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koganbotI AM TYPING IN CAPITALS BECAUSE EVERYONE AGREES THAT THE BANKS NEED CAPITAL AND I AM DOING MY PART.
OK, I've done my part. Happy Day Of Atonement.
The intro
13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,
Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...
Policy makers must move boldly to stabilise the financial system. The basic elements are:
--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.
All the authors agreed on the first, many on the second and a good number on the third.
The essays
*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...
OK, I've done my part. Happy Day Of Atonement.
The intro
13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,
Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...
Policy makers must move boldly to stabilise the financial system. The basic elements are:
--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.
All the authors agreed on the first, many on the second and a good number on the third.
The essays
*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...
Cheer up, the sky is falling!
Date: 2008-10-10 02:24 am (UTC)Dow 9,000!
Stock prices are, however, the least of our worries. The money markets are frozen; the TED spread is 4.14%.
G7 meeting tomorrow, IMF-World Bank over the weekend. Now is the time for major action - an announcement of coordinated capital injections, liquidity measures, and more. If we've had nothing except vague assurances by Monday...
Re: Cheer up, the sky is falling!
Date: 2008-10-10 02:39 am (UTC)