Obama’s res­cue plan sends mar­kets into tail­spin

Finweek English Edition - - Letters -

IN AN ELEC­TION YEAR and un­der pres­sure from his rul­ing ANC party to de­liver a pop­ulist Bud­get, The Star said Manuel held the line against his party (as well as those cap­i­tal­ists beg­ging for stim­u­lus pack­ages), de­liv­er­ing a fun­da­men­tally hon­est Bud­get. Busi­ness Day said Manuel’s Bud­get would en­able Gov­ern­ment to re­spond boldly to the eco­nomic down­turn.

WHAT HAP­PENED WORLD MAR­KETS FELL ahead of the US Se­nate vot­ing to ap­prove a US$838bn eco­nomic stim­u­lus pack­age that’s ex­pected to cre­ate up to 4m jobs and avert a full-blown eco­nomic cri­sis. The lat­est stim­u­lus pack­age will raise the US ad­min­is­tra­tion’s fi­nan­cial com­mit­ment to tackling the cur­rent fi­nan­cial cri­sis to $3 tril­lion. THE NEW YORK TIMES said the stim­u­lus pack­age will have a pos­i­tive ef­fect on the US econ­omy, as spending by dis­tressed con­sumers would get the coun­try’s eco­nomic en­gines hum­ming again. The Wash­ing­ton Post said the US econ­omy was in a grave liq­uid­ity trap and needed bold in­ter­ven­tions to free it.

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