Global economic crisis 'serious': IMF Chief

[cal04]

Investors skeptical of U.S. stimulus package, says IMF's Strauss-Kahn; an American recession would spread globally, he warns.
http://money.cnn.com/2008/01/21/news/international/europe_econcrisis.ap/index.htm?section=money_latest

The head of the International Monetary Fund called the global economic situation "serious" and said markets worldwide had responded skeptically to a U.S. stimulus plan.

Dominique Strauss-Kahn stressed that a U.S. recession would affect economies across the globe.

"The situation is ... serious," said Strauss-Kahn following a meeting in Paris with French President Nicolas Sarkozy. "All the countries in the world are suffering from a slowdown in growth in the United States."

(snip)
"It appears that the markets did not appreciate the packet proposed by President Bush," he said, adding that the negative reactions were "perhaps to be expected."

[fascisthunter]

1. Yeah... Thanks for Helping

"Sorry, but we folks at the top screwed you all."

[fasttense]

2. Yup.

Let's see, we have the housing market in the tank.

Home foreclosures are out the roof.

Home equity loans are tapped to the max and defaulting.

Credit card payments are falling further and further behind.

We are having a slow motion run on the banks.

America, the largest consumer market in the world, has cut back on purchases.

Stock prices are tanking.

Stock insurers are going bankrupt and taking the bond market with them.

And... the government's solution is....give a few hundred buck back to the tax payer.

No wonder everyone is skeptical.

[cal04]

3. Stocks Plunge Worldwide on Fears of a U.S. Recession

Closing data for six markets around the world on Monday.

http://www.nytimes.com/2008/01/21/business/22stox-web.html?hp