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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: altair19 who wrote (156495)	12/19/2008 8:22:21 PM
From: stockman_scott	Respond to of 361731

India Central Bank May Extend Rate Cuts Amid Slowing Inflation By Kartik Goyal Dec. 20 (Bloomberg) -- India's central bank has scope to extend the steepest set of interest-rate cuts since 2000 after inflation slowed to a nine-month low, economists said. The country's benchmark 10-year bonds yesterday completed the biggest weekly gain in at least a decade as investors speculated the central bank will add to the three interest-rate cuts of the past two months. A report this week showed inflation slowed more than economists expected, to 6.84 percent in the first week of December. Easing inflation may alleviate the central bank's concern earlier this week that faster than ``acceptable'' price gains have made monetary-policy management more complex amid slowing growth. The Reserve Bank of India's actions should have been ``more aggressive'' to counter the global recession, according to Arvind Virmani, the finance ministry's chief economic adviser. ``Inflation is no longer a concern now and that gives the central bank huge leeway to cut borrowing costs,'' said Sonal Varma, an economist at Nomura International Plc in Mumbai. ``Inflation has gone below the central bank's year-end target for the first time this year, softening its worries over prices.'' Bonds rallied after the Dec. 18 inflation report. The yield on the 8.24 percent note due April 2018 dropped 66 basis points this week to 5.56 percent in Mumbai, according to the central bank's trading system. The Reserve Bank hasn't commented on the latest inflation data. `Aggressive Cuts' Slowing inflation is prompting central banks from the U.S. to Malaysia to cut interest rates as global economies slump amid the worst financial crisis since the Great Depression. The Philippine central bank on Dec. 18 cut its benchmark interest rate to 5.5 percent. The U.S. Federal Reserve lowered its main rate to as low as zero on Dec. 16, and the Bank of Japan reduced its benchmark to 0.1 percent yesterday. ``The key meaningful policy response to the worsening economic situation will be aggressive policy rate cuts,'' said Rajeev Malik, regional economist at Macquarie Group Ltd. in Singapore. ``The mother of all monetary easing will continue to play on in India.'' Growth in Asia's third-largest economy may slow to 7 percent in the year ending March 31 from 9 percent or more annually in the previous three years as the global slump hurts exports, according to the government. India's industrial production fell 0.4 percent in October, the first decline in 15 years, and exports plunged 12 percent. 'Difficult Year' ``This year is difficult,'' Palaniappan Chidambaram, who was India's finance minister until Dec. 1, said this week. The economy expanded at the slowest pace since 2004 in the three months to Sept. 30. Chidambaram is currently the home minister. To revive consumer demand and lending, the Reserve Bank on Dec. 6 cut its benchmark repurchase rate to 6.5 percent from 7.5 percent, the third reduction since Oct. 20. The following day, the government announced a $4 billion stimulus package to bolster spending, including lower taxes on consumer goods like cars, television screens and motorbikes. India is working on more measures to boost economic growth and may announce a second installment of the stimulus package soon, Trade Minister Kamal Nath said last week. ``The central bank is likely to continue with further monetary easing on an ongoing basis,'' said Siddhartha Sanyal, an economist with Edelweiss Capital Ltd. in Mumbai, who expects prices in India to fall next year on cheaper commodities. Inflation eased in the week to Dec. 6 after a drop in crude oil costs led the government to cut retail fuel prices, helping cool price-gains further from a 16-year high of 12.91 percent in August. Crude oil has tumbled more than 70 percent from a record $147.27 on July 11. The central bank will review its inflation forecast in the Jan. 27 monetary-policy meeting, Governor Subbarao said Dec. 11, signaling he may lower an earlier estimate of 7 percent for the current fiscal year. To contact the reporter on this story: Kartik Goyal in New Delhi at kgoyal @bloomberg.net. Last Updated: December 19, 2008 13:31 EST

To: altair19 who wrote (156495)	12/19/2008 8:47:32 PM
From: stockman_scott	Read Replies (1) \| Respond to of 361731

A Progressive Case for Rick Warren _______________________________________________________________ Editorial By Geoffrey Garin The Washington Post Friday, December 19, 2008; 4:13 PM Many of Barack Obama's progressive supporters feel let down by his choice of Rick Warren to deliver the invocation at the Inaugural. I understand why, but here's a different way to look at it. The real story here is not that President-elect Obama has somehow blessed Rick Warren's views on abortion or gay rights, but that one of America's leading evangelical pastors has decided to bless the presidency of someone who is strongly pro-choice and committed to the civil rights of gays and lesbians. That's a rather extraordinary development. Does anyone think the selection of Rick Warren means that Barack Obama will govern differently on social issues than he said he would during the campaign? I certainly don't. There has been a remarkable "what you see is what you get" quality to President-elect Obama's political career, and there's every reason to think that will continue to be the case. Rick Warren is the one who is making the bigger statement here. In no uncertain terms, the best known pastor of our time will be telling his followers and fellow evangelicals that there is nothing ungodly about a president who believes that government shouldn't interfere with a woman's right to choose and that gays and lesbians deserve the protection of our laws as much as any other American. That's a moment progressives should celebrate. Of course, there are other important aspects of Obama's selection of Warren. After the purposeful polarization of the Bush presidency, Americans are hungry for leaders who will move our country to a point where it is okay to agree to disagree, and where we can still find common ground even when some of our disagreements are fundamental. Americans elected Barack Obama in no small part because he promised to be that kind of leader. Obama has told us all along this is an all-hands-on-deck moment for America, when we have to start acting like we are all in this together. Putting that view of leadership into action as president isn't easy, but we are much worse off as a country because President Bush never tried for even a moment when he had the chance eight years ago. I have every confidence that Barack Obama will stay true to his campaign commitments on gay rights and reproductive health, but I'm also glad he is keeping his promise to lead us toward a more united, less polarized America. *The writer is president of Hart Research Associates and conducts polling for many Democratic candidates and progressive organizations.