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On Thursday the federal government considered yet more action to revive credit markets still strangled by the U.S. mortgage meltdown.
This morning, predictions of a painful year ahead.
G-7 finance ministers see economic recovery late next year.
“All of us have underestimated the strength of the financial crisis
It appears roots are deeper than expected, ((fixing)) financial institutions takes more time than expected,” said IMF Managing Director Dominique Strauss-Kahn.
In the U.S., loans, bailouts and rate cuts haven’t been enough credit is still locked up.
Administration officials confirm next, the government may buy up bank shares to inject cash and loosen lending.
“We will use all of the tools we’ve been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size,” said Treasury Secretary Henry Paulson.
Some glimmers of hope: Cheaper oil prices have cooled fears of inflation.
Claims for jobless benefits dropped last week.
And tech giant IBM reaffirmed its profit outlook.
But foreclosures are still snaring innocent bystanders like renters in Chicago.
Their buildings now bank property, sold out from under them.
“We didn’t know where to go. I had just given birth to my son when we had gotten this notice,” said Gabriela Maciel speaking through a translator.
So many evictions, the sheriff says no more.
“We are suspending our evictions. We are no longer going to be party to something so unjust,” said Cook County Sheriff Tom Dart.
Investors around the world are sitting tight, unconvinced the wild ride is over.
This note on the jobs front, even though jobless claims went down, they’re still high, high enough to indicate levels of recession.
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