The Road to Recovery and American Cars
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After a weekend of international economic diplomacy, stocks are rallying at last. Did the G-7 economic ministers and the International Monetary Fund do something right? Will lending begin again? We get a progress report from Wall Street and Michigan, where the Big Three may become the Big Two—if they survive. Also, the first speech of what's billed as John McCain's new campaign.
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Markets Rally in Wake of Global Plan to Save Banks ()
Friday ended the worst week in Wall Street history with eight days of decline and wild gyrations that had investors scrambling. Today, the Nasdaq, the Standard & Poor's 500 and the Dow Jones Industrial Average all opened with major increases. President Bush gave credit to this weekend's meetings. Sudeep Reddy is economics reporter for the Wall Street Journal.
The Recovery and America's Troubled Auto Industry ()
After Wall Street's worst week in history, it was clear that the Federal Reserve and the Treasury weren't doing enough to restore economic confidence. On Friday, the question was, "Can the Group of Seven industrialized countries and the International Monetary Fund make a difference?" Today, the stock markets surged. Did the ministers do the right thing? Will the credit markets thaw out and begin lending again? We get a progress report and look at the state of America's auto industry, once the symbol of US industrial might. Will the Big Three become the Big Two?
- Greg Ip: Economics Reporter, Economist magaqzine, @greg_ip
- Simon Johnson: former Chief Economist, International Monetary Fund
- Daniel Howes: Business Columnist, Detroit News, @detroitnews
- Paul Schreiber: Mayor of Ypsilanti, Michigan
Can McCain Turn His Sinking Ship Around? ()
Down in the polls and criticized by McCain supporters, the Republican presidential campaign promised to "hit the reset button" with new policies to deal with the economic crisis. That was this weekend. In Virginia today, John McCain told a roaring crowed he's six points down with 22 days to go with plans to come out the winner. Walter Shapiro is Washington Bureau Chief for Salon.com.
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