Davos: How Glum Is My Valley?

From Rupert Murdoch and Bill Gates to Stephen Green and Samuel DiPiazza, the public utterances from the great and good attending the World Economic Forum meeting in the Alpine valley resort of Davos, Switzerland, are grave, bordering on bleak.

News Corp. founder Murdoch: "The crisis is getting worse. It's going to take drastic action to turn it around, if it can be turned around quickly. Personally, I believe it will take some time."

He added: "The great majority of the people in the world are depressed and traumatized by the fact that their savings, the wealth in their homes or pension funds ... a big percentage of it has disappeared."

Murdoch also said: "We've been living in the Western world way above our means. We've been on a great binge and it's come to an end and we have to live though the correction."

PwC chief executive DiPiazza: "The speed and intensity of the recession has rocked the psyches of CEOs and created a global crisis of confidence."

HSBC chairman Green: "There are no magic wands and even crystal balls are in short supply."

WPP chairman Martin Sorrell: "We all know government cannot run banks but at the moment no one has confidence in the financial institutions. You will get government out when private industry has re-established confidence."

South Africa Finance Minister Trevor Manuel: "Hurried interventions" in the form of huge stimulus packages may "lead to naught," especially since strategies are so ill-formed. "We see a lemming like approach trying to get to the precipice first without having any idea what that money will do."

Sources: Agence France-Presse, Associated Press, CNN