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$596 Trillion!How can the derivatives market be worth more than the world's total financial assets? By Jacob Leibenluft - Posted Wednesday, Oct. 15, 2008, at 4:18 PM ET Iowa Sen. Tom Harkin issued a call on Tuesday for regulation of the "over the counter" derivatives market, which has an estimated size of about $596 trillion. By contrast, the value of the world's financial assets—including all stock, bonds, and bank deposits—was pegged at $167 trillion last year by McKinsey. How can the derivatives market be larger than the entire world's financial wealth?
Obama Calls On Congress to Act Fast on Stimulus Jobless Rate Hits Highest Level Since 1994 By David Cho, Michael D. Shear and Michael S. Rosenwald Washington Post Staff Writers Saturday, November 8, 2008; Page A01 With fresh evidence that the U.S. economy is shedding jobs even faster than expected, President-elect Barack Obama said yesterday that his top concern is passage of a multibillion dollar stimulus package to create jobs
IMF sees greatest shock since 1930s By Alan Beattie in Washington Published: October 8 2008 16:14 | Last updated: October 8 2008 16:14 The financial crisis will drive down global economic growth to its lowest since 2002 with a big risk it will drop even further, the International Monetary Fund has warned. Though Olivier Blanchard, the fund’s chief economist, said that the chance of another Great Depression was “nearly nil”, the IMF said that the US and European economies were mainly already in or close to recession.
Central banks in coordinated move to boost dollar liquidity By William L. Watts - Last update: 3:17 a.m. EDT Sept. 18, 2008 LONDON (MarketWatch) -- Major central banks, including the U.S. Federal Reserve, Bank of England, the European Central Bank, and the Bank of Japan, announced coordinated measures Thursday to inject $360 billion worth of liquidity into frozen short-term credit markets. "These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets," the Bank of England said, in a statement.
