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02/04/2009

Economics writer for the Associated Press, Martin Crutsinger says that 'the ability of Obama and the other leaders to paper over their differences may turn out to be the biggest achievement of all.' Because 'despite some tough talk going into the meetings, the leaders emerged with a show of common purpose.

The Washington Post reports that the 'consensus was remarkable.' Under the headline: A Lifeline For Nations Both Rich And Poor, it goes on to say 'the $1.1 trillion pledged by world leaders to combat the worst economic crisis since World War II effectively amounts to a rescue package for both poor and rich countries … those funds (to) help jump-start domestic lending underscore the breadth of the global plan, which has both short- and long-term fixes for a crisis that has hit nations small and large, wealthy and not.'

The Wall Street Journal cautions that the G20 measures 'may ease some pain from the economic crisis. But many declarations were of principles that have to be followed up -- some at another G-20 meeting set for later this year.'

Along similar lines, the New York Times says 'the proposed remedies … treat some peripheral effects of the crisis rather than its thorniest causes.' However, it goes on to say that the meeting 'eased fears that leaders would repeat the failure of a similar gathering in 1933, which was followed by a surge of protectionism that prolonged the Great Depression.

A Los Angeles Times editorial says that 'for all the discussion about regulation, the G-20's agreement does not address some of the fundamental problems in the financial system, such as the incentives for firms to become too big and intertwined, and the failure to measure and adequately price risk. It will be up to lawmakers and regulators around the globe to address those issues individually, and that's as it should be.'

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