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This story is from January 24, 2008
Global leaders see crisis ahead
Business leaders appealed for more leadership from US and other central banks to head off an economic downturn on Wednesday.
As shares in Europe fell heavily again on Wednesday on deepening fears of a slowdown, a day after an emergency US interest rate cut, top executives expressed alarm as they gathered for an annual retreat in the Swiss resort of Davos.
"Central banks have lost control," said billionaire financier George Soros. Other executives attending the opening discussions of the annual meeting of the World Economic Forum in Davos said the surprise decision by the Fed on Tuesday.
"We have a market-friendly Fed possibly injecting a lot of liquidity in the system which will set us up for another bubble economy," said Stephen Roach, head of Asia for US investment bank Morgan Stanley.
But another former head of the US Treasury, John Snow, was more supportive of the US central bank. "What yesterday’s action shows us is the Fed is focused but they are aware of negative trends in the economy and prepared to take bold steps," he said.
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