Wall Street, Main Street and Economic Crisis
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Wall Street's getting most of the blame for the economic crisis. We consider the role of Main Street. Also, world markets swings widely as financial ministers meet, and the former President of Finland has won the Nobel Peace Prize.
Photo illustration: Peter Macdiarmid/Getty Images
World Markets Swing Widely as Finance Ministers Meet ()
On the last day of one of the worst weeks in stock market history, the Dow Jones Industrial Average has careened back and forth between losses and gains today. President Bush, who tried to be reassuring by listing the many dramatic measures being taken to cope with the crisis, will meet this weekend with economic ministers from around the world. Business columnist Justin Fox writes the Curious Capitalist blog for Time magazine.
- Justin Fox: Business Columnist, Time magazine
Consumer Complicity in the Credit Crisis ()
The finger of blame for the worst economic mess since the Great Depression has been pointed mainly at Wall Street. But what about Main Street, where ordinary Americans have been living on credit cards and sub-prime mortgages, borrowed money they'll never pay back? Now that the roof's falling in, can consumers afford to continue spending? If they don't, what happens to economic recovery? China's consumer economy is booming, with a high savings rate and very few credit cards. Is that a better model? Will the crisis change America's values? We'll raise these and other questions today.
- Linda Chavez: President, Center for Equal Opportunity
- Dean Calbreath: Business reporter and Columnist, San Diego Union-Tribune
- Brian Wesbury: Chief Economist, First Trust Advisors
- Lisa Chow: Economics Reporter, WNYC radio
- John Willman: UK Business Editor, Financial Times
Nobel Peace Prize Awarded to Finnish Diplomat ()
Bloody conflicts around the world could well have been worse if it weren't for the work of a man most Americans have never heard of. That's the conclusion of the Nobel Committee, which has awarded this year's Nobel Peace Prize to 71-year old Martti Ahtisaari. The Nobel Committee has commended the former President of Finland for mediating between hostile parties in South Africa, Indonesia, Kosovo, Northern Ireland, Central Asia and, most recently, in Iraq. Pekka Lintu, the current Finish Ambassador to the United States, is a friend and colleague of Ahtisaari's.
- Pekka Lintu: Finnish Ambassador to the United States
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