[Assam] World Economy & Guwahati Stock Exchan

Mon Sep 22 10:49:55 PDT 2008

Uttam,

Here is what a friend of mine wrote some time ago.

*Almost 40 years ago......We learned about the efficiency of free
markets.  Galbraith
noted that these markets were never free and that as capital became more
concentrated market forces stopped working.*
**
Inspite of  what JKG noted, I still believe, that systems can be (and have
been)  devised to account  (or head off) for such concentration of wealth
the so worried JKG.

What any system cannot do is account for cronyism and corruption at the
highest levels. Unfortunately these traits exist also among legislators who
eagerly pass regulations crafted by industry representatives.

In the US market forces seem to have stopped working and divine intervention
is the only solution ( Here, of course, this intervention comes from the US
Treasury) :)

--Ram da

On Sun, Sep 21, 2008 at 10:59 PM, uttam borthakur <
uttamborthakur at yahoo.co.in> wrote:

> Ram Da
>
> The necessary corrollary to what you say would be corruption in Assam is
> peanuts compared to what happens in the heavens. One of your compatriots
> [meaning of the US]  told me categorically when I had visited him that it
> (the US) is the heaven that teach us in the scriptures. Just in jest, I'm
> not serious here:-)
>
> Seriously, I'm not blaming formulas or models. But as in Physics, the
> problem of uncertainty arises in Economics when you intervene in a game
> where there are millions of players. It is not a zero sum game after all.
>
>
> Uttam Kumar Borthakur
>
>
>
> ----- Original Message ----
> From: Ram Sarangapani <assamrs at gmail.com>
> To: A Mailing list for people interested in Assam from around the world <
> assam at assamnet.org>
> Sent: Monday, 22 September, 2008 8:39:15 AM
> Subject: Re: [Assam] World Economy & Guwahati Stock Exchang
>
> Uttam,
> My 2 cents,
>
> >The Economists have tried to fashion a mathematical model to >predict the
> movement of the market. But see the result.
>
> I think there are some very good models , but what economists and
> forecasters don't take into account is one big factor - human weakness.
>
> If one looks at this mortgage crises in the US, fingers point to common
> thieves in business suits. These scam artists have ripped off thousands of
> poor people trying to buy into the American dream. It is the same story
> from
> Enron, to Freddie Mac to probably AIG and Lehman.
>
> It is not models or formulas(sic) that ought to be blamed - but the
> "caretakers" of these companies.
>
> --Ram da
> On Sun, Sep 21, 2008 at 9:51 PM, uttam borthakur <
> uttamborthakur at yahoo.co.in
> > wrote:
>
> > There was a businessman in Mangaldai, Assam, who rose from the status of
> a
> > water-carrier to a millionnaire (in INR). He advised his sons that they
> > should not invest in Elephants and in share markets. The reason was
> simple:
> > in his own way he believed that a game of chance is a game of ruin.
> >
> > The Economists have tried to fashion a mathematical model to predict the
> > movement of the market. But see the result. They have not been able to. I
> > hear that even rocket engineers and mathematicians of the higher level
> are
> > used to compute future and derivative markets. The failure seems to
> indicate
> > one thing: the moment you predict a movement and take interventional
> > measures, the affecting factors change (human mind included) and the
> outcome
> > too is not what was originally desired.
> >
> > As for the fate of the market, well, different people have different
> views,
> > no chorus in unision: noises range from permanent crisis of capitalism to
> > the end of history.
> >
> >
> > Uttam Kumar Borthakur
> >
> >
> >
> > ----- Original Message ----
> > From: umesh sharma <jaipurschool at yahoo.com>
> > To: assam at assamnet.org
> > Sent: Monday, 22 September, 2008 12:53:04 AM
> > Subject: [Assam] World Economy & Guwahati Stock Exchange
> >
> >
> > In light of the current turmoil in financial markets any opinions by our
> > esteemed economists - UPenn ( Ivy league) economics professor Santanu Roy
> or
> > AIM's Shantikam-da Hazarika or other august members.
> >
> > Over the past one week I have phoned many old friends - one is a business
> > correspondent with MINT -affiliated to Wall Street Journal - he says that
> 3
> > out of top 5 US investment banks are down. He agreed that housing market
> etc
> > might be the short term problem. He was my roommate till last year.
> >
> > Then I called a child hood friend now a senior guy in treasury in Indian
> > central bank. He said that the problem is worse and all stock markets are
> > interlinked - Gauwahati with NYC - etc - and thus US govt is
> nationalizing
> > these finance companies  - like India has done for ages- against western
> > advice. He has put off his plans to study economics in the US for some
> time.
> > I find this is the right time to learn - just I learned when Indian
> economy
> > was in turmoil in 1990.
> >
> > My new roommate BITS Pilani graduate who worked with IBM and Microsoft
> > earlier (in US) says that it is total deregulation by the US govt (unlike
> > India) share prices can go up or down as much as anyone pleases - in
> India
> > there are circuit breakers - prices cannot go up or down beyond 3%
> >
> > any comments
> > Umesh Sharma
> >
> > Washington D.C.
> >
> > 1-202-215-4328 [Cell]
> >
> > Ed.M. - International Education Policy
> > Harvard Graduate School of Education,
> > Harvard University,
> > Class of 2005
> >
> > http://www.uknow.gse.harvard.edu/index.html (Edu info)
> >
> > http://hbswk.hbs.edu/ (Management Info)
> >
> >
> >
> >
> > www.gse.harvard.edu/iep (where the above 2 are used )
> > http://harvardscience.harvard.edu/
> >
> >
> >
> > http://jaipurschool.bihu.in/
> >
> >
> >
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> >
> >
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