With the conclusion of the G20 summit, it's time for the participating leaders to take a bow, high-five one another and bask in the glow of all that can be accomplished in a two day summit. We've got the whole bonus thing under control now. We all agree that we're in this battle together. And then there was Tim Geithner's revelation that some of the culprits for the past few years' worth of pleasantness are now are on the straight and narrow.
After "a long period of time living beyond our means, you see people already changing behavior," the Treasury chief said in Pittsburgh. "That's one reason why we can stand here today and express some measured optimism about our capacity to put in place a more sustainable recovery."
Indeed, this is nothing short of miraculous. Faced with an endless supply of federally created programs designed to get people to buy something, anything regardless of their current financial situation, the fact that an unemployment rate of (almost) 10% has scared a few more people into saving is a landmark victory.
G-20 Plans to End 'Financial Balance of Terror' After Summit [Bloomberg]