A crisis too complex for easy fixes

PARIS: Just over 100 years ago, J.P. Morgan gathered his fellow financiers at his Manhattan mansion amid growing financial panic and declared, "This is where the trouble stops."

Last weekend, a similar conclave gathered farther downtown at the Federal Reserve Bank of New York, with the Fed's chairman and the U.S. Treasury secretary giving the bosses of Wall Street giants like Citigroup, Goldman Sachs and, yes, J.P. Morgan, a similar ultimatum.

Unlike the successful dénouement to the Panic of 1907, however, the trouble did not stop. Indeed, the crisis of 2008 worsened, with one financial firm filing for bankruptcy protection, another ending up in a shotgun wedding with a major bank and a third essentially getting nationalized by Washington.

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Created by Laura 1 year 21 weeks ago – Made popular 1 year 21 weeks ago
Category: Politics   Tags:

The economic crisis and its impact on the Obama / McCain campaigns

On last Monday morning, McCain asserted that "the fundamentals of the economy are strong." I guess that he will need to ajust a little bit to reality in his next speaches.

On the other side, for Obama, who promises a tax cut for the middle class,and calls for "an end to business as usual", it could be a good opportunity to seize the leadership moment.

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Created by Nemo 1 year 23 weeks ago – Made popular 1 year 23 weeks ago
Category: Politics   Tags:

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  • استقبل العاهل السعودي الملك عبدالله بن عبدالعزيز
  • من فلسطينيين وعرب ومسلمين لنصرة اخوانهم في فلسطين،
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  • They also need to allow independent medical experts into the camp
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