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...article. in President Barack Obama's two months in office, Gingrich says, he "has so far failed to turn around the economic decline." It took the Republicans eight years to get us into this mess with their nonexistent oversight and their allowing the deficit to balloon to $10 trillion. All Gingrich can offer as an answer is Contract with America 2.0 - which consists mostly of tax cuts. It's the old trickle-down economics with a fresh paint job. I'd much rather have tax-and-spend Democrats than borrow-and-spend Republicans. David Ingram, ST. LOUIS...
...comes the hangover. Funds launched in 2005 and 2006, which invested most of their capital at the market peak, will struggle ever to turn a profit. But research firm Preqin reports that of $2.5 trillion in private-equity assets worldwide at the end of 2008, $1 trillion was "dry powder" - cash that hadn't been invested. There are lots of cheap companies out there, and private-equity firms with cash on hand will surely hit a few home runs with investments made in the coming years...
...what extent has the outcome of today's meeting of 19 leading economies and the European Union already been agreed? That's the $2 trillion question. The sum is the proposed level of fiscal stimulus by G-20 nations identified in an early leaked draft of the final communiqué expected later today. But amid squabbling in the run-up to the meeting, with France and Germany especially vocal in their objections to making specific commitments, the figure has been recast as the collated estimate of measures already planned as the world tries to stave off a prolonged downturn...
...House produced a long-awaited bill to regulate 85% of U.S. greenhouse-gas emissions, anteing up for what promises to be long, high-stakes negotiations with the Senate and business groups alarmed at the $1 trillion price tag that some estimate such an effort could entail. The effects of the already intense lobbying were felt across the Capitol, where the Senate the same afternoon passed by an overwhelming margin an amendment resolving that any energy legislation should not increase electricity or gas prices. As it stands now, energy-price hikes are unavoidable under most of the climate-change plans swirling...
...might say the same has happened to the global economy. In the hangover of a credit binge fueled by about a trillion too many real estate dreams, the International Monetary Fund (IMF) predicts that this year will be the first since 1945 to see a contraction in world economic output. The London summit is designed to both ameliorate the present crisis and try and head off future ones. (See pictures of the global financial crisis...