Well atlast the deal is reached. I thought, only IT workforce works in the night and over the weekend. US Congress leaders worked overnights and over weekends to pass the 700 billion dollar bill.
This should calm the world markets a bit. But everthing is not over yet. The days ahead are most painful as most of the financial big heads say.
This is what Former General Electric Co. CEO Jack Welch warned - The U.S. economy was in for "one hell of a deep downturn" because of the credit crisis.
From Reuters:
"I now believe we are in for one hell of a deep downturn," Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be "brutal." Until recently, Welch said, he had believed the U.S. economy could avoid recession, but he has changed his mind. "I am now caving," he said. "Get ready for real tough times. They're coming. There is no credit available."
Welch, 72, said mortgage lenders, legislators, investment bankers and others are all to blame for the crisis, which stemmed from easy credit and investors' appetite for yield. "The problem was money didn't cost anything," Welch said. "People took swings."
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