Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have indicated that once trust in the financial system is restored, investors will return and the economy will begin rolling again. Commentator Michael Mandel argues that the three big channels of global growth for the past decade -- cross-border technological transfer, foreign trade and global finance -- can no longer be sustained, and the financial crisis is a symptom of this reality.
The Treasury Department is struggling to hire asset managers, delaying the implementation of the $700 billion rescue plan. A lack of personnel at the department, as well as concern over fees that will be paid to the managers, has led to the delays. Managers could be hired as early as this week.
A number of economists and lawmakers have started criticizing the White House for expanding the $700 billion economic rescue plan beyond the banking sector. Insurance companies, stockbrokers, automakers, hedge funds and other types of companies are lobbying the government to be included in the plan, prompting concerns that the package will become a chaotic "feeding frenzy."
Sam's Club is experimenting with different store formats in an effort to offer more value to its customers. Mas Club is set to open next year with Hispanic food, drinks, spices and candy. The Houston store will have a full-service meat and seafood counter.