The recent turmoil witnessed in the financial hubbub of US has caught the entire world unawares. The myth that Lehman Brothers can do no wrong has gone into shambles. President Bush's bailout package of US$ 700 Billion to resurrect Wall Street was although approved by the House of Representatives on review, it is not certain as to whether it will improve the present murky situation. Waves of these ramifications had its impact on the economy of many advanced nations and severely affected that of the developing nations including India. Optimism expressed by us in these columns recently has been shattered to some extent. The Sensex has plunged into a level of low for more than 2 years.
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