Lost in all the Obama furor, the world's leading economic powers — the so-called G-20 nations — are quietly laying plans for a November 15th summit in Washington, D.C., that may effect a revolution in world finance and global governance, a revolution with potentially much greater long-term impact on America than anything on President-elect Obama's agenda.
It's no surprise that U.S. automakers are in trouble. Facing massive costs for health insurance, falling demand for mainstay products like trucks and SUVs, and skittish consumers worried about the economy, the Big Three face an uncertain future.
On October 28, as the Treasury Department announced a series of steps to begin delivering infusions of a $250 billion government bank-recapitalization plan, White House spokeswoman Dana Perino used carrot-and-stick language to convince the nation’s banks to lend more money.
First Wall Street bankers. Then government lending agencies known as Fannie and Freddie. Next in line for federal handouts was the international insurance company A.I.G. It begins to look as though the recipients of the hundreds of billions in bailouts will include virtually everyone. While the federal gravy train is still dispensing its favors, state governments are now looking to Washington to cover their huge deficits.