Words are cheap they've all taken the soft option and chosen to throw more $$ at the problem thats what govts are good at.
I'm sure schiff wouldn't be to happy with that!.
I don't think this goes anywhere near to solving the worlds problems like how to deal with the huge toxic debts already in existence,stimulating growth and the ongoing regulatory enviroment which needs to be more vigourously enforced and regulated all round the globe but particularly in the USA.
Imo there was just not enough detail info provided and there collective mistake was just having the G20 go for only 2 days and in the end provide grandeouss mission like statements which could have been issued at from their respective home countries leaving the mkts to pretty much trade blind for the long term.
All its done is produce a bear mkt rally that some might consider selling into and long term there still remains a ? just over future global regulation,trade,growth,employment and viability of those companies loaded with toxic debt.
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G20 leaders pledge another $1.58 trillion to fight global financial crisis
World leaders at the G20 summit have agreed to spend $7 trillion on fixing the global economy. 4/09...
* Total of $7 trillion to be spent * Crackdown on cowboys, tax havens * Promise not to repeat mistakes of past
WORLD leaders have promised to rein in corporate cowboys and set up a worldwide financial watchdog in a $7 trillion bid to solve the global financial crisis.
The centrepiece of the package is $US1.1 trillion ($1.58 trillion) in spending to create jobs and get banks lending to each other again. By the end of next year, G20 leaders will have spent $US5.5 trillion ($7 trillion - or $7,000,000,000,000) to save the world economy.
British Prime Minister Gordon Brown has described the deal as "the day the world came together to fight back against the global recession".
US President Barack Obama has called it a "turning point", but warned a global recovery is still some way off. Prime Minister Kevin Rudd has said regular people would benefit the most from the massive spending.
Prime Minister Kevin Rudd said the financial market "cowboys" who wreaked havoc on the world economy would be brought undone by the deal.
French President Nicolas Sarkozy, who had threatened to walk out of the summit, said the agreement represented "a commitment by heads of state and government to strengthen regulation and supervision of financial activities".
The key points of the G20 deal:
* Extra $US1 trillion ($1.43 trillion) for international bodies, including trebling of International Monetary Fund financing to $US750 billion ($1.08 trillion)
* G20 nations expect to have spent $US5 trillion ($7.17 trillion) battling the economic crisis by the end of 2010
* Extra $US250 billion ($358.6 billion) for trade finance
* Agreement to shame and name blacklisted tax havens
* New rules on pay and bonuses for corporate chiefs
* IMF will sell billions of dollars of gold reserves to help poor countries
* G20 leaders will meet again in New York in September, when the IMF will report on the impact of the spending to date.
