The audacity of hope as shown by Obama has resulted in history being made in the US, with the first African-American taking charge as its new president. The US and the world had pinned lot of hopes on him even before his momentous inauguration. Now that he has formally taken the reigns at the White House, the world is watching with bated breath what change he brings, and perhaps more importantly, how fast he does it?
But, leaving aside the rhetoric and the euphoria surrounding Obama, one should focus more on the immediate issues plaguing the global economy. That’s what Wall Street seemed to have done, with the key indices down 4-6%. Bank stocks led another fall in Europe as well. Asian markets too are down 1-2%.
