Credit Crisis News — Pay Attention This Weekend
Over the last few months, I’ve been trying to devote time to the credit crisis and bailout. Unfortunately, the news cycle is often so short that it’s difficult to keep up. Today I was lucky to be able to catch the bailout modification. With the busy times ahead, though, there’s something that needs to be monitored very, very closely:
The Group of 20 nations is prepared to act “urgently” to bolster growth and called on governments to cut interest rates and raise spending as the world’s leading industrialized economies battle the threat of a recession.
“We stand ready to urgently take forward work and actions agreed by our leaders to restore and maintain financial stability and support global growth,” the group said in a statement released yesterday following a meeting in Sao Paulo. “Countries must use all their policy flexibility, consistent with their circumstances, to support sustainable growth.”
Those measures include “monetary and fiscal policy,” it said.
The G20 nations will be at a summit in Washington beginning this Saturday.
Something tells me that nothing good for us “plebes” will come of this. We’ll end up paying dearly for this.