• The article ‘Credit where it’s not due’ rightly lists the causes of and precautions against a future crisis. Credit-rating agencies should do their job more responsibly. Timothy Geithner, Lawrence Summers and Barack Obama have stressed the need for tougher financial regulations and reforms, while some economists see the crisis as a failure of finance and not economics.

Also, some financial institutions are “too big to fail” and need support. But if the massive liquidity is not tackled in time, it’ll cause inflation and another bubble. Mere growth in the finance sector is illusionary. Long-term growth is possible only if there’s growth in the real economy.

— Shishir Sindekar

Nasik

Yet again

• This refers to the report ‘We diverted US funds...’ . After the Pentagon’s expose on the misappropriation of funds by Pakistan for military preparations against India, now it’s the former Pakistan president who has admitted the misuse of US funds. This admission should serve as an eye-opener to the US. If even after these revelations the Obama administration continues to aid Pakistan on the pretext of fighting terror, India must realise that the US is also helping Pakistan against it.

— Manoj Parashar

Greater Noida

Innate, not imposed

• This refers to ‘Holy cows’, ‘Anti anti-hypocrisy’ and ‘Age of Austerity’. The Indian Express should be commended on its campaign on austerity vis-à-vis governance. Austerity should be a philosophy, an innate characteristic. Further, Spanish tiles and Italian porcelain are not necessities; at least Shashi Tharoor and S.M. Krishna paid from their pockets. If one looks at our history — for instance, the dinner Nehru hosted for Chou En-lai — one can take stock of the humility that characterised our past.

... contd.