Weekly Wrap: The slowdown of the global economy
Fortune Magazine’s Leigh Gallagher and the New York Times’ Catherine Rampell wrap up this week’s biggest business stories.
On what can be done for the U.S. and global economy:
Catherine Rampell: My main solution would be fairy dust. But you know, it’s a very sticky situation. Pretty much everywhere at this point. I mentioned Europe and the United States, but there are also concerns about China and other places in the developing world. In the United States, the main objectives that I hear a lot of economists talking about are things that include more government intervention in the economy, whether that means subsidized employment — which would never happen. Or tax breaks or whatever, but like you said: politics.
Kai Ryssdal: It’s got to be the Fed, right, Leigh?
Leigh Gallagher: I mean at this point, yes. Although the Fed has said ‘No, we’re not going to do anything right now, which of course angers those on the right and on the left. And I think it’s actually reassuring that he said that this week. Our economy is anemic but there is a recovery happening. Even things in housing are looking a little bit better; autos — there are some signs. But the problem is this global slowdown. At first it was just Europe but now we’re seeing signs that China, India and Brazil are slowing? That’s like — what?
For more analysis, listen to the full audio.
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