Rockstar Rajan turns on liberals, leaves them squirming

Do you know who this guy is?

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That’s Raghuram Rajan.

I know what you are thinking. Chaiwallah, you must have gone mad. How can this be Raghuram Rajan? Who is this fat and ugly loser? Where is the sexy rockstar we all remember?

To that I say: you must look through the eyes of India’s disappointed liberals. This is exactly what Raghuram Rajan looks to them today. The sexiness that made the liberals weak in their knees has all disappeared.

You know things are going badly for the left when NDTV decides to blame BOTH BJP and Congress.

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The real headline is this:

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Aaarghh…. 2006-2008! How are the liberal propagandists ever going to blame Modi for this? Worse, this was the period Sonia Gandhi’s rule was propped up by the Communist Party.

All those astronomical loans given to big business houses, with little or no chance of recovery, were given under Congress rule with the Communists supporting them. Oh Lord Jesus, have mercy on the souls of an entire legion of Indian “journalists” who have been desperately trying to blame the bank NPA crisis on Narendra Modi.

Of course, this is exactly what Narendra Modi has been saying about “phone banking” for a while now. The UPA government gave out massive loans to its friends which have now blown up and come due. The magnitude of the Congress made disaster was so great that if the numbers had been disclosed right after Modi assumed power, the resulting flight of capital from India would have left our economy nowhere.

And so it is, that after four full years, the government has decided to make this a talking point … now that the worst of the wildfires have been put out.

Not for the hyenas and the jackals in the liberal media. Always there for the taking and never for the making, they have been trying to pounce on Modi for the bad loans doled out by the Congress and CPIM. Their eagerness is understandable. With the Indian economy duly replenished by five years of BJP rule, 2019 is the right time to get Congress back into power, so that the gravy train for them can start rolling again. It’s time to get back to the working the phones, for celebrity journalists to lobby with big corporations to get the right ministers in the right places in return for hefty commissions.

And along comes Raghuram Rajan and chokes their narrative. Having built up Raghuram Rajan into some sort of great hero, the liberals have been left squirming … unable to swallow what has happened… and unable to spit it out. One particularly excitable journalist who lost her primetime slot after Modi brought the class of “bhaisahebs and behenjis” to power in 2014, let her wishful thinking drive her so crazy that she suggested Rajan for PM. What now?

What is happening is that elites are learning a tough lesson about the loyalty of academic liberals. People say that leaders like Paswan are the best “mausam vaigyaniks” in the world, but they are not. No class is as craven and compromised as academic liberals. And some are beginning to perceive that Rahul will never match up to Modi. Even if Congress somehow manages to get Modi out in 2019, they realize that Congress with just a shade above 100 seats (at most) supporting some third front government cannot last. The long term interests are served elsewhere.

You could say that Rajan was just giving facts. But, Rajan is an economist. He knows of a thousand different ways to lie with facts. It is sort of his job to know that. Yet he picked a way to respond that would cause maximum political damage to his former patrons and current devotees.

In 2016, when it became public that Rajan was going away, Chidambaram said with much contempt that “Modi govt does not deserve Rajan.” I’ll do better than that. I’ll say that nobody deserves mausam vaigyaniks like Raghuram Rajan.

Having built up Rajan to the point that they even belittled the nation before him, they can’t back out now. The RW has a job on its hands: rub their noses in it.

In some ways, this is the logical conclusion to the pompously named “Rexit.” Perhaps somebody planned to go out in a blaze of glory … along with a kick in the balls for the government. How big a kick? Someone predicted that it would be a $100 billion kick in the balls.

That kick in the balls for the government never arrived. Instead India successfully implemented a whole new tax system next year and raised itself to the list of world’s five largest economies. And the secular ecosystem that made Rajan a hero failed miserably to do the same with Rahul. Now the ecosystem needs Rajan more than Rajan needs them. Unfortunately, that is not how “intellectuals” operate. And so he has turned around and sucker punched them.

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15 thoughts on “Rockstar Rajan turns on liberals, leaves them squirming

  1. Dear Sujoy,

    Congratulations on the photo. Is that a real person or a photoshop?

    Anyway, Raghuram Rajan has moved onto greener pastures. He wanted to parlay his Indian stint into something even bigger. He is no longer beholden to PC and perhaps feels no compulsion to bail out the UPA. My wife found some reference somewhere that R3 claimed to have alerted the Modi Sarkar in 2016 but they did nothing. But I cannot readily find that link. Perhaps someone here can. In any case, the attempts to pin the NPA fiasco on the UPA instead of the NDA seems to be falling flat. (I cannot resist pointing out that the acronym NPA is an amalgam of NDA and UPA.)

    As for this sentence:

    “The magnitude of the Congress made disaster was so great that if the numbers had been disclosed right after Modi assumed power, the resulting flight of capital from India would have left our economy nowhere.”

    I am glad you now come around to this view. As I have mentioned in earlier comments, some of my economist friends wanted NaMo to come out with a white paper on the poor state of the economy, but he chose not to. In retrospect it was a wise decision.

