EconomicCrisis.US

Worsening economic turmoil dominated talks and thoughts as world leaders and hundreds of top financial and corporate chiefs gathered Wednesday for the annual Davos forum.

The avalanche of bad news in recent months has turned this World Economic Forum into one of most gloomy held since the elite meetings in the Swiss mountain-top resort started nearly four decades ago.

Chinese and Russian premiers Wen Jiabao and Vladimir Putin give the keynote opening speeches at the start of the five-day forum, with many participants desperately looking for ideas to shorten the global recession.
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Large numbers of workers continue to be laid off, and the cutbacks at major corporations are adding to the urgency for Congress to act. President Obama said today, January 26 that lawmakers need to put the American people ahead of politics when debating the economic stimulus plan.

Obama said Congress cannot afford to delay action on the $825 billion plan and need to proceed with a “sense of urgency.” Senate committees are scheduled to take up the massive economic stimulus package on Tuesday, January 27, and the full House is expected to vote on its version on Wednesday.
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A flood of federal bailout money pushed a private research group’s monthly forecast of economic activity unexpectedly higher in December, while a decline in home prices boosted housing sales.

Existing home sales rose 6.5 percent in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3 percent to $175,400 from $207,000 a year ago. The decline is the largest year-over-year drop in records going back to 1968.

Separately, the New York-based Conference Board’s monthly forecast of economic activity increased 0.3 percent in December. Economists surveyed by Thomson Reuters had expected a 0.3 percent decline.
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The historic inauguration of President Barack Obama went a long way toward renewing American hopes for a better future. But our nation’s economy remains on shaky ground. We must act immediately to solidify our economy by addressing weaknesses in our financial and housing industries, while at the same time kick-starting job creation with our national economic stimulus plan.

Our country faces an economic crisis not seen since the Great Depression. The housing collapse caused a crisis in our financial institutions, triggering a broader economic slide that is eliminating jobs, shredding retirement accounts, and wiping out household wealth at a breathtaking pace.
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