumbled almost 30%, with executive saloons also suffering, according to Jato Dynamics.
Forecasts published by analysis firm Global Insight, ahead of the recent chaos on Wall Street and in the City, forecast a 6.1% fall in European car sales this year, with a further -albeit not quite as sharp - fall next year of 4.5%.
The slow response of most carmakers shows that the EU needs to keep up the pressure with challenging, long-term CO2 targets
Jos Dings of environment lobby group Transport & Environment
Dealers are finding it hard to raise finance for their customers, according to industry publication Automotive News Europe, amid mounting fears that Europe might slide into recession.
"There's clearly a lot of nervousness about the 2009 numbers," says automotive industry analyst John Lawson of Citigroup.
Minor models
It is not only sales and profits that have declined sharply in recent months, leading every carmaker here to look for ways to slash costs and trim their labour force.
Along with the shrinking size of the cars on offer, their fuel consumption and their CO2 emissions are also reduced - along with their prices and hence the manufacturers' profit margins.
"Manufacturers with a lead in fuel efficiency will benefit. Whether they can translate that into an improvement in profits is the question," says automotive analyst Michael Tyndall of Nomura International.
But look beyond such gloomy chatter, of which there is plenty going around in the Big Croissant these days, and there are some truly striking new releases.
BMW will introduce a petrol-electric version of its new 7 Series in 2009
One notable trend is the growing line-up of small, yet luxurious, concept vehicles such as the Audi A1, the BMW X1 - a tiny SUV - and the Mini crossover.
The idea behind all three is that drivers should not have to compromise to downsize, while the manufacturers should not have to compromise with regards to their profit margins.
Kia is here with a display of no fewer than seven versions of its boxy Soul, and there will also be a new Mazda city car.
Toyota's iQ, Hyundai's i20, Nissan's Pixo and Ford's re-released Ka add to a line-up of even smaller cars entering this increasingly crowded but fast-growing segment of the automotive market.
Changing priorities
But it is not the crowds that pose the biggest challenge for the automakers. Rather, they are faced with the eternal problem of making money from small cars.
This is made all the more difficult when the small models are brought to market at a time when the chaos on Wall Street and in Washington is whipping up waves of frugality among consumers.
We would be very surprised if many of the all-electric sports cars, and other models that have been making headlines, hit showrooms within forecast time-frames
Evert Geurtsen, Nice car company
Plug-in hybrid boosts electric motoring
So make no mistake; although many of the models will be branded as "green" in one form or another, every carmaker here knows full well that popular concerns are shifting swiftly from global warming to an international economic chill.
In such a climate, even the car industry's insistence that emissions are coming down does little to bring back the buyers.
Though while it seems the consumers no longer care about green issues in the way they used to, the regulators in Brussels do.
And according to their yardstick, the cuts are too slow. In short, the car industry is on a steadfast course towards failure. Nobody but nobody expects the industry to be able to comply with anticipated European Union legislation.
GM's Chevy Cruze will be officially unveiled in Paris
Jos Dings of environment lobby group Transport & Environment (T&E) insists that "the slow response of most carmakers shows that the EU needs to keep up the pressure with challenging, long-term CO2 targets".
And that is exactly what the EU policy makers appear to be doing, in spite of hard lobbying by the automotive industry, which is desperate to have the goalposts moved.
Car manufacturers have worked hard to have the deadline pushed back, the requirements softened and the fines for non-compliance reduced from a proposed 95 euros per gram per kilometre (g/km) for each car.
Lawmakers in Brussels last week stuck to their guns and insisted on the timely introduction of legislation that will demand that CO2 emissions be cut to an average of 120g/km by 2012, from the current EU average of 158g/km.
Industry officials insist the tighter regulations will upset the fragile economics of an industry already in trouble.
As such it could see redundancies accelerated, they argue, eventually leading to tens and perhaps hundreds of thousands of jobs being lost.
It is a paradox, some industry officials point out, that the vote in Brussels coincided with the passing of a $25bn (£14bn) support package for Detroit's Big Three carmakers - General Motors, Ford and Chrysler.
This was ostensibly to help them produce cars that emit less CO2, though rival firms see it as a protectionist bail-out package that discriminates against non-US carmakers.
Kinetic energy
Be that as it may, the stricter emission rules will nevertheless leave the automotive sector with no choice. Its search for less polluting engines must go on.
The challenge for manufacturers is to introduce more efficient engines
Much is still resting on ever-cleaner diesel engines, which have largely been pioneered by German and Japanese firms, though there is also a broader range of diesel-electric or petrol-electric hybrid models on display.
Hybrid pioneer Honda will unveil a model that aims to woo Toyota Prius customers, and there is an incredible array of light hybrids, where small and relatively unsophisticated batteries are used to store kinetic energy captured during braking.
The hydrogen story is also given a further push, with Suzuki making a splash with its fuel cell powered SX4-FCV.
Electric switch
Yet the strongest hint at what is set to drive the industry forward in the years to come lies in the battery technology showcased by a number of carmakers at the Paris show.
The production version of the Chevrolet Volt, first seen in the flesh at General Motors' Centenary in September, will be on display at the Paris show.
The Volt is essentially an all-electric car designed to be plugged into the mains. Fully charged, the car's lithium-ion batteries will give it a range of 40 miles.
That range is extended infinitely by its ultra-efficient petrol engine, which is not designed to propel the car forward as is the case in contemporary hybrids.
According to Alex Molinaroli, president of Johnson Controls Power Solutions, which produces batteries for the car industry, conventional engines are either being supplemented or increasingly replaced by electric power - whether it is generated in power stations or by internal combustion engines.
The motor show is one of the industry's key events
"Over the last three to six months, thanks to high fuel prices and the [tighter emissions] standards set in Europe, we've seen more energy and focus from the automakers than in the last three to five years combined," he tells BBC News.
Flagship models from BMW and Daimler are taking a lead in the luxury segment with the launch of a BMW 7 Series and a Mercedes S-class, both kitted out with ultra-efficient lithium-ion batteries during 2009.
Several carmakers are even testing all-electric versions of their current models, including the Smart and the Mini, with the promise that production models could be with us by 2010.
But sceptics remain.
"It's easy to get caught up in talk of an electric car revolution," says Evert Geurtsen, co-founder of the electric car company Nice.
"However, we'd be very surprised if many of the all-electric sports cars, and other models that have been making headlines, hit showrooms within forecast time-frames."
US Vice Presidential Candidates Spar on Foreign Policy, Economy
By Deborah Tate
St. Louis, Missouri
03 October 2008
http://www.voanews.com/english/2008-10-03-voa2.cfm
Republican Sarah Palin and Democrat Joe Biden debated foreign policy and the economy Thursday night in the only vice presidential debate of the campaign. Alaskan Governor Palin, a newcomer to the national stage, stood her ground during her exchanges with the veteran U.S. Senator Biden in the highly anticipated event. VOA's Deborah Tate reports from the site of the debate at Washington University in St. Louis, Missouri.
