Saturday, January 31, 2009

Davos--Day 2

Arianna Huffington at Davos:

The widespread contrition permeating Davos is matched by an unnerving feeling of paralysis. The people here -- and we are talking about some of the most influential people on the planet -- seem confused, at a loss about how to attack the financial crisis. No one seems to think that the steps being taken are sufficient. It's as if we are watching things unravel -- how many times, for example, are we gong to hear that layoffs have exceeded expectations? -- but are powerless to stop the unraveling.

New York Times DealBook blog:

The captains of capitalism got an earful on the first day of the World Economic Forum in Davos, Switzerland, where panelists and attendees took the world’s financiers to task for, among other things, hobbling the world economy and collecting bonuses for the privilege. It was a remarkable tone that reflected the feeling of gloom hanging over this year’s gathering of politicians, corporate bosses and other dignitaries.

The leaders of the former bastions of the Communist bloc — Prime Minister Vladimir V. Putin of Russia and Wen Jiabao, the Chinese premier — took the stage here Wednesday to rebuke their capitalist brothers for dragging the world into crisis but also to assure them that, working together, they can rapidly restore the global economy to health.

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