G20 meeting

The meeting of the G20 opens today. The leaders of the world's 20 largest economy began meeting to find a common course for a recovery before the downturn hit bottom. The meeting will cover mostly on government spending to which boost growth.

Although the leaders are finding a common goal at this meeting, it may be hard to come to a conclusion for the US as the Bush administrations are not able push through an agenda during this moment because of the transition of power. The decision will most likely be on Obama when he take office.

With the foreclosure of banks now easing, another problem has risen. Big corporate of the auto industries have taken the hit now. The most prominent now is General Motor. It is not going to survive for months to come if it does not receive any aid now.

The year ahead does not look good. Retrenchment of workers have already started and it is spreading. Banks are the first to do it. Singapore's DBS are already in process of cutting about 1000 jobs from its operations.

Who or what will be next? let's wait and see.