Senator Joe Biden (left) and Governor Sarah Palin during debate, 2 Oct 2008
For most of the 90-minute debate, Governor Palin and Senator Biden took aim at their opponents at the top of the ticket.
Palin criticized Democratic presidential candidate Barack Obama's stance on the Iraq war, particularly his pledge to withdraw all combat troops from Iraq within the first 16 months of his presidency, in consultation with commanders on the ground.
"Your plan is a white flag of surrender in Iraq, and that is not what our troops need to hear today, that's for sure," she said.
Biden said Obama is committed to ending the unpopular war, unlike Republican presidential candidate John McCain.
"For John McCain, there is no end in sight to end this war. Fundamental difference: we will end this war," he said.
The war in Iraq has touched both vice presidential candidates personally. Governor Palin's son, Track, deployed to Iraq with the Army last month, and Senator Biden's son, Beau, is to leave Friday for Iraq as a member of the National Guard.
Governor Sarah Palin speaks at vice presidential debate, 2 Oct 2008
Palin accused Obama of wanting to meet with Iranian President Mahmoud Ahmadinejad without preconditions.
"An issue like that taken up by a presidential candidate goes beyond naiveté and goes beyond poor judgment. A statement that he made like that is downright dangerous," she said.
Biden responded that, "He [Obama] did not say he would sit down with Ahmedinejad. It surprises me John McCain does not know Ahmadinejad does not control the security apparatus in Iran. The theocracy controls the security."
Palin and Biden both pledged to change current U.S. economic policy to benefit the middle class. Biden suggested McCain was out of touch with average Americans because he had said the fundamentals of the economy were strong just as the financial crisis broke out. Palin said her running mate was referring to a strong American workforce. She said Obama would raise taxes on Americans and small business owners. Obama has said he would cut taxes on the middle class and raise them only for those making more than $250,000.
Senator Joe Biden at vice presidential debate, 2 Oct. 2008
Biden said the financial bailout package that was approved by the Senate this week, which he, Obama and McCain all approved, could force Obama to scale back his pledge to double foreign aid.
Following several recent interviews in which she appeared hesitant and shaky, Palin appeared confident and even folksy - as she did in response to Biden's efforts to tie McCain to the unpopular President Bush.
"So Joe, there you go again, pointing backwards again. You prefaced your whole comment with the Bush administration. Now doggone it, let's look ahead and tell Americans what we have planned to do for them in the future," she said.
Palin said McCain is the candidate most suited to bring change because of his record as a maverick, taking on his own party when the time was right.
Biden responded that McCain has not been a maverick on any issue that Americans care about.
Orissa violence: 'Nun seems to have been raped'
Agencies
Posted: Oct 03, 2008 at 1742 hrs IST
Bhubaneswar, October 3: A nun was likely raped during Kandhamal violence, police said on Friday, as the Orissa government handed over to the Crime branch the probe into the alleged sexual assault of the Catholic woman over one month back after facing flak for lax investigations.
The Crime branch took charge of the probe today following a government decision after the report of the medical examination of the 29-year-old nun was collected by the police from hospital yesterday, 38 days after she was allegedly raped in a mob attack.
“The crime branch of state police under the direct supervision of Inspector General of Police (crime) will conduct the investigation,” highly placed sources said.
Four persons were arrested and Inspector in-charge of Baliguda police station, K N Rao was suspended with immediate effect as the medical report stated possibility of rape, they said.
“The woman was medically examined and the report received by us suggests possibility of rape,” Kandhamal Superintendent of Police Praveen Kumar said over phone.
According to the report of the nun’s medical examination, there was no external or internal vaginal injury, but semen stains were found inside. The nun’s clothes have been sent to the state forensic laboratory for tests.
Chief Minister Naveen Patnaik said stringent action will be taken against those who have committed the “shameful and savage” crime. “I am sure those who perpetrated these inhuman acts will be punished,” he said.
The four arrested persons are being interrogated, the sources said, adding that they will also undergo medical examination.
NHRC issues notice to Karnataka Govt
Agencies
Posted: Oct 03, 2008 at 1740 hrs IST
New Delhi, October 3: The National Human Rights Commission (NHRC) on Friday issued a notice to Karnataka Government and asked it to submit a report on the violence against Christians in the state.
The NHRC's notice came following a complaint filed by an Ahmebdabad-based NGO, Prashant – A Centre for Human Rights, Justice and Peace.
The Commission asked the Chief Secretary to submit the report on the violence against Christians in Mangalore and surrounding areas.
The NGO has alleged that the local administration seemed to be hand in glove with the perpetrators of violence against the Christian community, an NHRC release said.
'They said we split India, then called us communal'
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Smita Nair
Posted: Oct 03, 2008 at 0912 hrs IST
http://www.expressindia.com/latest-news/They-said-we-split-India-then-called-us-communal/368934/
Malegaon, October 2: Two days after a bomb blast killed five Muslims in Maharashtra’s communally sensitive town of Malegaon and briefly sparked mob violence, the state police had said on Wednesday that it was nervous about namaaz on Eid as tens of thousands of devout were expected to gather and emotions could once again flare. What they got instead on Thursday were tears.
“First you pointed fingers at us, saying that we divided the country. Then you told us that we are communal, and now you tell us we are terrorists,” one of Malegaon’s most prominent clerics, Mufti Mohammed Ismail, said as he led 1.5 lakh people at namaaz at the Idgah Maidan in the textile town. And then he broke down in full public view, after condemning Monday night’s blast which hit the town after Muslims had broken their fasts.
His words struck a chord with many in the crowd and brought tears in their eyes too. While urging Muslim youth to have “better sense and a conscience”, the imam asked the government and the police to ensure that innocent people were not rounded up as suspects.
Speaking of “secular politics”, he said, “Kaan khol ke sun lo, jo qaum tumhe takhto taj pe bitha sakti hai, wohi qaum tumhara janaaza bhi nikaal sakti hai.” (A community which can place you on a pedestal can also take out your funeral procession).
Hundreds of policemen guarded the venue as the imam touched on “callous investigations”, “innocent Muslims identified as terrorists” and of the lack of justice for the 2006 serial blasts which killed 37 people.
The idea of “an educated Muslim”, the imam said, was lost today as educated young men were picked up without evidence and then shown as involved in terror activities. The prayer session ended with the imam asking the community to remain alert and help a “just investigation” if they get leads.
Meanwhile, the Collector visited the families of the five killed in the blasts and handed them compensation cheques of Rs 5 lakh each.
