Obama and the G-20 Summit
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The G-20 meeting in South Korea's being called a failure for President Obama, who wanted global consensus for economic recovery. Why is the US now the bad guy, when so recently other countries joined it in ganging up on China? Also, will there be compromise between Republicans and Democrats on taxes? On Reporter's Notebook, Newsweek magazine and the website Daily Beast have completed a merger some people thought never would happen. We hear about media "synergy."
Banner image: President Obama holds a bilateral meeting with Chancellor Angela Merkel of Germany at the Grand Hyatt Hotel in Seoul, South Korea, November 11, 2010. Official White House Photo: Pete Souza
Compromise between Republicans and Democrats on Taxes? ()
Next week's lame-duck session of Congress will try to cope with the Bush tax cuts before they run out on December 31, bringing a tax increase for almost every American. Before leaving South Korea, President Obama repeated a familiar theme of making sure taxes don't go up for middle-class families. He also reiterated "that it would be fiscally irresponsible" to permanently extend the high-income tax cuts, as Republicans have made it their top priority to deal with the deficit. Lori Montgomery is a financial reporter for the Washington Post.
Unified Global Strategy for Economic Recovery? Maybe Next Year ()
This week in South Korea, the G-20 countries labored until early this morning to bring forth an agreement that left nobody satisfied. After days of dispute, the President of France today called the agreement "better than disagreement." Brazil and Germany opposed US plans to stimulate growth before reducing the deficit. China accused the United States of deliberately weakening the dollar. President Obama failed to get a free-trade treaty with South Korea, and conceded that "instead of hitting home runs, sometimes we're going to hit singles." What are the prospects of a trade war with China? How does global policy affect American standards of living?
- Greg Ip: Economics Reporter, Economist magaqzine, @greg_ip
- Adam Minter: Shanghai-based journalist, @AdamMinter
- Josef Joffe: Publisher and Editor, Die Zeit
- William Cline: Senior Fellow, Peterson Institute for International Economics
Newsweek Merges with Daily Beast ()
The venerable Newsweek magazine was sold by the Washington Post this year for one dollar. The buyer was 92-year old audio-components maker Sidney Harman, who also picked up $47million in liabilities. Now Newsweek has joined up with the two-year-old website, edited by Tina Brown. The Daily Beast needs credibility. Newsweek needs new media energy. Can Brown accomplish the synergy to keep them both alive? Steve Fishman is contributing editor at New York magazine.
- Steven Fishman: Contributing Editor, New York Magazine
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