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Wednesday, May 09, 2007

Describing UPA

Bibek Debroy, that occasional sane economist from Bengal, wrote a nice op-ed in IE about UPA's policy of (the return of) control (and destruction) of public sector banks (I never can understand why Arun Shourie couldn't privatize all the drub public banks wholesale and saved us a lot of headache of the past three years of UPA's return to command and control of economy). But his description of UPA was a joy.

That was lazy banking for you. With UPA fast becoming an unproductive asset, is it surprising that lazy banking should be back?

On the other hand, I'd rather not call UPA an asset, unproductive or not.