These are just a few of the economic woes occurring now. The G20 meeting next week in Washington will no doubt be one of attempting to better coordinate responses to the global economy. A search of the web came up with these as possible responses:
- Nonfarm payrolls plunged 240,000 for the month of October
- Unemployment jumped to 6.5% in October (highest reading in 14 yrs)
- Businesses are making much bigger cuts in capital spending & hiring 1
- Advanced economies (US, Germany, UK, etc.) will shrink 0.3% in 2009 (first time since WW2) 2
1. More shareholder influence on executive pay 3
2. Increased powers for the SEC (Securities & Exchange Commission) 4
3. A stronger IMF (International Monetary Fund) 5
4. Additional policy measures to stop the downward spiral of US housing prices 6
5. Insuring financial institutions don't circumvent regulation 7
6. A Green Public Investment Stimulus program 8
Meanwhile, our bailed-out banks continue to hoard funds, exasperating the situation. 9 The fate of us all during this recession could well depend on the results of this meeting.
Sources:
1. http://www.businessweek.com/investor/content/nov2008/pi2008116_877573.htm?campaign_id=investing_related
2. http://www.theglobeandmail.com/servlet/story/LAC.20081107.RECONOMY07/TPStory/Business
3.http://www.reuters.com/article/americasRegulatoryNews/idUSN06267520081107
4. Ibid
5. http://www.theglobeandmail.com/servlet/story/LAC.20081107.RECONOMY07/TPStory/Business
6. http://www.rgemonitor.com/euro-monitor/254289/europe_catches_pneumonia
7. http://www.bloomberg.com/apps/news?pid=20601100&sid=a7dnE2LYHOVE&refer=germany
8. http://www.thenation.com/doc/20081124/pollin
9. http://www.progressiveinvolvement.com/progressive_involvement/2008/10/bailout-working-precisely-as-intended-gucci-wearin-champagne-sippin-plutocrats-make-out-fine-main-street-stuck-with-the.html
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