If you thought only Indian politicians talk through their hat…see what Obama said…

“The Buffet tax will help us bridge the deficit”. This is exactly what a Pranab Mukherjee or a P Chidambaram tell the PARLIAMENT when they talk about the deficit. The truth is NO politician is worried about what he says because he/she knows that the audience is NOT mathematically inclined AT ALL.

It is just a feel good tax – tax on all millionaires – and according to the King’s men it will fetch about 3.5 Billion US $. Impressive?

Well Chris Markowski says..’but Mr. Obama this is the amount that you borrow every 17 HOURS’. Not funny, eh?

This amount is like the government of India saying ‘we will bridge the deficit gap by using the psu dividend’. This is ridiculous, because the PSU brigade will then be FORCED to pay higher dividends…

Take the case of IDBI Bank. It is the promoter of NSE – and actually now has no role in NSE. Similarly there are many initiatives that it has taken and it no longer plays an active role. Why not ask IDBI to sell all that stake and pay for its growth? No. It cannot happen.

The MoF will use IDBI bank as a holding company, CONTROL the appointment of directors to its board, and also expect it to come to them once in a while for ‘re-capitalisation’ ….well, well, well…