The markets seem to have reacted well following the G7’s announcement of a new 5-point plan to rescue the leading economies and banking systems of the world. Personally, I was a little perturbed.
If they had come out with a 4-point plan, or a 7-point plan, I’d have been reassured, but a 5-point plan is worrying to me. You can imagine the scenario…
Spin Doctor: “Excuse me Mr President, but would you mind dropping the last point of the plan? I’m sorry but all our research shows that a six-point plan just doesn’t sound quite right, and it’s all about instilling confidence in the market isn’t it?
George Bush: “But we’ve spent the whole weekend negotiamating this plan. Every point is crucial!”
Spin doctor: “Mmm…any chance you could come up with four more points? Ten point plans are good.”
My guess is that each of the G7 would have had a key point each, so I reckon at least two got ditched in an effort to make the plan more pleasing on the ear. I hope they weren’t the really good ones.