Jan. 23, 2008
Memo To Rich Guys In Davos
Harry Smith Hopes For Market Information From The World Economic Forum
-
Play CBS Video Video Global Markets Dive Amid falling markets worldwide, the Fed moved to cut interest rates three-fourths of a point. But was the measure enough? Anthony Mason reports.
-
Video MoneyWatch Alexis Christoforous reports on how the Fed rate cut helps the market; expectations surrounding corporate earnings news; and anticipation over the government economic stimulus package.
-
Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
Every year about this time, the biggest names in global business gather in Davos, Switzerland to chat about the world economy.
I’m sure there will be all kinds of public pronouncements but I’d love to know what the participants of the World Economic Forum really think. What they say after the second glass of wine.
The important world stock markets hemorrhaged trillions of dollars in value over the last couple of weeks. Even super rich business people feel the impact of that, though I doubt many decided to fly in commercially instead of on their private jets. I guess this is just how business works.
Every decade or so there is a cataclysmic drop and then there is a painful recovery. People lose jobs. Markets tighten up. Tax revenues go down…And then, gradually, another false prosperity runs away with everyone’s imagination.
This time the housing bubble burst. Ten years ago it was the dot coms.
Rich guys in Davos: if you know what’s going to happen next, feel free to fill us in.
Harry's daily commentary can be heard on many CBS Radio News affiliates across the country.
© MMVIII, CBS Interactive Inc. All Rights Reserved.
Mike Huckabee on GOP "rock stars," 2012, health care reform and more.
