“Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.”
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Monday, November 24, 2008
Bloomberg: US could lend as much as $7.4 trillion
Financial institutions have purportedly already tapped $2.8 trillion in credit lines from the Treasury. The loans are the largest provided in an economic emergency since the New Deal of the 1930s, in the wake of the Great Depression.
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Swedish CEO says he will work for free
Lars G. Nordstrom isn't the only CEO being criticized these days for earning too much money during the world financial crisis. But he may be one of the few who has reacted by deciding to work for free.
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IMF chief: Worst yet to come for global financial crisis
The IMF's chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday.
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Why Unemployment Could Be Worse This Time
This fall a number of economists began predicting unemployment would rise to 8% during this recession, up from a reading of 6.5% in October. It would be the highest jobless rate in years.
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BREAKING: U.S. Provides Massive Bailout to Citigroup
The U.S. federal government on Sunday announced a massive rescue package for Citigroup, saying it would guarantee more than $300 billion in company assets, while injecting an additional $20 billion in capital into the embattled bank.
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read more | digg story
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