Davos Annual Meeting 2009 - Pre-Davos Press Conference

[bill]

http://www.youtube.com/watch?v=E5J3QplauQE

Davos Annual Meeting 2009 - Pre-Davos Press Conference

1. Rebuild global financial architecture structure.
2. Global economy, corporation
3. Global warming,(Climate change mentioned 8 times.)
4. Economic wave, new products, services, change.
G-8 CB 7 out of 8 attend,,Bernanke not attending.
G-20 involvement very important. Record number of representatives from China.
US attending, Al Gore, Bill Clinton, Kerry, NSA Gen Jones, Geithner still to be confirmed
Larry summers canceled
http://www.bloomberg.com/apps/news?p...pnfGg&refer=us

Jan. 25 (Bloomberg) -- The U.S. financial-rescue program will be “very different” under President Barack Obama than it was under his predecessor, said Lawrence Summers, director of the White House’s National Economic Council.
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“Secretary-designate Geithner, we expect, will be sworn into office very soon and when he is, soon after he will be laying out the plans and principles behind our approach,” said Summers, who canceled plans to attend the World Economic Forum this week in Davos, Switzerland.

[metalman]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

Bernanke not attending.

how odd... especially now. has that ever happened before, no usa fed at davos? did greenspan ever miss one?

[bill]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

how odd... especially now. has that ever happened before, no usa fed at davos? did greenspan ever miss one?

Bernanke still healing from last years ass chewing, wants no part of it this year!
http://www.bloomberg.com/apps/news?p...o0w&refer=home

Summers Points at Central Banks on Asset Declines (Update1)
January 23, 2008
By John Fraher and Simon Kennedy
Jan. 23 (Bloomberg) -- The U.S. Federal Reserve and other central banks are partly to blame for the financial-market slump that's now threatening to derail the global economy, said investors and former policy makers at the World Economic Forum.
``It's hard to give central banks a very high grade over the last couple of years on recognition of bubbles and actions taken to address them in the policy or regulatory spheres,'' said former U.S. Treasury Secretary Lawrence Summers in a panel in Davos, Switzerland. Billionaire investor George Soros said central banks have ``lost control'' of financial markets.
The Fed, which yesterday announced its first emergency rate cut since 2001 as U.S. recession fears rose, has been criticized for paying too much attention to economic growth and not enough to so-called asset price bubbles. By cutting rates to protect growth when bubbles burst, the Fed only encourages investors to take bigger risks in the future, said Morgan Stanley's Stephen Roach.
``It's a dangerous, reckless and irresponsible way to run the world's largest economy,'' said Roach, chairman of Morgan Stanley in Asia, who was also in Davos.

Summers may of pulled out last minute due to delays in Geithner conformation and will use this week to present some big economic announcement plans.:eek:

[GRG55]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

Recession? What recession?

Davos Savors $1,700 Chateau Petrus as Crisis Dodged for Now

Jan. 27 (Bloomberg) -- Ernst Wyrsch, whose Davos hotel serves as party central at the World Economic Forum’s annual jamboree, says the Swiss ski resort is enjoying the good times while it can.

“Sometimes I think that before the crisis arrives in Davos everyone wants to spend the money they have,” said Wyrsch, manager of the Steigenberger Grandhotel Belvedere. He’s already almost run out of the rare wine he ordered for this season, like a 1971 Chateau Petrus premier cru that sells for $1,700...

...Lured by generous snowfall this winter, tourists have flocked to Davos. The slopes are packed, car sales are rising and realtors are as busy as ever selling chalets.

“We can’t really complain about the financial crisis,” said Patricia Halter, a real-estate agent in Davos, currently advertising a six-bedroom 1914 villa overlooking the town for 2.95 million francs ($2.55 million). “We get several requests every day. Demand is still strong.”...

[LargoWinch]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

Davos Annual Meeting 2009 - Stephen S. Roach
Stephen S. Roach, Chairman, Morgan Stanley, Asia, explains his outlook for the global economy over the coming five years and his participation in the Annual Meeting in Davos which runs from 28 January to 1 February 2009.

[GRG55]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

Davos Annual Meeting 2009 - Stephen S. Roach
Stephen S. Roach, Chairman, Morgan Stanley, Asia, explains his outlook for the global economy over the coming five years and his participation in the Annual Meeting in Davos which runs from 28 January to 1 February 2009.

Horrors! A bun fight at Davos...:eek:

...Or is better described as a won ton fight, given we know who holds most of the live ammunition.

[I am getting the feeling that "three years" is the new mantra, rapidly replacing "Yes we can"]

Confidence evaporates, currency row brews

Wed Jan 28, 2009 7:00am EST

DAVOS, Switzerland (Reuters) - Confidence among the world's top company chiefs meeting in Davos has tumbled to a new low and a brewing currency row between the United States and China cast doubt on the political will to act in concert. Chinese Premier Wen Jiabao and Russian Prime Minister Vladimir Putin will both address business and political leaders in the Alpine ski resort later on Wednesday, to offer their remedies for the worst economic crisis in 80 years.

Business and political leaders here for the four-day World Economic Forum were extremely glum, saying there is no easy solution to the credit crisis that has torpedoed global growth and major government programs are needed...

..."Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company, the Blackstone Group.

