Profile of Greg MacSweeneyEditorial Director
Member Since: 5/8/2014
Blog Posts: 734
Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology.
Articles by Greg MacSweeney
posted in January 2009
The mood continues to be very muted her at the WEF here in Switzerland, with faces just as long as the coats that block out the bitter cold. While the parameters for the discussion were set yesterday, there is still no one who has set out an agenda or call to action that everyone can rally around to try and find a way out of the current economic quagmire. There are some themes starting to emerge, but everyone is still focused on the problems rather than the solutions.
Wednesday morning, the message at the in Davos was a sobering one right out of the gate: Get on with it; let the TARP be the TARP, etc. Yes, we need to come up with a way to value toxic assets. If recapitalization or foreclosure mitigation is necessary, then design a mechanism to deal with it and pass it into law. We were told we are headed for 2.5% growth average over the next three years thanks to a global recession this year and anemic growth next. Other more dire predictions from
This is my third time in Davos for the World Economic Forum and my overwhelming impression is that the atmosphere is 'muted'. If you walk through the Congress Hall or global village, it's as if someone has thrown cold water over the delegates, plunging the temperature to match the weather outside. There is just not the same energy and ebullience that usually defines Davos.
I remember January 1997. I was 25 living in an apartment in Russia opposite the Kremlin. Guns were routinely checked at the door in my local restaurant. This was before the stock market crash of 1998, before Putin, before $150 oil prices. I would stay up nights, moonlighting on my first software company and the Internet infrastructure and email client I used in Moscow was already better than what my employer provided. And I was itching to get out there and catch this wave!
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DISCLAIMER: Wall Street & Technology is not responsible for viewers' irritation toward elected officials
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