April 2nd, 2009
08:14 PM ET

Evening Buzz: $1 Trillion to battle the Recession

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/WORLD/europe/04/02/g20/art.jokes.afp.gi.jpg caption="Pres. Barack Obama, Italian Prime Minister Silvio Berlusconi and Russian President Dmitry Medvedev share a laugh during the G20 summit in London."]

Maureen Miller
AC360° Writer

Pres. Obama is calling his debut on the world stage at the G-20 summit a success, though he didn't get everything he wanted.

The world leaders agreed to pump $1.1 trillion into the global economy. That's one area of success for Pres. Obama, who won over objections from France and Germany to get that cash infusion. Though, here's the catch. A large chuck of it will go to the International Monetary Fund to help developing countries. Therefore, that economic boost the president wanted may not be felt.

Along with the cash, the G-20 leaders committed to a six-point plan:

– repair the financial system to restore lending
– restore confidence, growth and jobs
– strengthen financial regulations to rebuild trust
– fund and reform our international financial institutions to overcome this crisis and prevent further ones
– promote global trade and investment and reject protectionism, to underpin prosperity
– build an inclusive, green and sustainable recovery

Do you agree with this plan? Or is something missing? Share your feedback below.

Tonight, Anderson will be reporting on the summit live from London. Don't miss his interview with Treasury Secretary Timothy  Geithner, who attended the G-20 Summit.  Does he agree with European newspapers which have called this the most economic summit since WWII? His answer tonight on AC360°.

Don't miss our special coverage starting at 10pm ET.

Filed under: Maureen Miller • The Buzz
soundoff (12 Responses)
  1. Lynn

    I’m getting ready to loose my house because I can’t afford a $1000 to have my house surveyed because FEMA needs updated information for an elevation certificate. The old one doesn't have the information they need. They are going to raise my Flood Insurance to an outrageous amount and now I won’t be able to afford my house note. Who can help me?

    April 3, 2009 at 10:53 am |
  2. Michael "C" Lorton, Virginia

    "When MONEY talks--–everyone listens!!

    April 3, 2009 at 8:48 am |
  3. Obama Supporter

    Hey Larry!!

    Do you really thing that you have more in-sight on why Barack is printing money?? Do you actually believe you have more knowlege of ecomomics history them Mr. Obama???? It's that type of negative attitude that got us in this mess in the first place. Thank God!! It's a free country and any one can say what THEY only thing is right.

    April 2, 2009 at 10:34 pm |
  4. tim ... holliston

    This is another breath-taking display of unbridled "throw evrything at the probelm to make it go away as fast as possible" we have been witnessing in the US, and now we are encouraging it abroad. We are suffering the pains of excess, and we must tighten our belts and plow through this. The shorter we try to make the "dip" by hurling more money at it, the more painful we make the hangover. Let's admit we drank too much, and get up and work off the hangover, rather than buy a magic pill that promises to make the discomfort go away, only to find out there is no magic pill, only extended and deeper pain. The party's over; let's deal with the consequences and get on with re\covery.

    April 2, 2009 at 9:37 pm |
  5. DaniSu

    I believe the Summit is purposeful and will be implemented best it can. I agree some detail would be good to hear.

    I have never seen a photo of Medvedev smiling like that!!!!
    Kudos to the photographer.

    April 2, 2009 at 9:25 pm |
  6. Isabel

    Good evening, Maureen Miller!

    Meetings such as the G20, it bring several countries, different interests, conflicting points of view, produce, often empty documents.

    This meeting was different. The dimension of the crisis gave the participants the exact sense of urgency, and Heads of State took decisions, and goals clear in their statements and documents.

    Of course there are still many roads before the world sees this crisis over, but the heads of state meeting in London sent a message really encouraging.

    Three decisions in G20 Summit that I liked, too:

    – There will be incentives to reduce consumption of carbon and actions to create "green jobs";

    – $250 billion will be earmarked to finance international trade;

    -Countries that are part of "tax havens" will be regulated and will need to transmit tax information and tax. There will be incentives for that to happen and that the sanctions for who don't agree.

    Thank you very much

    April 2, 2009 at 9:18 pm |
  7. Lawrence Young

    Gee whiz golly! The printing press has save the day! Let's print some extra, so I don't have to pay income taxes. What a guy President Obama has turned out to be. Move over Daddy Warbucks!

    April 2, 2009 at 9:08 pm |
  8. JC-Los Angeles

    It's fascinating to see leadership simply throwing money at failed leadership.

    When our leadership does such a shoddy job that it requires $1 trillion, shouldn't someone be punished? dereliction of duty?

    The connected few made a killing off mortgage fraud while collectively running our nation into the ground; their punishment? one big do-over so they can make even more money the second time around.

    Only in America.

    April 2, 2009 at 9:08 pm |
  9. Michael C. McHugh

    I agree with greatly increasing the aid to developing countries and giving them more of a say in running global organizations like the World Bank and IMF. Overall, I'd say this G-20 meeting was a good start to a process for reforming the international system, making it more stable and balanced, and also more just for the majority of people in the world. As to how this international system will be funded...I think we're going to have to get more creative here.

    April 2, 2009 at 9:03 pm |
  10. Khari Clarendon

    There should be no fear of borrowing much needed money from China. Fact is; there is no additional money required to stimulate or get the country running. Investors as well as Banks are now, partly to their credit, waiting for better horizons to start lending again. In order to motivate them, we now have the need to create that picturesque horizon.

    The "Laundry List" is what will motivate us to spend again. At this point, we just need the spending to jolt the lending arms.


    April 2, 2009 at 9:02 pm |
  11. Cindy

    All of these plans that the G20 hammered out are well and good but I want to know where does Obama think we are going to get our share of the money to contribute to this $ 1 trillion at!? We are already strapped and borrowing money to boot! What are we going to do borrow it from China!?


    April 2, 2009 at 8:31 pm |
  12. Annie Kate

    Its a nice laundry list to commit to but did they discuss "how" to get these goals accomplished? I think the devil is in the details and would be more impressed if by each goal they had a small paragraph about how each goal would be met. Right now I don't think anyone knows how to fix the economy!

    April 2, 2009 at 8:27 pm |

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