A global round of rate cuts was coordinated by the U.S. Federal Reserve, European Union, Switzerland, Canada, Sweden and the Bank of England. But the stock markets' response was tepid at best.
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Steve Forbes, chief executive of Forbes, told CNBC that solving the global economic crisis will require a more than the rate cuts.
First and foremost? Hank Paulson and the Treasury should act quickly to end the mark-to-market "nonsense."
"Then you don't have to worry about more unnecessary disasters like Lehman Bros. and AIG ," Forbes said.