R.S. to PoliticalForum
This Bailout is the Rich Passing their Losses to the Working Middle Class and Poor taxpayers, and here is the one way to Prevent this, Call your Congressperson before today's Vote and please suggest this or any other way to protect us!
I strongly oppose any Bail-Out Bill for Wall Street! It holds no
guarantees of working, removes any ability for prosecution for
mismanagement of funds, corrupt crony ism payoffs, or outright theft
of funds by executives and stockholders who are allowed to immediately
divest from the companies receiving bail-outs (no one should be
allowed to take their money and run) Let it be a Revenue sharing
contracted loan to the Stockholders and Executives keeping them on the
hook instead.
Since Taxpayers are being forced to assume Wall Streets managers and
investors losses in the biggest scam ever perpetrated on the Middle
Class Taxpayer ever in history.
Every Dollar must be accounted for (to whom and why they received any
money) and if there is hint of embezzlement, sweetheart back room
crony ism deals, or signs of waste fraud or abuse or loss of tracing
funds by any politician or any person entrusted with managing these
funds, all those involved must be prosecuted as a felon with a minimum
prison sentence of 5-20 years.
The fear of accountability should protect the taxpayers interest and
prevent the waste, fraud, abuse and profiteering that has occurred
with the Iraqi War.
I can't see any justification for those tax breaks to special
interests added into the Senate Bill (The Sweeteners). Congress must
protect us from that type of corruption. It is the very kind that they
consider business as usual, and why we as taxpayers are so angry about
this Bail-Out Bill!
Might I suggest, that any stockholder and executives be allowed to
take an equity line of credit type of loan against any stocks held or
a 1/3rd of executive's salary they receive be paid as a loan with the
bailed out company but not allowed them to divest from the company,
until it is back on its feet for 6 month to one year, in that way the
stockholder and executive is still on the hook for investment in a
failed company not us taxpayers and it promotes an incentive to
promote the best interests of the Company and the interests of the
U.S. Taxpayers.
Please consider this or something similar to protect us taxpayers from
those unscrupulous people who would rob us blind if they had the
chance, we need Congress' protection and voice.
Now is Congress' moment in history, will they stand for what is right
and fair?
Please demand Congress represent us over Wall Street Investors!
The Rich Played Fast and Greedy with Their Money, Let Them Pay the
Price for It!
Please Immediately Call and Email your U.S. House Representative
before their Vote Today and both of your U.S. Senators Today at every
office.
CONTACT INFORMATION for U.S. HOUSE & SENATE
House of Representatives
http://www.house.gov/house/MemberWWW_by_State.shtml
Senators
http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=state&Sort=ASC
if above doesn't work for you use link below
http://www.alipac.us/ftopic-63874-0-days0-orderasc-.html
Press Information Bureau
Government of India
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Cabinet Approves Phase-II of AV Singh Committee Report Promotional Avenues in Higher Ranks in Services Open Up
New Delhi : October 3, 2008
In a major step to improve career mobility, to fulfil aspirations and to achieve combat effectiveness by bringing down age profile of commanding officers, the Union Cabinet today approved the Ministry of Defence's proposal for effecting upgradation of 1896 posts in the Services.
Popularly known as Phase-II of the Ajay Vikram Singh Committee Report, the proposals approved today would result in reduction in stagnation. The Defence Minister Shri A K Antony had taken a personal interest in the implementation of the proposal and played a crucial role in evolving a consensus among the Services. The measures taken today will also lead to progressive promotion of junior batches without adversely affecting promotional aspects of senior batches, thereby reducing the age profile of officers in select ranks.
The upgradation will be carried out in the Army over a period of five years, in the Navy over the next ten years and in the Air Force over a period of five years. The total number of posts to be upgraded will be 1051 in the Army, 342 in the Navy and 503 in the Air Force. Of the 1051 posts in the Army, 20 are at the level of Lieutenant General and equivalent, 75 at Major General and equivalent, 222 at Brigadier and equivalent, and 734 at Colonel and equivalent. The corresponding figures in the Navy will be 4 at Vice Admiral and equivalent, 14 at Rear Admiral and equivalent, 324 at Commodore, Captain and equivalent. In the Air Force upgradation will be effected for 6 post at Air Marshal and equivalent, 21 at Air Vice Marshal and equivalent, 61 at Air Commodore and equivalent, 415 at Group Captain and equivalent.
The Cabinet also approved the proposal for the reduction in the regular cadre and corresponding increase in the support cadre consisting of Short Service Commissioned Officers and re-employed officers (for Army) as envisaged in the Ajay Vikram Singh Committee (AVSC) Report and as per requirement of the three Services irrespective of gender.
It may be recalled that the Ministry of Defence had set up a Committee on 16th July, 2001, under the Chairmanship of Shri Ajay Vikram Singh, the then Special Secretary with representatives of the three Services with an aim to achieve 'combat effectiveness' by bringing down the age profile of battalion / brigade level commanders. The Committee submitted its report on February 2003 and the Raksha Mantri accorded in principle approval to the report in September 2003. AVSC Phase-I in respect of non-select ranks i.e. Lieutenant Colonel and equivalent and below was implemented in December 2004.
SK/HS /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
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Grant of interim rates of wages to working journalists and other newspaper employers
New Delhi : October 3, 2008
The Union Cabinet today gave its approval to notify interim enhancement of the rates of wages at the rate of 30% of basic wage for the working journalists and other newspaper employees to be paid by the newspaper establishments with effect from 8th January, 2008.
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Press Information Bureau
Government of India
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Ratification of the (i) Protocol of Accession of Islamic Republic of Afghanistan to Agreement on SAFTA; (ii) Agreement on the Establishment of South Asian Regional Standards organization (SARSO); and (iii) Charter of the SAARC Development Fund (SDF)
New Delhi : October 3, 2008
The Union Cabinet today gave its approval to the following proposals for Ratification of the
i) Protocol of Accession of Islamic Republic of Afghanistan to Agreement on SAFTA;
ii) Agreement on the Establishment of South Asian Regional Standards Organization (SARSO); and
iii) Charter of SAARC Development Fund (SDF)
Early ratification of the SDF will accelerate the implementation of the regional and sub-regional projects in SAARC. It will help in transforming SAARC from declaratory to implementation.
Early ratification of the Protocol of Accession will accelerate Afghanistan’s formal joining of SAFTA. It will also help in full implementation of SAFTA by putting pressure on Pakistan to adhere to SAARC norms for the Sensitive List and give transit to Afghanistan.
The establishment of SARSO would enhance economic engagements with SAARC countries by cooperating in the field of standards and quality control. It will accelerate full implementation of SAFTA by harmonizing the standards in SAARC.
