In a single day, corporations and companies have laid off more than 70,000 workers as the global recession continues to bring stress into the troubled economy worldwide. The financial meltdown has also taken the toll in the political front as Iceland’s government collapsed due to the public’s disapproval of the government handling of the economic crisis. The International Monetary Fund revised its global growth from the previous 2.2 percent to 0.5 percent. Despite job loss, the market rallied on the news of Pfizer’s purchase of rival Wyeth for $68 billion.

President Obama has a tough road ahead of him, and the Federal Reserve has limited monetary power with the interest rate near to zero. With all the debate about a new stimulus plan going on the United States, I am a little envious with the Chinese government’s quick and massive stimulus policy, which is driven mostly in part by politicians’ fear of a potential uprising by the unemployed. I am also curious to the European Union’s long term response to this crisis.

Well, this is a tough situation for all of us.