Global Recession Could Last Till End-2010 Or Longer- AFP

NEW DELHI: The US professor nicknamed "Dr. Doom" for forecasting the financial crisis has said the global recession will last all of this year and probably next, India's Mail Today reported Saturday.New York University professor Nouriel Roubini said that in the best-case scenario, the recession will continue through 2010 in advanced economies while job losses will persist for an additional year, the paper reported.

He said world governments are falling behind the curve in tackling the crisis with "policymakers moving in the right direction--but (doing) too little too late."Speaking at a New Delhi conference, Roubini warned that the United States, Europe and Japan must "get their act together" to avoid the global economy sinking further.

"People were hoping it would be a V-shaped recession--a sharp fall, followed by an equally quick recovery," he said."But we are in the middle of an ugly U-shaped recession," he said Friday.
Roubini said the bottom of the "U"--the length of time the world economy will continue to contract--would last a minimum of three years starting from December 2007.But he said there was a "one-in-three chance" that recession would turn into an "L"--a prolonged period of stagnation or shrinking output, coupled with falling prices as demand dries up.

As early as 2005, Roubini said US home prices were riding a speculative wave that would soon sink the economy, but was dismissed as a doomsayer.In Delhi, he said the problems of the financial system and financial institutions were getting worse, but that the outlook could be improved by governments taking charge of insolvent banks, cleaning them up and then selling them to private investors.

"People say when the US sneezes, the rest of the world catches cold. In this case, the US is just not sneezing, it has a severe case of chronic pneumonia.""We all sink or swim together," he said, adding there is no way policy action in emerging economic giants India and China can pull the global economy out of the slump. (AFP)

Under a tree, assembly votes for fresh polls- Malaysian Insider

Photos courtesy from Nizar's Facebook

IPOH, March 3 — In the shade of a rain tree with the State Secretariat just 200 metres away, Perak Speaker V Sivakumar convened an emergency sitting of the state assembly today which effectively voted to end the de facto Barisan Nasional (BN) government of Datuk Dr Zambry Abdul Kadir.Across town at the same time in the Ipoh High Court, BN lawyers were arguing to stay the proceedings of the state assembly, pending a law suit against Sivakumar for suspending from the assembly Zambry and his six executive council members.On an eventful day, Perak’s administration has been thrown into chaos with both BN and Pakatan Rakyat (PR) questioning the legitimacy of each other’s actions.

The State Secretary’s directive to close off the building which houses the state assembly had added to the confusion over the administration of the state.The directive resulted in riot police barring state assemblymen from entering the building.All the lawmakers that had turned up this morning were from PR parties. BN legislators, not surprisingly, did not show up as they contend the assembly was invalid.Sivakumar was the only person given permission to access the building, but he chose instead to walk nearby to convene the assembly with the presence of the PR assemblymen.

Dressed in his ceremonial black robes and songkok, the Speaker presided over a sitting, which on the face of it appeared legal as long as he was present.The sitting proceeded to pass three votes – expressing their confidence in Datuk Seri Nizar Jamaluddin as mentri besar; calling on Nizar to seek a dissolution of the state assembly; and endorsing Sivakumar’s suspension of Zambry and the de facto BN executive council.Nizar told reporters later that he would seek an audience with the Sultan to ask for consent to dissolve the assembly.

At the Ipoh High Court, Judicial Commissioner Ridwan Ibrahim ruled that five lawyers, including constitutional expert Tommy Thomas, had no locus standi to represent the Perak Speaker in court.He said the Speaker must be represented by the state legal advisor because he is part of the state government.Thomas told reporters the team had no choice but to withdraw from the case.Earlier this morning, a minor scuffle broke out when a group of unidentified men tried to stop Nizar and other PR assemblymen from entering the state assembly compound.Subsequently, Nizar and the assemblymen were prevented from entering the state assembly by riot police, backed by two trucks with water cannons.

Yesterday, Zambry declared any attempt to hold an emergency sitting of the state assembly a “threat to national security.”Nizar told reporters later that he would seek an audience with the Sultan to ask for consent to dissolve the assembly.At the Ipoh High Court, Judicial Commissioner Ridwan Ibrahim ruled that five lawyers, including constitutional expert Tommy Thomas, had no locus standi to represent the Perak Speaker in court.He said the Speaker must be represented by the state legal advisor because he is part of the state government.Thomas told reporters the team had no choice but to withdraw from the case.

Earlier this morning, a minor scuffle broke out when a group of unidentified men tried to stop Nizar and other PR assemblymen from entering the state assembly compound.Subsequently, Nizar and the assemblymen were prevented from entering the state assembly by riot police, backed by two trucks with water cannons.Yesterday, Zambry declared any attempt to hold an emergency sitting of the state assembly a “threat to national seNizar told reporters later that he would seek an audience with the Sultan to ask for consent to dissolve the assembly.

At the Ipoh High Court, Judicial Commissioner Ridwan Ibrahim ruled that five lawyers, including constitutional expert Tommy Thomas, had no locus standi to represent the Perak Speaker in court.He said the Speaker must be represented by the state legal advisor because he is part of the state government.Thomas told reporters the team had no choice but to withdraw from the case.Earlier this morning, a minor scuffle broke out when a group of unidentified men tried to stop Nizar and other PR assemblymen from entering the state assembly compound.

Subsequently, Nizar and the assemblymen were prevented from entering the state assembly by riot police, backed by two trucks with water cannons.Yesterday, Zambry declared any attempt to hold an emergency sitting of the state assembly a “threat to national security.”