G20: A disappointing outcome

As anticipated, the G20 didn’t bring the expected powerful medicine to the bedside table of the international finances and economies. The $1.1 trillion help package isn’t much in view of a global GDP in the $70 trillion range and pales in comparison with the couple of trillions that the US has already pumped into its domestic rescue effort.

What is deplorable however is the agreement to “cap the pay and bonuses of bankers,” sounds like, and probably is, a token gesture to appease those of us who believe they were “fleeced” by their own financial institutions. Not going forward with the creation of a regulatory body with cross-boarder authority as called for by France and Germany, was clearly the largest failure of that meeting. It clearly demonstrates that big finance remains incredibly powerful as well as influential and remains the “puppet-master” in U.S. politics through Tim Geithner’s deceitful dexterity…