Posted on 01/23/2008 10:11:53 AM PST by khnyny
DAVOS, Switzerland : The annual Davos gathering of the world's political and business elite opened Wednesday, dominated by the deep cut in US interest rates aimed at preventing recession and supporting world stock markets.
In recent years the annual meeting in the Swiss ski resort has been against a backdrop of bumper corporate profits, strong economic growth and tame inflation.
But as the 38th World Economic Forum opened the global economy is now faced with huge slides in stock markets, slowing growth, the sub-prime crisis and increasing oil, food and other commodity prices.
"I don't know whether there will be a recession in the United States, but I do know that one year ago, at this time, things were very rosy," Rahul Bajaj, chairman of Indian industrial group Bajaj Auto told AFP in Davos.
On Tuesday the US Federal Reserve announced an aggressive 75 basis point cut in borrowing costs after a slew of data pointed to a slowdown in the world's biggest economy.
This was the first time the Fed had changed interest rates outside its regular rate-setting meetings since 2001, days after the September 11 attacks. It was also its deepest cut since 1984.
(Excerpt) Read more at channelnewsasia.com ...
DJIA down to about 17,000. What will they be talking about?
LOL. They’ll be partying. I found this amusing, last sentence in article:
“Parties each night also provide delegates with endless opportunities for winding down and schmoozing, with the annual party thrown by Internet darling Google the highlight of the social calendar for many.”
Apparently there will loads of “celebrities” too including Al Gore, lol.
The U.S. Congress created the Sub-Prime mess with feel-good legislation so it’s only natural we ‘look to them’ to solve the problem they created. Sure they can... uh, maybe? uh, make it even worse? Nahhhh, that’s never happened before.
(sarc)
Don’t have any idea what The World Economic Forum will accomplish, but Davos Switzerland would be a great place to be right now.
partying and spending other people’s money. sounds like a UN conference.
FR is familiar with BBC and other news agencies. Their agenda include, along with the usual Club of Rome jazz, some glee when they imagine the USA will somehow be placed under control, but there is no cage with walls high enough to contain the Eagle.
It looks like fun.
Google stock is down today. I must admit, that did bring a smile to my face.
well they’re going to be selecting our president for the next eight years so algore may have his shot... [barfffff]
“Their agenda include, along with the usual Club of Rome jazz, some glee when they imagine the USA will somehow be placed under control, but there is no cage with walls high enough to contain the Eagle.”
If they poop on the Eagle’s head enough he may eventually be forced to the ground.
That may be their plan, but it is not wise to taunt Eagles when you only think they are caged but they are not.
“That may be their plan, but it is not wise to taunt Eagles when you only think they are caged but they are not.”
I hope the Eagle rips their guts out. And soon!
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