- Biggest Shift in U.S. Health Care Needs 45-Day Sprint
With some 45 days left in session, Congress will have to move quickly in order to pass healthcare reform legislation. “I don’t think we’ve ever had anything this large in American history aimed to go this quickly that touches everybody’s lives,” a Harvard professor of health policy and political analysis told Bloomberg.
- World Bank Raises China Growth Forecast, Says Stimulus Adequate
The World Bank raised its 2009 economic growth forecast for China from 6.5% to 7.2%, reported Bloomberg. The World Bank also warned China to postpone further stimulus plans until next year.
- Geithner Urges Quick Action on U.S. Regulatory Reform
Congress will now have its chance to examine and shape President Obama’s plans for financial reform, Reuters reported. In a speech on Wednesday, the president said his proposed overhaul of the system is “a transformation on a scale not seen since the reforms that followed the Great Depression."
- Stagnant MySpace Lays Off 400 To Become Nimble
MySpace will be laying off almost 30% of its employees in an attempt to regain lost ground among social networking sites, reported NewsFactor.com. MySpace CEO Owen Van Natta, said, "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company."
- Eddie Bauer Files for Bankruptcy
Unable to repay debts, Eddie Bauer filed for Chapter 11 bankruptcy on Wednesday. CNN Money reported, “The outdoor clothing retailer plans to sell most of its assets to private-equity firm CCMP Capital Advisors for $202 million.”