"Business will be very different." A PricewaterhouseCoopers poll of more than 1,100 CEOs set a grim backdrop. Just 21 percent of CEOs said they were very confident of growing revenue in the next 12 months, down from 50 percent a year ago.

Crisis-hit bankers are thin on the ground at the snow-covered mountain town :p, leaving policymakers to work behind on ways to fix the financial system, ahead of a summit of the G20 group of big and emerging countries in April and a G8 summit in July...

...Hopes for a short "V"-shaped recession appear to have evaporated with most business leaders expecting no more than a slow and gradual recovery over the next three years.

"The three-year view is a bit better but the bad news is it is not that much better," said Tony Poulter, global head of consulting at PwC.
Delegates in Davos were united in the view that an economic upturn is some way off...

...Stephen Roach, Morgan Stanley's Asia chairman, agreed the next three years would be tough.

"The concept of a vigorous 'V'-shaped recovery is for business cycles of the past but not for this post-bubble, post-crisis business cycle. It is going to be a long slog in 2010, in 2011," he told Reuters.

That grim scenario has left sovereign fund Dubai International Capital wary of making big long-term investments even though it sees asset prices at reasonable levels.

"We're still very nervous about making some big bets -- we see the financial crisis getting worse. There's not going to be a magic wand solution to the problem," Chief Executive Sameer al-Ansari told Reuters...

[bill]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

we send a White House reporter.
http://www.businessweek.com/careers/...s+%2B+analysis

Washington's Place at Davos

Posted by: Diane Brady on January 28
It’s telling that Davos is breaking records this year: with the highest-ever number of CEOs and company chairpersons (more than 1,400) and more high-profile politicians than at any time since the annual gathering began at the Swiss mountain resort in 1971. Russian Prime Minister Vladimir Putin, British Premier Gordon Brown, German Chancellor Angela Merkel and Chinese premier Wen Jiabao are among the leaders in attendance at the World Economic Forum this week.
Alcoa chief executive Klaus Kleinfeld said Wednesday that there has never been a more critical time for business and political leaders to come together. “How do we get the engine of the world economy started up?” asks Kleinfeld, whose company recently reported a fourth-quarter $1.2 billion loss amid dramatic declines in the price of aluminum. Kleinfeld, for one, has organized more than two dozen one-on-one meetings with customers, politicians and peers over the next few days. “There’s no place on this earth to see more people in such a short time,” he says. “It’s of incredible value to me.”
And who is coming from the Obama Administration? Valerie Jarrett, the Assistant to the President for Intergovernmental Relations and Public Liason. While many will be eager to hear what Obama’s senior advisor has to say when she speaks on Thursday afternoon, there’s no hiding the disappointment that the Washington doesn’t have a bigger presence this year, even with an Administration that’s barely a week into the job.
Davos veterans like White House economic adviser Larry Summers and Treasury Secretary Timothy Geithner stayed home (though rumors were circulating that Summers would in fact come), as did national security adviser James Jones. “Short-sighted” is how one Latin American executive described Washington’s efforts, and several European participants also expressed disappointment that they will have to grab policy insights from the likes of former president Bill Clinton or Congressman Barney Frank instead.
Also in short supply are the bankers who played such a major role in the crisis. Some were forced to drop out by circumstance, most notably former Lehman chief Richard Fuld and the recently ousted John Thain of Merrill Lynch. Others appear to have too much to do at the office, or perhaps don’t want to face the crowd. The finance sector is so woefully under-represented in the minds of some people here that HSBC Group Chairman Stephen Green was actually thanked by a journalist at one press conference for being “the banker who showed up.”

[GRG55]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

we send a White House reporter.
http://www.businessweek.com/careers/...s+%2B+analysis

There is nothing that the folks at Davos enjoy more than reaffirming their own puffed up importance. For quite some years the financiers who attended Davos were at the top of the that select heap. Embarrassing to have been dethroned so ignominiously, and by their own hand! Hard to face your previously lesser public sector peers, now that they have the upper hand.

That's why all the attention to the speeches from politicians this year...

[The Outback Oracle]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

..."Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company, the Blackstone Group.

It wasn't wealth at all...it was bulls..t pedalled by the likes of Blackstone and the banks. So wealth really hasn't been destroyed at all (well maybe a bit!) but really most of it was just hot air!
More importantly, it just shows again....these clowns still don't have a clue!

[jtabeb]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

..."Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company, the Blackstone Group.

It wasn't wealth at all...it was bulls..t pedalled by the likes of Blackstone and the banks. So wealth really hasn't been destroyed at all (well maybe a bit!) but really most of it was just hot air!
More importantly, it just shows again....these clowns still don't have a clue!

Disclaimer: Please note that no ounces of gold or silver were actually harmed during the filming of this financial crisis.

[GRG55]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

..."Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company, the Blackstone Group.

It wasn't wealth at all...it was bulls..t pedalled by the likes of Blackstone and the banks. So wealth really hasn't been destroyed at all (well maybe a bit!) but really most of it was just hot air!
More importantly, it just shows again....these clowns still don't have a clue!

Schwarzman managed to "destroy" some of China's wealth. They bought his stock...

[metalman]

Re: Davos Annual Meeting 2009 - Pre-Davos Press Conference

Schwarzman managed to "destroy" some of China's wealth. They bought his stock...

fictitious value + the bezzle = 40% of wealth?

wow. we're in worse shape than i thought. i figured it at 20%.