Forget about the debate over stimulus "coordination" coming out of the March G-20 meeting, or whether some countries, like France and Germany, should do more. The fact is, between China's $586 billion stimulus, Japan's $200 billion, and U.S. government outlays that will soon be the highest share of GDP since World War II, we're already looking at more than $2 trillion of added government spending worldwide in response to this recession. That's an unprecedented global wave, and it means that government will soon be exerting more influence over business than it has in decades.
Oil prices ended the session higher on Tuesday, just shy of the $50 a barrel threshold, as a Wall Street rally picked up steam late in the trading day.
The officials charged with overseeing the $700 billion financial bailout told lawmakers Tuesday that the Treasury Department must do more to ensure that taxpayer dollars are properly spent and that the public is kept in the loop.
Oil prices churned Tuesday as investors weighed a rally in the stock market, excess supply of crude oil and concern over the struggling U.S. auto industry.