Judiciary Report - No Definitive Answers At Davos

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No Definitive Answers At Davos

February 2. 2009

President Barack Obama

During the economic and political summit at Davos, world leaders and financial gurus were unable to come up with definitive answers to the current economic crisis.

The U.S. government was squarely blamed for what transpired, as the crisis did originate in corporate America, due to widespread fraud and corruption. However, many still wished Obama well and are hopeful he will be successful during his presidency, especially with economic reforms.

The mere fact that so many are stumped by this crisis, should be a serious warning sign to the U.S. Congress to make sure they get the proposed stimulus correct.

It is imperative that not a dime is wasted, especially on unsound, frivolous programs and the money go to the right financial vehicles that will be the most productive.

The U.S. Congress should also refrain from taking too much money, as it will create excessive amounts of unnecessary debt, if done incorrectly, will saddle the American taxpayer with monetary burdens for the next quarter century.

If the economy does not sufficiently grow each year at the desired, appreciable rate, this massive $800 billion dollar bill is going to become a serious problem for the next two and a half decades.

Davos finds no answers to crisis

The World Economic Forum has ended with a call to rebuild the global economic system.

Founder Klaus Schwab announced a "global redesign initiative" to reform banking, regulation and corporate governance. For five days, more than 2,000 business and political leaders discussed what some here called the "crisis of capitalism".

However, most discussions described the problems, not solutions. The forum's official theme this year had been "shaping the post-crisis world", but that turned out to be premature.

http://news.bbc.co.uk

China and Russia Link U.S. Bank Corruption to Global Economic Disaster

01/30/2009 - In a January 29 article in the Financial Times by Andrew Edgecliffe-Johnson and Gillian Teft from Davos, Switzerland and John Thornhill and Catherine Belton from Moscow the following is explained:

What refreshing candor! It is about time these overpaid banking disaster failures were told the truth about their failed policies and performances!...

"Wen Jiabao, the Chinese premier, and Vladimir Putin, Russian prime minister, used the world economic forum in Davos to argue that the two rising powers must play a bigger role in a new economic order.

"Mr. Putin mocked American delegates who had talked at last year's Davos gathering about the U.S. economy's `fundamental stability and cloudless prospects', saying that `investment banks, the pride of Wall Street have virtually ceased to exist.'

"Mr. Wen made scathing comments about the `inappropriate macro-economic policies of some unnamed countries' and the `unsustainable model of development characterized by low savings and high consumption.'"...

http://www.politicalcortex.com

Chase CEO says 'stupid things were done by American banks,' as bankers lose Davos clout

January 31, 2009 - JPMorgan Chase & Co. CEO Jamie Dimon is telling a world grappling with the biggest financial crisis since the Great Depression what it wants to hear:

“I take full blame for all the American banks and all the things they did,” Dimon said during a panel on leadership at the World Economic Forum in Davos, Switzerland Thursday.

http://rawstory.com