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What the world's big guns say about the meltdown
October 17, 2008
The financial crisis -- that has ravaged global markets, bankrupted many investment banks, brought about a tectonic shift in world economies, turned many a topcat into a homeless tramp and caused thousands to lose their livelihood -- is said to be the most horrific fiscal calamity ever to have visited mankind.
Worse, the full impact of this onrushing tsunami has not even been felt yet: experts promise more pain in the coming months and years. Pain that will take years to fade away.
And here's what the world's top leaders and economic brains have to say about the global meltdown. Read on. . .
We are right now teetering on the verge of panic: George Soros, billionaire investor, head of Soros Fund Management
The government's intervention is not intended to take over the free market, but to preserve it: George W Bush, president, US
It's wrong to ask teachers, farmers and small-business owners to fill the gas tanks of the helicopters of Wall Street tycoons: John McCain, Republican presidential hopeful
Washington has to recognise that economic recovery requires that we act not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America: Barack Obama, Democrat presidential hopeful
The Masters of the Universe have bitten the dust, the same dust that is now in the mouths of the rest of us. The impact on the developing world would be profound. Projects are already stopping because of the lack of liquidity and financing. The debt crisis would become worse. The decline in commodity prices and exports would hurt the developing world: Nirupam Sen, India's permanent representative at the UN
Image: George Soros, Chairman of Soros Fund Management, listens during a debate at the World Economic Forum in Davos. | Photograph: Joel Saget/AFP/Getty Images
Also read: Why Lehman Bros went bust; what it means for you
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