Wednesday, April 22, 2009
Ripping off the band-aid
Even in the age of Obama and even in the recognition of losses, American business moves faster than everybody else:
The IMF released its biannual Global Financial Stability Report. The big news: the global economy may need $4.1 trillion in write-downs on around $58 trillion in assets before the crisis is over. It estimates that the United States leads the world in ripping the bandaid off -- completing about half of necessary write-downs; European countries are lagging.
Faster, please.
Special IP note: "Band-Aid" is a trademark of the Johnson & Johnson Company.
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