Wednesday, May 19, 2004
Wednesday, May 19, 2004 |
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Letters to the Editor
Sir, — This refers to the editorial, "Black Monday" (May 18). Markets everywhere act on sentiment. This is not irrational. Even if the economic fundamentals are strong but the investors feel that the future outlook is not bright, they will sell. Undoubtedly, the utterances of the Left parties contributed to the negative sentiment.
R. Sankar,
Sir, — To blame the market operators for the crash is not correct. Many small investors became jittery after the election results were announced. The realisation that the Congress might have to lean on the Left to form the next government caused uncertainty and doubts among the investors. Most of them are not market manipulators, just ordinary people saving for a rainy day.
Ram Charan,
Sir, — The statement that "the market operators are evidently putting tremendous pressure on the shaping of economic policies in a sharply changed political context" is interesting. In a democracy, every subsection has a right to act as a "pressure" group. Just as the Left has a right to pressure the new government, so have market operators or any other subsection, including the middle classes.
R. Venkataraman,
Sir, — The editorial rightly pointed out that all is not well with the stock markets. The election results shocked most of the mainstream stock market participants, analysts and media at home. They relentlessly kept expressing their expectations in the run-up to the elections rather than playing safe as the markets in advanced countries do.
Daman Prakash,
Sir, — The Left has done it again. By announcing that it will not join the government, it has sent clear signals that it wants to enjoy power without responsibility.
Diptarup Dhar,
Sir, — Free electricity or burdening the economy with subsidies without adequate checks and balances is no way of ensuring economic uplift.
T. Ravindranathan,
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