Europe in recession, U.S. in pain as world leaders meet

NEW YORK (Reuters) Europe officially fell into recession on Friday and the U.S. economy suffered thousands more layoffs and the biggest retail sales dip on record as world leaders met in Washington to address the worst financial crisis in 80 years.

Leaders of the Group of 20 advanced and emerging economies said they were working on plans to counter the growing economic threat and prevent future crises, but big breakthroughs were not expected at their meeting in the U.S. capital, given the absence of U.S. President-elect Barack Obama, whose involvement will be key to any global initiatives. Yahoo article
derF on 11/16/2008 20:07

And Georgy boy still blithely ends his administration believing that the catastrophe that was his Presidency was just a streak of bad luck and had nothing to do with him.

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