THE GLOBAL CRISIS AND FIGHTING FOR HEALTH CARE REFORM

1. Here are a few data about the world economy. They are not very reassuring.

From RGE Monitor

IMF Boosts Global Loss Estimate To $4.1 Trillion: $2.7T in U.S.; $1.2T in EU; $150bn in Japan
April 21: IMF--> toxic debts racked up by banks and insurers around the world could spiral to $4.1 trillion by the end of 2010, up from its $2.2 trillion January estimate.

The IMF has raised losses on U.S. originated assets to $2.7 trillion. In addition, it boosted its total by $900 billion for toxic assets originated in Europe and Asia. Banks and insurers have so far owned up to $1.29 trillion in writedowns (about $800bn in U.S., $400bn in Europe, remainder in Asia). RGE calculates that U.S. banks/brokers will take a $1.8T writedown, EU banks $1.4-1.8T, and the remainder in Asia.

2. And here is an article from the New York Times about Democrats in Congress moving toward by-passing the Republican filibuster to pass health care reform. Let's get ready for a fight... and let's win it!

http://www.nytimes.com/2009/04/23/us/politics/23health.html