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Press Information Bureau
Government of India
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Agricultural Debt Waiver & Debt Relief Scheme, 2008 – Payment of Interest on the Reimbursable claims of the Lending Institutions
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for granting the payment of interest amounting to Rs. 3872 crores on the balanceamount i.e. the 2nd , 3rd and 4th instalments of the reimbursable claims of the Lending Institutions pertaining to the Agricultural Debt Waiver & Debt Relief Scheme, 2008 to be paid in July 2009, July 2010 and July 2011 respectively.
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Press Information Bureau
Government of India
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Establishment of new Central Universities
New Delhi : October 3, 2008
The Government today gave its approval for establishment of 12 new Central Universities on 12 States and taking over and conversion of 4 existing State Universities. For this purpose a Bill will be introduced in the Parliament.
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Press Information Bureau
Government of India
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Scheme for construction and running of Girls’ Hostel for students of secondary and higher secondary schools
New Delhi : October 3, 2008
The Cabinet Committee on Economic Affairs today gave its approval for a revised centrally sponsored scheme for construction and running of girls’ hostels for students of secondary and higher secondary schools in each of the educationally backward block during the 11th Five year Plan. The CCEA also gave its approval to incur and expenditure of Rs.2000 crore as Central share with a sharing pattern of 90:10 between the Centre and the States. The revised scheme provides for construction of 3500 hostels through State Governments in all the educationally backward blocks in the country in addition to recurring grant to meet the need of inmates.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
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Scheme for providing quality education in Madrassas (SPQEM)
New Delhi : October 3, 2008
The Cabinet Committee on Economic Affairs today gave its approval for a Scheme “Providing Quality Education in Madrassas (SPQEM)” with an expenditure of Rs.325 crore to encourage traditional institutions like Madrassas/Maktabs/Darululooms to introduce science, mathematics, social studies, language and English in their curriculum so that academic proficiency for classes I-XII is attainable for children studying in these institutions. The Scheme provides for linkages with the National Institutions of Open Schooling (NIOS) in order to acquire education comparable to the national education system.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
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Coverage of Commonwealth Youth Games at Pune in October, 2008 and Commonwealth Games at New Delhi in October, 2010
New Delhi : October 3, 2008
The Cabinet Committee of Economic Affairs today gave its approval for the proposal of Ministry of Information & Broadcasting regarding coverage of the Commonwealth Youth Games at Pune between October 12-18, 2008 and the Commonwealth Games at New Delhi in October, 2010 by the Prasar Bharati and Press Information Bureau at a cost of Rs.463.00 crore. Prasar Bharati is the Host Broadcasting of both the Games.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Govt to make every effort to disburse amount against outstanding claims under NAIS
New Delhi : October 3, 2008
Representations have been received from a number of places regarding the non-payment or delayed payment of insurance claims under the National Agricultural Insurance Scheme (NAIS).
The Ministry of Finance has gathered the information.
As on 15.09.2008, the total claims outstanding are Rs.926.79 crore. This amount has to be shared among the Agricultural Insurance Corporation (AIC), the Government of India and the State Governments in the following proportion:
AIC : Rs.180.91 crore
Government of India : Rs.372.93 crore
State Governments (plural share) : Rs.372.93 crore
The Agricultural Insurance Corporation's share and the Government of India's share are ready. However, in the absence of the contribution(s) of the State Government(s), it has not been possible to disburse the amounts against the outstanding claims.
Hence, Finance Minister will write to the Chief Ministers of the States concerned to contribute their share towards the outstanding claims. Every effort will be made to disburse the money to the farmers against the outstanding claims as early as possible.
*****
BSC/SS/GN-244/08/:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Proposal of M/s. Daiichi Sankyo Co. Ltd. for invest of Rs.21,560.61 crore (approx) to be used for acquisition of (i) 92,519,126 equity shares under open offer, (ii) 129,934,134 equity shares from sellers on the stock exchange and subscribe to (iii) 46,258,063 equity shares and (iv) 23,834,333 warrants in the paid up equity share capital of Ranbaxy Laboratories Limited and also for acquisition of 6,885,000 equity share of M/s. Zenotech Laboratories Ltd. under open offer
New Delhi : October 3, 2008
The Cabinet Committee of Economic Affairs today gave its approval to a proposal of M/s. Daiichi Sankyo Company Ltd. to:
(i) Purchase the equity shares of Ranbaxy Laboratories Limited from time to time, including without limitation, to purchase up to 92,519,126 fully paid up equity shares pursuant to the open offer under Regulations and to purchase up to 129,934,134 fully paid up equity shares from the sellers on the stock exchange.
(ii) Subscribe to the equity shares of Ranbaxy Laboratories Limited from time to time, including, without limitation, up to 46,258,063 fully paid up shares and 23,834,333 warrants pursuant to the preferential issued by Ranbaxy Laboratories Limited.
(iii) Purchase the equity shares of M/s. Zenotech Laboratories Limited from time to time, including, without limitations to purchase up to 6,885,000 fully paid up equity shares pursuant to the open offer under the regulations.
The approval would result in FDI investment to the tune of Rs.21,560.61 crore in the country.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Ratification of the ILO Convention No. 142 and action taken on Recommendation No. 150 (Revised and replaced in 2004 by Recommendation No. 195) concerning Human Resource Development adopted at the 60th Session of the international Labour Conference held in Geneva in 1975
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for ratification of the ILO Convention No. 142 and action taken on Recommendation No. 150 concerning Human Resources Development.
It will enable us to enhance the skills of personnel which in turn will contribute to greater employment, growth, increased productivity etc.
*****
SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Implementation of Scheme “Upgradation of 1396 Government ITIs through PPP for the period 2008-09 to 2011-12”
New Delhi : October 3, 2008
The Cabinet Committee on Economic Affairs today gave its approval for implementation of Scheme “Upgradation of the remaining 1096 Government ITIs through Public Private Partnership” for the period 2008-09 to 2011-12 at total cost of Rs.2800 crore.
The implementation of the Scheme would help in:
• 1096 selected ITIs will be upgraded through Public Private Partnership. Industry Partner will be involved in all aspects of training from development of curriculum to trade testing.
• Academic and financial autonomy given to the ITIs will improve their internal and external efficiency. The demand driven and improved quality of training will lead to better employability of ITI graduates.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Payment of Productivity Linked Bonus to railway employees for the financial year 2007-08 and enhancement in the wage calculation ceiling prescribed for payment of Productivity Linked Bonus / ad-hoc bonus to non-gazetted railway employees.
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for payment of Productivity Linked Bonus (PLB) equivalent to 73 days wages to the eligible non-gazetted railway employees for the financial year 2007-08. The Government also decided to enhance the wage ceiling from Rs. 2500/- to Rs.3500/- p.m. w.e.f. 1.4.2006 for payment of Productivity Linked Bonus to all eligible Government employees in addition to employees of the Railways.
