WashPost,July 21, 2008 page A16:
"The three big issues are:
1. The housing correction, which is at the heart of the slowdown.
2. Turmoil of the capital markets.
3. High oil prices, which are going to prolong the slowdown.
Our first priority is the stability of the capital markets, the stability of the system. These institutions have investors all around the world.
My comment: Globalization of economics is in evidence here for certainty.
Francis Shieh a.k.a. Xie Shihao, a watcher of global economics in action. July 21, 2008
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