Economic Outlook: The Group of 20 Nations in Toronto agreed to reduced government Deficits in a meeting defined by odd contrasts in fiscal management and in vocabulary.
PHOTOS: Barack Obama in pictures
Using the year's most vivid oxymoron, President Barack Obama said the nations mapping out the path for Economic Recovery were in "violent agreement," with an accord announced Sunday that called for Deficits to be halved by 2013 and stabilized by 2016.
VIDEOS: Barack Obama in videos
With bank Regulation mostly off the agenda -- to be tackled more forcefully at a G20 summit in...
Stocks plunge on global jitters
NEW YORK (CNNMoney.com) -- Stocks plunged at the open Tuesday, following a sharp drop in Asian shares overnight, amid concerns about the outlook for the Global Economy.
Dow Jones industrial average ( INDU ) dropped 197 points, or 1.9%, in the first 22 minutes of trading. The S&P 500 ( SPX ) slid 22 points, or 2.1%, and the NASDAQ ( COMP ) Composite fell 58 points, or 2.6%.
Stocks ended a choppy session slightly lower Monday after world leaders pledged to cut public Deficits over the next...
Stock futures tumble on global economic worries
NEW YORK (AP) - Stock futures and Interest Rates tumbled Tuesday after fresh signs of a Global economic slowdown spooked investors.
Asian Markets tumbled overnight when Japanese data showed its country's recovery slowed and China's Market was hurt by an initial public offering that pulled investors away from the rest of the Market. European indexes opened sharply lower after Greek workers again walked out of their jobs to Protest steep Budget cuts.
Interest Rates fell in the Bond Market as...
Read the Group of 20's final statement
T
HE G-20 Toronto SUMMIT
DECLARATION
June 26-27, 2010
Preamble
1. In Toronto, we held our first Summit of the G-20 in its new capacity as the premier forum for our International Economic cooperation.
2. Building on our achievements in addressing the Global ~#~3~#~ Crisis, we have agreed on the next steps we should take to ensure a full return to Growth with quality Jobs, to Reform and strengthen Financial Systems, and to create strong, sustainable and balanced Global Growth.
3. Our efforts...
Stock futures sharply lower, interest rates tumble on concerns about economic slowdown
NEW YORK
— Stock futures and Interest Rates tumbled Tuesday after fresh signs of a Global economic slowdown spooked investors.
Asian Markets tumbled overnight when Japanese data showed its country's recovery slowed and China's Market was hurt by an initial public offering that pulled investors away from the rest of the Market. European indexes opened sharply lower after Greek workers again walked out of their jobs to Protest steep Budget cuts.
Interest Rates fell in the Bond Market as...
Asian stock markets post muted gains as investors await new cues following flat Wall Street
Bangkok
— Asian stock markets mostly posted muted gains Monday as investors searched for fresh cues after a flat session on Wall Street and a pledge by world leaders to reduce Budget Deficits.
In a final statement from the top 20 industrial and developing nations at their weekend summit in Toronto, leaders endorsed a pledge by rich nations to slash Budget Deficits in half in three years. The Deficit-cutting goal, however, was accompanied by concerns that cutting Stimulus spending too...
Asian stocks slide ahead of crucial Japan business survey, US jobs data; China off 3.3 percent
Bangkok
— Asian markets slid Tuesday as a mammoth share sale in China dragged Shanghai stocks down more than 3 percent and investors trimmed bets before the release of crucial indicators from the world's two biggest economies.
Investors were wary of riskier assets like stocks following a fall on Wall Street Monday and dour Japanese Economic data that could foreshadow weaker business confidence when the Bank of Japan's "tankan" survey is released on Thursday.
Markets are also jittery...
Asian Markets Tumble on Prediction that China Growth May Slow
In Asia Tuesday shares closed sharply lower. In China the Shanghai Composite Index plunged 4.3% to 2,427 and in Hong Kong the Hang Seng fell 2.3% to 20,249. Japan's Nikkei 225 Index slumped 1.3% to end the day at 9,571.
Today's news that the Conference Board, a New York-based research organization, now predicts that China's Economic Growth will slow considerably caused a massive sell-off in Shanghai. According to Bloomberg BusinessWeek , " China's Growth acceleration has passed its peak ."...
Stocks poised to drop
LONDON
Stock futures tumble on global economic worries
NEW YORK (AP) - Stock futures and Interest Rates tumbled Tuesday after fresh signs of a Global economic slowdown spooked investors.
Asian Markets tumbled overnight when Japanese data showed its country's recovery slowed and China's Market was hurt by an initial public offering that pulled investors away from the rest of the Market. European indexes opened sharply lower after Greek workers again walked out of their jobs to Protest steep Budget cuts.
Interest Rates fell in the Bond Market as...
GOP Chooses Tax Cuts for Billionaires Over Jobless Benefits for the Unemployed
Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of Billionaires over millions of Americans in the throes of...
Reinstating Estate Tax Would Pay for Jobless Benefits
Reinstating Estate Tax Would Pay for Jobless Benefits
Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of...
GOP Chooses Tax Cuts for Billionaires Over Jobless Benefits for the Unemployed
Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of Billionaires over millions of Americans in the throes of...
World stock markets post modest gains amid G-20 progress on deficit reduction
MILAN
— European markets rose Monday, breaking a four-day run of losses, after the Group of 20 rich and developing nations vowed to reduce their Deficits.
Leaders at the summit in Toronto this weekend endorsed a pledge by rich nations to slash Budget Deficits in half by 2013, while downplaying strategic differences on fiscal Stimulus versus fiscal Austerity.
"As expected, nothing earth-shattering from the G20 meeting in Toronto, but policymakers have done a rather elegant job at...