Accordingly bonus for 2006-07 and 2007-08 will be calculated on the basis of the revised ceiling of Rs. 3500/-.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Raising of the age of superannuation of ICMR scientists from 60 to 62 years
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for raising the age of superannuation of ICMR scientists from 60 to 62years
This would enable the Council to retain the services of experienced scientists; and, attract talented scientists to join the Council thereby bolstering Medical research activities in the country.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Pattern for Assistance for National Programme for control of Blindness during the 11th Plan
New Delhi : October 3, 2008
The Cabinet Committee on Economic Affairs today gave its approval for continuation of National Programme for Control of Blindness during 11th five year Plan with an overall outlay of Rs.1250 crore. The new initiatives of the National Programme for Control of Blindness in the 11th Plan in addition to cataract, would be to include diseases like Diabetic retinopathy (DR), Childhood blindness, low vision Aids, Squint, VR Surgery, Glaucoma, Laser techniques and Corneal transplantation Surgeries, within the ambit of the programme.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Storage of important reservoirs in the Country
New Delhi : October 3, 2008
Central Water Commission (CWC) under Ministry of Water Resources is monitoring storage position of 81 important reservoirs spread all over the country, of which as many as 36 reservoirs are having significant hydro-power benefits with installed capacities of more than 60 MW each. The combined live storage in these 81 reservoirs at the beginning of monsoon i.e. 1st June, 2008 was 19 % of their designed capacity and stood at 73 % per cent of the designed capacity as on 25th September 2008. The present storage is 92 % of last year’s storage and 112% of last 10 years average storage during the same period. Out of these 81 reservoirs there are presently 13 reservoirs where this year’s storage is 80 % or less than the average of previous 10 years and in remaining 68 reservoirs the storage is more than 80 % of the average of previous 10 years.
In order to derive the best possible benefits from the available water, Central Water Commission is keeping in touch with the Department of Agriculture and Co-operation and providing information of the weekly storage position to the Crop Weather Watch Group for evolving suitable crop strategies and also appraising the situation to various Departments and Ministries involved in Water Resources Planning.
Basinwise storage position as on 25th September 2008 is as follows:
The storage position in 8 basins namely, Ganga, Indus, Narmada, Mahanadi & Neighboring East Flowing Rivers, Cauvery & Neighboring East Flowing Rivers, Rivers of Kutch and West flowing Rivers of South and Krishna are better than average of previous 10 years. Mahi, Sabarmati and Godavari basins are flowing close to normal and Tapi and is flowing deficient.
Out of 36 reservoirs with significant hydro potential, 9 reservoirs have storage build up less than the average of last 10 years capacity.
SK/BS /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Continuation of Command Area Development and Water Management (CADWM) Programme during XI Plan in State Sector for four years i.e. 2008-09 to 2011-12
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for continuation of CADWM Programme for the remaining 4 years of the XI Plan, i.e. 2008-09 to 2011-12, under State Sector with a Plan out lay of Rs.1600 crore.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Powergrid Declares highest ever dividend of Rs.505.08 Crore
New Delhi : October 3, 2008
Power Grid Corporation of India Ltd. (POWERGRID), the young Navratna PSU, has declared a dividend of Rs.505.08 Crore for the Financial Year 2007-08. This is the highest ever dividend paid by POWERGRID.
A cheque of Rs.247.35 Crore towards final dividend for the year 2007-08 was handed over by Shri S. K. Chaturvedi, CMD, POWERGRID to the Union Minister of Power, Shri Sushilkumar Shinde on 03.10.2008 in the presence of Shri Anil Razdan, Secretary (Power), senior officials of Ministry of Power and POWERGRID Board Members. In addition to this, an interim dividend of Rs.176.68 Crore was earlier paid to the Ministry of Power for the year 2007-08.
The total dividend of Rs.505.08 Crore declared by POWERGRID is 36.94% higher than the last year’s dividend of Rs.368.82 Crore. The dividend amount of Rs.505.08 Crore is approximately 35% of the profit after tax of Rs1448.47 Crore. POWERGRID has been consistently paying dividend for more than a decade.
POWERGRID has registered a net profit of Rs1448.47 Crore over a turnover of Rs.5081.53 crores in the FY 2007-08, registering a growth of 24% in turnover and 18% in net profit compared to FY 2006-07.
At present POWERGRID is operating about 68,000 ckt. kms. of transmission lines along with 116 Sub-stations with transformation capacity of more than 74,000 MVA. With the use of state-of-the-art preventive maintenance techniques, average availability of transmission systems during the year 2007-08 was maintained at 99.65%. POWERGRID continues to wheel about 45% of total power generated in the country through its transmission network.
PRA/SKK /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Revision of Income Criteria to exclude socially advanced Persons/sections (Creamy Layer) from the list of Other Backward Classes (OBCs)
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for revising the income criteria for “creamy layer” from the present Rs.2.5 lakhs per annum to Rs.4.5 lakhs per annum.
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SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Special summit on Banking, Industries and Credit Issues in North Eastern Region to be held on 4th October 2008
New Delhi : October 3, 2008
A special summit on Banking Industries and Credit Issues in the North Eastern Region with an emphasis on financial inclusion is to be held in New Delhi on 4th October 2008. The summit will deliberate on issues like overview of the banking and credit issues in the North Eastern Region, financial inclusion of the North Eastern Region, industrial growth and credit system in the NER, Micro Finance in the NER, expanding micro-financing in the NER, micro finance initiatives in the North East, future role of NEDFI in the NER, entrepreneurship through Women Groups in NER, role of financial institutions in promoting investment in North East with reference to MSMEs and financing rural business hubs.
The summit will be inaugurated by Shri P.Chidambaram, Union Finance Minister and other participants include Union Minister for Development of North Eastern Region Shri Mani Shankar Aiyar, Chief Ministers and Finance Ministers of North East States, Deputy Governor, RBI, Secretaries from Department of Financial Services and Ministry of Finance and other line Ministries, Chief Secretaries of North East States, Chief Managing Directors of State Bank of India (SBI), Union Bank of India (UBI), SIDBI, NABARD, North Eastern Development Finance Corporation Ltd. (NEDFi), FINER, SEWA & Sa-Dhan, other financial institutions and organizations working the micro-finance sector in the North East.
AVC/RS /:/....spandey/kol...(RelSet2_2Oct08)
Press Information Bureau
Government of India
*****
Establishing a Trust titled “India Development Foundation of Overseas Indian”
New Delhi : October 3, 2008
The Union Cabinet today gave its approval for setting up the “India Development Foundation of Overseas Indians” as a not for profit Trust registered under the Indian Trust Act 1882.
The objectives of the Trust are as follows :
a) Lead overseas Indian Philanthropic capital into India.
b) Establish and maintain a “ Social Capital & Philanthropic Network” in India.
c) Social Sector development including empowerment of rural women.
