This exactly same done by RBI and Mr. Reddy did not succumb under the pressure applied by industrialists and politicians. Now, as the slowdown in US is looming large, it is too late to react and tackle the evident recession by just cutting the interest rate. As Noble Laureate Joseph Stiglitz rightly said-- it is a case of too little and too late -- akin to applying pain balm when chemotherapy was the need of the hour. So,at a time when Inflation is hovering around 2.5-3%, the real return on investment in USA in almost zero.The will will not attract good investments in USA and the proposed investment of $150 Bn by USA Government will not be sufficient to deter the recession. The U.S. employment report also showed the first monthly jobs loss in four years and all these phenomena/developments just indicate for worsening of the situation.