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| Obama urged to shape new economic order | |
| 2008-11-05 | |
| Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s. Excitement about the election of Democrat Obama as the first black U.S. President was tempered by an awareness of the challenges he faces as the world's biggest economy labors in recession. "We need to change the current crisis into a new opportunity. We need a new deal for a new world," said European Commission President Jose Manuel Barroso.
Underlining the economic woes Obama faces, U.S. private employers cut a larger-than-expected 157,000 jobs in October, a report by a private employment service showed. Initial market reaction to the election was sober, with the dollar retreating against the pound and the euro and Wall Street expected to fall after an election-day rally. European shares were down two percent, but Asian stocks earlier closed at three-week highs. "The market is maybe reflecting the hard work ahead and difficult economic circumstances new president Barack Obama has inherited," said Keith Bowman, analyst at Hargreaves Lansdown. Obama does not take office until January, leaving outgoing President George W. Bush to host a summit of world leaders in Washington on November 15 to discuss the global financial crisis which has its roots in the collapse of the U.S. housing market. | |
| Posted by:tipper |
| #9 I'm not Mr. World traveler or anything, I go to Mexico a lot. Poor people here got nothing to bitch about, nothing. They dont know what poor is. |
| Posted by: bigjim-ky 2008-11-05 23:32 |
| #8 global tax to fight global poverty Since our poor are rich by global standards will they be required to pay into this global tax too, or will it only apply to those who earn more than $250,000, er, $125,000, um, $75,000, no, $40,000? |
| Posted by: Glenmore 2008-11-05 22:36 |
| #7 Global realities are going to constrain Obama considerably. His ego, the one that demands that he be loved and, more importantly, re-elected are also going to constrain him from going too far from the center. This is my hope anyway. Everyone is going to ask for a pony. Sorry, but Uncle Sugar can't afford a pony right now. You want a pony, buy it yourself you lazy, incompetent bastards. Obama's leash will be tight despite the hopes of all those with their hands out. |
| Posted by: remoteman 2008-11-05 16:47 |
| #6 Dow down 5%, NASDAQ down 5.5% |
| Posted by: ed 2008-11-05 16:19 |
| #5 The prospect of Obama/Reid/Pelosi has to have a chilling effect on job creation. I have a feeling that companies will be shedding workers before the new federal overlords take over. More to the point, I think there may be a lot of capital looking for a safe haven before the end of the year. |
| Posted by: RWV 2008-11-05 15:54 |
| #4 Not really that new |
| Posted by: DMFD 2008-11-05 15:50 |
| #3 "We need a new deal for a new world," Make your own. The empty suit will be too busy trying to deliver on even 10% of the promises he made to his constituents. Spit. |
| Posted by: Darrell 2008-11-05 15:34 |
| #2 Urged to lead the world out of economic crisis? A New Deal for the New World Order is exactly what I fear. The only bill Obama has introduced as a Senator was proposing a global tax to fight global poverty! Just what "wealthy" American taxpayers want to do with their excesses--send it to some African warlord so they can buy more sophisticated weapons to use on their own people! Anyone else notice the hammer and sickle flags at the celebration rally at the White House last night? The Che Guevara flags at Obama HQ's? I'm ill at the thought--Trailing Wife may have to organize an underground as I am not a good lemming! |
| Posted by: Thealing Borgia 122 2008-11-05 11:19 |
| #1 Pity this isn't an onion headline. |
| Posted by: Bright Pebbles 2008-11-05 10:00 |