****
SH/LV /:/....spandey/kol...(RelSet2_2Oct08)
PIB Kolkata
From: Travis
Date: Thu, Oct 2, 2008
Subject: The Bailout: An Owner's Manual
Government Assistance
The Bailout: An Owner's Manual
Brian Wingfield and Liz Moyer 10.02.08, 6:00 AM ET
http://www.forbes.com/2008/10/02/bailout-taxes-washington-biz-beltway-cx_lm_bw_1001bailout_print.html
Washington, D.C. -
The "bailout bill" is back in play. The Senate's passage Wednesday night of a modified version of it puts pressure on the House of Representatives to approve it.
Whether that happens is another story. A vote is most likely Friday, but many House Democrats don't like the new version of the bill because it contains some expensive add-ons, including a provision that keeps the alternative minimum tax (AMT) from encroaching upon the middle class in 2008, clean energy tax incentives, disaster relief and the extension of expiring tax cuts for businesses and individuals. It also expands government insurance on bank deposits from $100,000 to $250,000 through 2009.
Lawmakers still have many questions about the bill under consideration. So do we. A guide:
How does it work?
The bailout plan gives the Treasury extremely broad authority to buy up to $700 billion in troubled assets, like mortgage-backed securities, from firms that are having difficulty selling them. Uncle Sam can also insure these assets instead of buying them.
The idea is to get these securities off firms' books--or at least give them a government guarantee--so that these businesses can more easily lend and borrow again. Only assets that were originated on or before March 14, 2008, are eligible. The Treasury has through 2009 to use the funds.
Once the bill becomes law, the Treasury will hire a team of consultants and managers to help the government figure out what to buy. This group will also assist the Treasury in determining how to price the assets, which are now tough to value. The most likely scenario is an auction. The Treasury could sell the securities for a profit at a later date. If there is a net loss, in 2013, the president will have to come up with a report to recoup the shortfall--however, only an act of Congress can put that plan in place.
What about oversight?
The Treasury secretary would periodically submit to Congress a detailed report of the bailout's progress, including all financial transactions and the "types of parties involved." In addition, every quarter, a special inspector general would provide Congress with a report including all purchases made and income received from the bailout.
How much will it cost?
The initial addition to the federal debt would be $700 billion, although the Congressional Budget Office believes the net budget loss will be "substantially smaller" because the government can recoup some of its losses and perhaps sell the securities for a profit later. There are also administrative costs, which the CBO currently estimates at perhaps "a few billion dollars per year."
However, the newly added tax provisions of the bill alone will cost the government an additional $110.4 billion by 2018, according to a just-released study by Congress' Joint Committee on Taxation. Only $3.4 billion of that is related to the "bailout" portion of the bill. The AMT fix and the extension of certain tax incentives will cost $107 billion over the next 10 years. The energy provisions are completely paid for.
Is it big enough?
Probably. The administration asked Congress for $700 billion, thinking that was a large enough number to restore confidence to the markets, clean up the balance sheets of troubled companies and prevent it from asking for more. One thing that might help: Under the current version of the bill, banks issue the Treasury stock warrants, giving taxpayers a chance at making money once the crisis subsides.
That isn't going to be the only remedy, though. Already the Federal Deposit Insurance Corp. (FDIC) has stepped up its oversight of troubled banks, and the agency is taking a more aggressive view to recapitalizing banks or forcing mergers of strong banks with weak banks before they fail.
The Federal Reserve is also playing its part. It is pumping hundreds of billions into the banking system--nearly $1 trillion in actions announced this week--to help alleviate the pressure on balance sheets as banks reduce their leverage. The Fed will continue to flood the system with money through the next few months, with the year-end balance sheet preparation looming.
What happens to the companies who participate?
They will have to give the government the ability to acquire shares and executives at the companies will be subject to more restrictive compensation rules. There is the possible stigma of participating, since it may make them appear to be weak. But if everybody does it. ...
So who will use it and who won't?
Joshua Siegel from StoneCapital Partners, a New York private equity firm that invests in small banks, says the regional banks stand to gain the most from the plan. That is a group that includes National City, Fifth Third, Sovereign, Colonial BancGroup--all companies whose shares have been pounded down in the market tumult. In addition, the American Bankers Association has pressed to make sure it's available to all 7,000-plus banks, not just those with big mortgage exposure.
But will the big banks use it? "They could say 'I can make it without it,' " Siegel says, "or they could take a little" and see what happens. Citigroup, which bought Wachovia, still has more than $500 billion of assets it wants to unload gradually. JPMorgan Chase is taking on Washington Mutual and its $1.9 billion in assets and liabilities. Bank of America is dealing with absorbing Merrill Lynch and Countrywide Financial.
JPMorgan's CEO James Dimon supports the plan but says he's not inclined to use it. Though he may change his mind after it becomes clear just how the program is going to work.
What's the best case scenario for the bailout?
That credit markets start functioning properly again, and the government can turn a profit on the sale of the assets it buys. The former scenario will become evident in the next several months, the latter could take years.
That doesn't mean the U.S. economy will become healthy again overnight, however. Stephen Auth, chief investment officer for Federated Investors, says to expect more bad economic news for at least the next couple of quarters, including unemployment levels at 7% or higher. "This is going to throw up a breakwater and keep it from swamping the whole system," he says of the bailout.
What's the worst case?
It simply doesn't work. Credit markets remain gummed up, borrowing and lending for consumers and businesses of all sizes comes to a halt and banks continue to fail. That could lead to a prolonged recession. There's also the possibility that the expansion of insurance caps on bank deposits won't do much to help small businesses, which typically need to insure more than $250,000.
In addition, if the government can't make any money from the purchase of these assets, it saddles Americans with more debt and higher interest rates, perhaps for years to come.
Is there a Plan B?
No. Once Congress passes a bailout package, it will almost certainly not give the administration any more money to rescue the economy.
But there are other ways to help the banking system help itself. For example, Citigroup announced it would buy Wachovia's deposits, assets and holding company debt for $2 billion in a transaction assisted by the FDIC. The government is providing a backstop on all but $42 billion of Wachovia's $312 billion of risky assets.
There's no reason the FDIC can't help structure other transfers like this, with no cost to its deposit fund, protection for all general creditors and limited exposure to taxpayers. "This does not require legislation," says William Isaac, the former FDIC chairman who used a similar technique to rescue Continental Illinois from failure in the 1980s. "The FDIC already has been granted this authority. It just needs to use it."
How will we know if it is working or not?
Several indicators will be of use, according to Auth of Federated Investors. Right now, the London Interbank Overnight Rate (LIBOR)--a rate banks charge each other to borrow--is at a record high, around 5%. Once it starts to come down, that's a good indication that credit markets are starting to function properly again. Same goes for "TED spreads"--the difference between three-month contracts for Treasury bills and eurodollars.
