Anyone still optimistic that US can avoid recession with all the fed rate cuts and economic stimulus packages must be in utopian heights. FOR A COUNTRY WHICH THRIVES ON PLASTIC MONEY, HIDING THE RECESSION REALITY IS NO BIG DEAL. ICICI AND HDFC HAVING SUBPRIME PAPERS WORTH 12 BILLION DOLLARS UNDER THE CARPET IMPLIES THAT US HAS ALREADY ENTERED INTO RECESSION PHASE. THE MAGNITUDE OF THIS CRISIS IS SUCH THAT IT IS GOING TO WIPE OUT SOME OF THE BANKS AND FINANCIAL INSTITUTIONS. INDIAN STOCK MARKETS WILL GO TAILSPINNING TO SEE THE ABYSSMAL DEPTHS OF 4K TO 8K BY THE END OF THIS YEAR. THIS CATASTROPHE OF 2008 WILL BE REMEMBERED IN THE HISTORY OF WORLD ECONOMIES AS THE ECONOMIC ARMAGEDDON. MARK MY WORDS - PROF AJ DARUWALA
