he clear victory for Obama was a rejection of the policies of Bush regime. The growing economic crisis which has badly affected the American people was a prime reason for the victory. The American people are more concerned about how Obama will tackle the economic crisis and revive the economy and jobs. History shows that the ‘Depression,’ it always comes from American ‘Wall Street.’ A major promoter of globalisation was the Washington consensus based the network of the ‘Wall Street,’ the US money lending agencies in the Euro-currency markets. Nevertheless, the new US Govt. led by Obama is trying to revive the economy, has approved a special $800 billion fiscal package to be spent over the coming years in short-term, and it is estimated around $10 trillion to spend in the long-term in the areas like infrastructural development and housing projects to create new job opportunity and so on. It means each American will intervene with USD 2.25 thousand for helping to bail out firms threatened by the fall-out of sub-prime crisis. However, the White House, the Treasury and the Federal Reserve, who were saying that intervention was inevitable to avoid a financial meltdown, were making the case for a specific kind of intervention that favoured Wall Street. Having made huge profits on speculation big finance wanted the State to pick up the losses when the bubble burst. Section – II Impact of Global Crisis on Developing Countries Many developing countries are moving into a danger zone. Growth in developing-countries had been expected to reach 6.4 per cent in 2009, but has been marked down to 4.5 per cent. In the coming period, developing countries will see growing fiscal pressures both on the expenditure side (growing demands for social protection, recapitalization, etc) and the revenue side (as exports and economic activity slow). The appropriate response to falling domestic demand may, in some cases, be a measured fiscal stimulus. However, the credit crunch and flight from risk is already reducing the ability of formerly market-access countries to meet their gross financing needs (rolling over amortized debt and financing their net borrowing requirements). Some developing countries will be hit much harder than the average – experiencing growth which is negative in per capita or even absolute terms. Coming on the heels of food and fuel price shock, the global financial crisis could significantly set back the fight against poverty. Sharply tighter credit conditions and weaker growth are likely to cut into government revenues and governments’ ability to invest to meet education, health and gender goals. The poor will be hit hardest. Current estimates suggest that a one per cent decline in developing cou>