In addition, Auth says more capital moving into the financial sector is an indication that the bailout is a success. That's already started to happen, as indicated by Warren Buffett's recent investments in General Electric and Goldman Sachs.
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WSWS : News & Analysis : North America
he Senate bailout bill: How the Democrats do the bidding of Wall
Street
By Barry Grey
3 October 2008
The revised Wall Street bailout bill passed by the US Senate on
Wednesday goes substantially beyond the version voted down Monday by
the House of Representatives in committing taxpayer money to prop up
the banks. It also adds $150.5 billion in tax breaks, mainly for
corporate interests.
All of the changes from the defeated House bill incorporate pro-
business proposals pushed by right-wing Republican House members who
opposed the original measure, as well as provisions for which banking
and corporate interest have been lobbying.
For example, the Senate bill raises the limit on bank accounts insured
by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to
$250,000, a measure that largely benefits the wealthy and provides a
bigger backstop to the speculative activities of the banks.
The banks will not be forced to pay premiums to finance the increased
government insurance for their deposits. Instead, the FDIC will be
given an unlimited line of credit by the US Treasury—meaning taxpayer
money will be used to cover the billions of dollars in deposits
squandered by failing banks. This provision could add many billions to
the price tab to be picked up by the American people.
The Senate bill urges a change in accounting rules, to allow the banks
to value their assets at the price at which they purchased them,
rather than the price they can now fetch on the market. The banks have
been lobbying furiously for this provision, because it will allow them
to conceal their losses on their balance sheets, overvalue their asset-
backed securities and other speculative holdings, and offload a
portion of them to the Treasury at inflated prices.
The tax breaks are apportioned to a variety of business interests,
including, according to the Wall Street Journal, “research-and-
development tax credits coveted by high-tech companies and drug
makers.” Other tax windfalls reported in the press include incentives
to Hollywood to make films in the US.
There are no doubt many more handouts to corporate interests buried in
the 451-page bill. It should be recalled that when Treasury Secretary
Henry Paulson first presented his three-page bailout proposal to
congressional leaders two weeks ago, and some Democrats called for the
addition of measures to help distressed homeowners, he and President
Bush put their foot down, demanding a “clean” bill with no
“irrelevant” or “controversial” add-ons. The Democratic leaders of the
House and Senate banking committees quickly responded with promises
not to “Christmas tree” the bill.
Now, at the bidding of big business, the Democrats have loaded the
bill with ornaments, all of them directed to powerful financial
interests.
By contrast, not a single concession has been made in the revised bill
to accommodate the massive popular opposition to the bailout.
Proposals advanced by Democratic opponents of the House bill to impose
some penalties on Wall Street speculators and provide a measure of
relief for distressed homeowners have simply been ignored.
As in the House, the drive to push through the Senate bill was
spearheaded by the Democratic leadership, working in close
collaboration with the Bush administration and Paulson, the former
Goldman Sachs CEO who authored the scheme to use at least $700 billion
in taxpayer money to buy worthless securities from the banks.
The Democratic Party leadership has thus responded to the defeat of
the original House bill—in large part at the hands of congressmen who
feared being tossed out of office in November by constituents furious
over a bailout of the richest people in the country—by refashioning
the measure in advance of Friday’s revote in the House to provide an
even bigger windfall for the American financial elite.
How is this to be explained?
It cannot be accounted for on the basis of the numerical division of
the House between the two parties. The Democrats have a clear
majority, 235 to 200. The bailout bill was defeated Monday by a vote
of 228 to 205. The party leadership could seek to obtain the
additional 13 votes it needs by winning over some of the 95 Democrats
who opposed the bill, many on the grounds that it was too blatant a
handout to Wall Street and lacked any provisions to address the crisis
facing ordinary working people.
But the Democratic leadership never considered such a move. Rather,
its response to the defeat of the initial bill was consistent with the
position it has adopted unwaveringly since Paulson first broached his
scheme to bail out Wall Street. That is, unqualified support for the
basic framework of the Paulson plan, with a few cosmetic gestures
toward “transparency” and “oversight,” supposed restrictions on
executive pay that can easily by circumvented, and token provisions
for homeowner relief, which were subsequently dropped at the
insistence of Paulson and Bush.
Why the utter indifference to the plight of the American people—6
million of whom are expected to default on their mortgage payments
this year and next—and complete subservience to a few thousand multi-
millionaires and billionaires on Wall Street?
There is really no mystery here. The Democratic leadership—from its
presidential and vice presidential candidates Barack Obama and Joseph
Biden, to House Speaker Nancy Pelosi, Senate Majority Leader Harry
Reid, House Financial Services Chairman Barney Frank, Senate Banking
Committee Chairman Christopher Dodd, Hillary and Bill Clinton and on
down—has deliberately worked to pass legislation whose sole purpose is
to protect the interests of the most powerful sections of the American
financial elite.
They have even agreed to an unconstitutional provision that will make
it virtually impossible to challenge the bailout program, its
overseers and the participating banks in court—a measure that amounts
to a blank check for self-dealing and corruption.
They are well aware that the bailout will do nothing to resolve the
economic crisis that is deepening by the day and threatening the
working class, both in the United States and around the world, with a
social catastrophe. But that is not the real purpose of the plan.
Besides covering a portion of Wall Street’s bad debts, the bailout
serves a broader strategy of utilizing the financial crisis as a means
of increasing the economic and political power of the most dominant
banks and financial institutions. A process is well underway by which
economic power in the US will be concentrated in the hands of a few
banking behemoths, enabling them to set interest rates and fees and
exercise dictatorial control over the economy.
All of these measures are things the leadership of the Democratic
Party wants to see enacted. They have formed a united front with Wall
Street’s representative Paulson and Bush because they and the party
they lead are, as the World Socialist Web Site pointed out on October
1, “deeply embedded in the milieu of Wall Street and consider their
most critical constituency to be the financial aristocracy and the
richest layers of the upper middle class.”
To cite some illustrative facts: Rahm Emanuel, the chairman of the
House Democratic Caucus and one of the leaders of the drive to pass
the bailout plan, leads all congressmen in the amount of cash received
from banking and securities firms. According to the web site
MapLight.org, over the past five years he has taken in $1,636,000 from
these sources. Barney Frank, who has led the bailout effort for the
Democrats, ranks fourth, with a take of $1,033,000.
The Democratic Party is a party of the American financial oligarchy.
For four decades it has moved ever further to the right, aligning
itself more closely with Wall Street while repudiating any program of
social reform. Its trajectory has reflected the evolution of sections
of the middle class that long constituted a core constituency. These
layers enriched themselves, benefiting from booming stock prices based
on financial speculation and parasitism.
