the Bill & Melinda Gates Foundation made among the largest commitments from a nongovernmental entity. It pledged $168.7 million for fighting malaria and joined with the Howard G. Buffett Foundation in a $76 million pledge to help poor farmers win competitive prices for their crops.
The effect of a stalled bailout on the world economy is palpable. E. J. Dionne in the Washington Post clarifies,
The simple truth is that Washington is petrified about this crisis and will pass something. There are dark fears floating through the city that foreign investors, particularly the Chinese, might begin to pull their billions out of our system.
Scarier than the bad mortgages are those unregulated credit default swaps that financier George Soros has been warning about. There are $45 trillion of those esoteric instruments sloshing around the global financial system. They were invented as a hedge against debt defaults, but even the financial smart guys don't fully understand their impact or how to price their real value.In addition to everyone else, Gordon Brown is in Washington meeting with President Bush on the economic situation saying, "British families would want to know everything possible was being done to secure stability."
Insisting the Bush meeting had a practical purpose, Brown said: "While the problem comes out of America, it has consequences for all of us and every family will want to know that we are doing everything in our power to ensure that there is stability; and that is stability for people's jobs, for people's mortgages, for people's standards of living."
Meantime, have a look at this provocative piece on Daily Episcopalian. And get ready for the debate tonight.