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President George W. Bush called for $145 billion in tax cuts, describing the measures as a “shot in the arm” for the U.S. economy, which caused stock values to plunge in Australia, Tokyo, Hong Kong, China, and across Europe. “There’s something approaching panic in the market,” said an analyst with Bank of America. “The short-term risks,” explained Treasury Secretary Henry Paulson, “are to the downside.”BBC NewsNew York TimesBBC NewsResearchers found that foreigners invested $414 billion in American companies in 2007, up 90 percent from 2006. “This is a vote of confidence in the American economy,” said Deputy Treasury Secretary Robert …