The Democrats have sought to obscure their class position and right-
wing orientation by adopting liberal positions on so-called “social
issues”—abortion, gay rights, affirmative action—all of which are
defined within the framework of identity politics. Barack Obama, whose
posture of “change” and “new politics” is based entirely on his
identity, and whose policies of militarism and defense of corporate
interests are virtually indistinguishable from those of his Republican
opponent, embodies the duplicitous and reactionary nature of the
Democratic Party.
Pakistan, United States: Brink of War?
http://www.truthout.org/article/mustafa-qadri-pakistan-united-states-brink-war
The US steps up border raids into Pakistan, creating a game of
brinkmanship between troops from both countries. (Photo: Anjum
Naveed / AP)
As the United States steps up border raids into Pakistan, troops
from both countries have commenced a deadly game of brinksmanship.
Although aimed at asserting each other's military presence along the
Pakistan-Afghan border, the skirmishes risk outright hostilities.
U.S. strikes in Pakistan are nothing new. Washington has conducted
unilateral missile strikes since soon after its invasion of
Afghanistan in October 2001. American pilotless surveillance planes
have been flying over the restive border with near impunity for much
the same time.
From Air to Ground
But the tone of the U.S. presence changed this year. In July,
President George W. Bush approved covert ground raids into suspected
militant hideouts in the Waziristan region of Pakistan, much of which
is a Taliban stronghold. Militants use the region as a sanctuary from
which to strike foreign and Afghan troops in neighboring Afghanistan.
Thus far, U.S. forces attempted at least three ground assaults. The
only confirmed ground invasion of Pakistan, on September 3, led to the
deaths of around 20 civilians, including women and children. No
militant leaders were believed captured or killed in the raid.
This ground assault led to unprecedented rhetoric from Pakistan
condemning the United States. Even Chief of Army Staff Gen. Ashfaq
Kayani, normally quite evasive with the media, said that the Army
would defend Pakistan's territory. The Pakistani government summoned
the U.S. ambassador to the foreign office and blocked NATO supplies
vital to the multinational force's continued operation in Afghanistan.
Pakistan averted two other attempted ground raids when its border
forces fired warning shots at U.S. helicopters ferrying commandos into
Waziristan. On the most recent occasion, Pakistan and U.S. troops
exchanged fire for five minutes. Pakistanís government later claimed
that its army fired flares, not bullets, at the helicopters, but this
explanation did not sound very convincing.
Ostensibly, Washington fears that Waziristan - and other tribal
regions - could become a staging area for further attacks on the
United States if the Pakistani army doesnít root out pro-Taliban
forces. But Washington doubts whether Islamabad is capable of doing
the job.
More broadly, U.S. policy in the region is increasingly shaped by
its failure to establish unequivocal dominance in Iraq. With the War
on Terror overshadowing U.S. foreign policy for the foreseeable
future, the next U.S. president will have to deliver victory in some
form to a skeptical public. That is the ultimate legacy of the
September 11 hijackers, and the Bush administration.
The Next Target
That victory will most likely not come out of the violence and
political mess of Iraq. Although the Bush administration and both
presidential candidates support a significant, continued military
presence in Iraq, the United States has accepted that it canít control
the entire country by direct military force. It may have had some
success in marginalizing al-Qaeda in Iraq - after initially spurring
its growth - but it has also been forced to accept Shia domination of
domestic politics.
Iran was seriously mooted as the next frontline and even now
experiences tremendous diplomatic pressure from Washington. But itís
difficult for the United States to promote the Shia state as the next
front in the War on Terror, however much Israel or its lobby in the
United States may favor this path. Iran doesnít pose an immediate
threat, nor would it afford a quick and easy military campaign.
Rather, war with Iran would almost certainly lead to a severe
disruption of global energy supplies and the world economy.
Pakistan, in comparison, is an irresistible target. The United
States claims to have evidence that the government supports jihadis
that wage war against the United States and NATO in Afghanistan. Even
a limited, covert war, directed at militants, not the Pakistan Army,
is arguably the easiest sell the United States has ever had to make
since the 1990 war with Iraq. The only factor preventing all-out
conflict is Pakistan's nuclear arsenal.
Escalation
U.S. raids and missile strikes may be an attempt to see how far it
can go with Pakistan. After Pervez Musharraf stepped down as
president, the United States felt uninhibited by the concern that its
Pakistan interventions were impairing a staunch ally. There have been
as many missile strikes this year as in the previous seven.
Pakistan has engaged in loud rhetoric decrying the attacks and
asserted it wonít tolerate intrusions into its territory. Strong
public criticism was inevitable to placate a population deeply
resentful of the U.S. presence in the region. Both civilian and
military leaders have to guard against forces, such as rival
politicians or upstart officers, using the crisis to leverage power.
Even internationally, if Pakistan hadnít condemned the U.S.
attacks, it would have tacitly acknowledged that it canít address the
militant problem on its own. That would be an open invitation to more
interference from foreign armies and, potentially down the road,
international isolation as a failed state.
Pakistan, as it currently exists, relies on U.S. patronage for its
survival. Thereís very little it can do if the United States decides
to step up its military presence in Pakistan. According to the State
Department, the United States has given Pakistan $2.4 billion in
"security assistance" and $3.4 billion in economic assistance over the
past seven years. Pakistan has obtained a raft of loans and credits
from international financial institutions like the World Bank and the
Asian Development Bank since its rehabilitation by the United States
after September 11.
Despite the cold-headed realism, thereís a real danger that future
confrontations between Pakistan and U.S. troops could escalate into
outright hostilities. The Pakistani armyís rank-and-file is deeply
uneasy about military operations that have killed several thousand
fellow citizens and Muslims at the behest of Washington, not
Islamabad. Pakistan border posts may welcome any future U.S. intrusion
into Pakistan as an opportunity to assert their country's
independence.
U.S. and NATO commanders in Afghanistan also resent what they see
as Pakistan's unwillingness to stop militants from attacking their
troops from hideouts in Pakistan. U.S. Marine Gen. James E. Cartwright
recently told Congress that 30-40% of the attacks in Afghanistan come
from Pakistan, an increasing proportion. American commanders may not
need much persuasion to fire on Pakistani forces if they are seen to
be getting in the way of militant targets. Even a standoff could
accidentally escalate into all-out hostilities.
If substantial casualties ensue, Islamabad and Washington might be
hard-pressed to soothe popular calls for revenge.
Singhbhum district - Wikipedia, the free encyclopedia
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Closing Bell
Economic Times, India - 25 Sep 2008
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SINDH TODAY, Pakistan - 25 Sep 2008
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Indian Stocks Rise; Reliance, Equipment Makers, Sterlite Gain
Bloomberg - 24 Sep 2008
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