The meeting of G-7 nations over the weekend promised "no more Lehman's
." The Western nations vowed that no more failures like Lehman Brothers' would be allowed as all bank deposits will be guaranteed and banks will be flooded with "almost unlimited liquidity." The plan to end the crisis was short on details, but the group did promise to take any action, no matter how unorthodox, will be used if needed. Those announcements could pay off this morning, as signs point to a rally on Wall Street today
Author and New York Times columnist Paul Krugman
was announced as this year's winner of the Nobel Prize for economics
. Krugman is the author of a number of books, including The Great Unraveling: Losing Our Way in the New Century
and The Conscience of a Liberal
GM and Chrysler are considering an historic merger to shore up both companies
and find a way out of the economic mess. Experts are scratching their heads at the proposal, saying that there is little to be gained from the merger as GM lost $18 billion last year, and Chrysler's sales have fallen farther than any other car maker.