State overreach: some lessons for India

``To Indians, it would seem surprising that government involvement--or interference--in the economy of this sort and magnitude would feature in the US, the bastion of capitalism, as this has traditionally been the prerogative of governments in less developed economies. The bigger lesson though is that where there are GSEs, government-sponsored crises follow. Unfortunately, there are distinct parallels between GSEs in the US and India's state-owned banks which own more than 70% of the banking assets.''