Obama vs. the Allies
Rich Lowry
A specter is haunting the world: the specter of Canada.
To hear President Obama's supporters tell it, Canadian Prime Minister Stephen Harper is a one-man economic wrecking crew. He led the charge at the G-8 Summit to endorse the goal of advanced nations cutting their Deficits in half by 2013. Obama only reluctantly went along, warning of the ill effects of what the intellectual architects of his Stimulus package plaintively call "premature Austerity."
This dreaded Austerity has...
Asian Markets Tumble on Prediction that China Growth May Slow
In Asia Tuesday shares closed sharply lower. In China the Shanghai Composite Index plunged 4.3% to 2,427 and in Hong Kong the Hang Seng fell 2.3% to 20,249. Japan's Nikkei 225 Index slumped 1.3% to end the day at 9,571.
Today's news that the Conference Board, a New York-based research organization, now predicts that China's Economic Growth will slow considerably caused a massive sell-off in Shanghai. According to Bloomberg BusinessWeek , " China's Growth acceleration has passed its peak ."...
Economic Distemper Imperils Democrats
Politically speaking, the Democrats' problem at the moment is pretty simple: Confidence in The Economy has slumped, and at exactly the wrong time in the Election calendar.
Seib:Voters Sour on Economy at Worst Time for Dems
3:14
At a time when Democrats most-need voter support -- just five months ahead of Midterm Elections -- a poll shows the weak economy has soured many on President Barack Obama and Democratic Party Economic Policy, WSJ's Gerald Seib reports.
Blame it on Greece.
For...
Okada negative about G-8 expansion to include China+
Tokyo, June 29 (AP) - (Kyodo)Foreign Minister Katsuya Okada on Tuesday expressed a
negative view about expanding the Group of Eight forum to include
China as a member, saying the forum should maintain its principle of
bringing together "developed countries that share the same
(democratic) values."
Prime Minister Naoto Kan proposed during a working dinner of G-8
leaders in Canada on Saturday that the forum invite China "in some
cases" to help make Beijing more responsible in the...
Why Obama is Sabotaging U.S. Economic Growth
They do not want the United States of America to drive Global Growth anymore.
If the Financial Reform Bill passes, the bad Wall Street will win, the good Wall Street will not. And investors and American
G20 Plans One Foot On The Brake, The Other On The Gas Pedal. Will They Blow Up The Global Economy?
You really can't blame them for not listening . After all, the U.S. is caught up in Deficit fever, too - a cyclical illness that occurs only when we have a Democratic president or Democratic control of the House. The only thing that worries the Villagers is when the Government spends money on the people who gave it to them:
Toronto -- President Obama warned Sunday that the world Economic Recovery remains "fragile" and urged continued Spending to support growth, an expansionist call at the end...
EU: Eurozone business and consumer confidence barely moves in June
Brussels
— Business and Consumer Confidence in the 16 nations that use the euro hardly moved in June, according to an EU survey published Tuesday that points to a slow and uncertain Economic Recovery in the region.
Economic Growth in Europe's currency Union currently relies far more on exports than Growth at home, where people are still reluctant to spend and companies aren't keen to take on new hires. Unemployment in the Eurozone reached a ten-year high of 10.1 percent in April.
The...
Deficit worries trump fears of new recession at G20 summit
(McClatchy Newspapers)
Toronto - Still concerned about slipping back into Recession,
world leaders
signaled Sunday they have a new fear — that the
Deficit spending
they used to stimulate growth could produce a crippling Debt crisis that also could stagger the
world Economy
.
They pledged Sunday to cut
Deficits
in half within three years, their fear of
Debt
outweighing warnings from
President Barack Obama
that cutting back too quickly risks
starving
The Economy just as its starting to recover.
The leaders...
NKorea dismisses G8 criticism on ship
AAP
North Korea on Tuesday rejected Group of Eight criticism over its alleged deadly sinking of a South Korean warship, a day after the isolated Communist nation threatened to bolster its Nuclear Capability.
The North's Foreign Ministry accused the G8 leaders of a "sinister political purpose", saying in a report carried by the country's official Korean Central News Agency that the G8 has been reduced to an "evil group".
An international investigation led by South Korea concluded in May that...
North Korea calls G-8 an 'evil group' for criticism over deadly sinking of SKorean warship
Seoul, South Korea
— North Korea on Tuesday rejected Group of Eight criticism over its alleged deadly sinking of a South Korean warship, a day after the isolated Communist nation threatened to bolster its Nuclear Capability.
The North's Foreign Ministry accused the G-8 leaders of a "sinister political purpose," saying in a report carried by the country's official Korean Central News Agency that the G-8 has been reduced to an "evil group."
An international investigation led by South Korea...
Steady Decline Through 2060?
What type of legacy are we leaving our kids? Will we leave them so burdened with overwhelming Debts and Deficits so as to strangle and choke off real opportunities? While Uncle Sam is able to play charades in an ever increasing and dramatic Fashion, Sam’s smaller brethren at the state and local levels do not have those capabilities.
On that note, let’s look westward. I wrote in May 2009, “As California’s Economy Goes, So Goes the Country.” Along the same line,...
Stocks flat at open
NEW YORK (CNNMoney.com) -- Stocks were little changed at the start of trading Monday after leaders of the world's economic powers committed to reducing Deficits over the next few years and reports on Personal Income and spending came in close to expectations.
Dow Jones industrial average ( INDU ) was up about 3 points, shortly after the opening bell. The S&P 500 ( SPX ) slid 1 point and the NASDAQ ( COMP ) composite added less than 1 point.
Stocks finished Friday's session mixed,...
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