Davos round-up: Day 3

Obama economic adviser Larry Summers cautions that the U.S. economy still has a long way to go before it’s fully back to normal, even though fourth quarter annualized growth came in at 5.7%.

Computer mogul Bill Gates promises $10 billion for vaccine research and delivery over the next decade, double what his foundation spent on vaccines over the past 10 years.

Bank of America CEO Brian Moynihan says forcing companies like his to get rid of businesses like hedge funds won’t help prevent future financial crises, and that what banks really need is better risk management.

British Chancellor of the Exchequer Alistair Darling reports he’s working with the U.S. to create an insurance fund that banks would have to pay into so that in the next crisis taxpayers dollars wouldn’t be tapped so quickly.

European Central Bank President Jean-Claude Trichet says people have no idea how close we came to having a global depression.

Mexican President Felipe Calderon commits to getting international climate change legislation back on track at November’s Cancun summit.

Zimbabwean Prime Minister Morgan Tsvangirai makes the case for bringing investment and foreign aid back to his country.

Stocks Rally Further in Run-up to EU Summit

MOSCOW — Global stocks enjoyed one of their best days in weeks on Tuesday ahead of a summit of European leaders that’s expected to be dominated by calls to boost economic growth.

Europe remains the focus of attention across all financial markets in the run-up to the June 17 Greek election that could go a long way to determining the country’s membership of the euro as well as the future of the single currency zone.

waltwriston

I remember reading Rajiv Shah’s thing he wrote up a fews years ago on the web for the Gate’s foundation, and their vaccines plan relies heavily on deveratives becuase it hedges risk. And, I think we seek what happens when risk is spread around?

I then looked into Gates investments and they’re very heavy in pharma compaines esp. vaccines GSK, Merck,etc. Gates IMO is a no less a capitalist pirate wrapped in his great contributions. Just like the market preception is everything even if it’s not true.
markwolfinger

Like anyone else, I think it’s wonderful that Bill Gates is spending so much money on fight various diseases around he world.

But, has anyone ever asked him this simple question: What is he doing to provide for for the HUGE population increase that’s going to be the result of his saving all these lives?

I love Bill Gates (loathe Microsoft) but believe he is threatening the future. His efforts must be directed towards agriculture, education and transportation to feed all those new babies – soon to be born.
Barbara Kiviat

@markwolfinger: You raise a very good point. Disease is part of a much larger ecosystem, isn’t it?
waltwriston

The cure for diarrhea is increased fiber not a vaccine! In the long run it’d be better to feed the world and protect them from easily preventable disease than handing out vaccines, especially sense most children die of hunger/malnutrition related diseases.