    Finally, are there any “journalists” left who still think that their patron saint RaGa will win in 2019? Or are they just going through the motions because they are continuing to get paid?

    Liked by 3 people

    1. I suppose you meant “In any case, the attempts to pin the NPA fiasco on the NDA instead of the UPA seems to be falling flat….” or you are becoming sometimes endearingly unpredictable? We want to keep you in good humor, professor for being intellictual among us dumb headed cattle class!

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  2. I am not an economist, but I read that in early 2000, banks in America were very generous in giving loans. One could get loans of two hundred thousands dollars on a collateral property worth only half that much. Loan officers were given incentive to pass loans. I know a friend who bought a run down motel and got three million dollars loan for renovating it. He used that loan money to buy three four business franchises for his children. He got jail but the bank lost money as the bank could not go after his children. (In America the children are not responsible for father’s debt).

    Later on when Obama came to office, all hell broke loose. There were rampant defaults, people were losing homes to banks, businesses including GM were on verge of collapse. Europe was not in much better shape. And we know what happened in India.

    My question to all knowledgeable in this forum is, Was at that time some reputed and powerful economist convinced the world that “Runam Krutva Dhrutam Pibet” philosophy will put all loan money in circulation and that would be good for the economy? How world fell for it?

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  3. Basically, the ecosystem had understood that they are not coming back in 2014 and in the foreseeable future. Hence the treasury was emptied. Banks were emptied with loans to their cronies. Oil IOU’s were issued. Finances of the country was wrecked in every way imaginable.

    Raghuram Rajan cried intolerance when he fully well knew the state of the economy. Thus, he was trying to help the ecosystem by frightening investors. Fortunately, investors are wiser than economists like R3. And fortunately, Modi government removed him.

    A lot of people knew the sorry state of our economy in 2014. Even Jaitley had hinted this few months after the elections. Still investment came because of the reputation Modi had.

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  4. I suppose you meant “In any case, the attempts to pin the NPA fiasco on the NDA instead of the UPA seems to be falling flat….” or you are becoming sometimes endearingly unpredictable? We want to keep you in good humor, professor for being intellictual among us dumb headed cattle class!

    Like

    1. Wow, Raj, a DOUBLE attack by you! 🙂

      I guess the true intellectuals of India like Shobhaa De, Shehla rashid etc. would consider ALL of us on this forum to be cattle class! 🙂

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  5. If not anything UPA knew they are not coming back in 2014. They emptied the treasury, banks, almost bankrupted the Oil companies, and left a very big problem for the Modi government. They expected Modi Govt. crumble under the huge burden they had imposed on the economy which would have paved the way for their come back in 2019. However, Modi being Modi got down to fixing the humongous problems and setting the economy on the path of growth by working hard. He succeeded in overcoming the hurdles and got the economy going again to 8.2% growth rate. UPA knows that its game is up and that they cannot come back in 2019. Hence, the desperation to sling mud and see if anything sticks. People have become more smarter in voting as the social media keeps them informed of the reality and they no more trust the MSM as it has become thoroughly discredited. Today, journalists are the most despised class in India.

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    1. “Today, journalists are the most despised class in India.”

      Not any longer, I would say. That distinction now belongs to the judiciary, whose hypocrisy, selectivity and bias are too manifestly obvious to be ignored. I hope Modi will pick his fight carefully and just defy them. Let them “stay” EVMs or the Rafale deal or the Aadhar linking, or … and the government can simply ignore it. In reality there isn’t anything the judiciary can do if the government ignores the SC ruling. What will happen other than impassioned outrage on the editorial pages of NYT, WaPo, BBC, Economist etc.?

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  6. The following came in a WhatsApp message. Don’t have evidence proving this, but don’t have any doubts to dispute it either:

    Today I came across an old bill (petrol) dt. 17.09.2013. It shows the petrol price @ INR. 82.87 per litre. That was the time of Congress / UPA Government. The people’s memory seems very poor & weak. If I had not seen this old bill, I also might Not have remembered that five years ago the price of petrol was higher than today’s rate.

    Now the opposition Congress is shouting on price rise totally forgetting that in their tenure the price was much higher. It represents the Pseudo mannerisms of the party.

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  7. Greetings on Ganesh Chaturthi

    It is such a privilege to be born in Bharat and worship our Gods. We have to be grateful to our ancestors for creating such a magnificent heritage and culture.

    May Ganesha remove all the obstacles Bharat faces in becoming a truly Dharmic nation.

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  8. I was looking for someone reciting the well-known mantra “Om GaNanaam tva GaNapatigum ha Vaamahe” on Youtube, to share with forumistas. I can only say that I was APPALLED by the sheer number of people rattling off this sacred mantra like a movie song, without any regard for the intonations.

    At last I found one PROPER rendition. Enjoy!

    Happy Ganesha Chaturthi to one and all.

    Like

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