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No answer at Davos forum to global meltdown

The World Economic Forum in Davos, Switzerland, is now over -- with no new plan to stem, much less reverse, the global financial meltdown.
/ Source: The Associated Press

The World Economic Forum in Davos, Switzerland, is now over -- with no new plan to stem, much less reverse, the global financial meltdown.

The five-day gathering wrapped up today in the same atmosphere of doom and gloom that it began, with a realization that the depth of the crisis is still unknown and the solution remains elusive.

There is widespread agreement that there's plenty left to do, starting at the April meeting of leaders of the 20 largest economies in London.

The forum's founder, Klaus Schwab, says: "Now the hard work begins." He's calling for a redesign of the global systems of banking, financial regulation and corporate governance.

The most talked-about world leader -- President Barack Obama -- didn't go to Davos. But many had advice on what he should do.

Business and government leaders blame the United States for starting the financial crisis that is turning into a global recession.

%@AP Links

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CUT 092 (02/01/09)>> 00:14 "of the gloom"

Joseph Stiglitz

Nobel Prize-winning economist Joseph Stiglitz says leaders at Davos have recognized the depths of the world's economic crisis.

CUT 093 (02/01/09)>> 00:10 "number of ideas"

Klaus Schwab

World Economic Forum founder Klaus Schwab says world leaders need to cooperate with each other.

CUT 094 (02/01/09)>> 00:07 "discussion until now"

Klaus Schwab

World Economic Forum founder Klaus Schwab says nations must work together closely.

APPHOTO DAV413 (02/01/09)>>

: Crown Prince Haakon of Norway speaks during the closing session of the the World Economic Forum in Davos, Switzerland, Sunday, Feb. 1, 2009.