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Photograph, above, of Treasury Secretary Henry Paulson standing behind President Bush during this morning's press conference by Evan Vucci/AP; photograph, below, of Bush with finance ministers from G7 nations by Charles Dharapak/AP
This morning, President Bush held a press conference to discuss his meeting with finance ministers from the G7 nations--Canada, France, Germany, Great Britain, Italy, and Japan--trying to calm down Americans worried about the economy. He noted the actions that Treasury Henry Paulson and the Federal Reserve are already undertaking (and asked for patience). Bush also emphasized that the world is working together:
The G7 nations have pledged to take decisive action to support systemically important financial institutions and prevent their failure, provide robust protection for retail bank deposits, and ensure financial institutions are able to raise needed capital. We've agreed to implement strong measures to unfreeze credit, ensure access to liquidity, and help to restart the secondary markets for mortgages and other assets. We've all agreed that the actions we take should protect our taxpayers. And we agreed that we ought to work with other nations such as those that will be represented this afternoon in the G20 forum.He ended with, "We will stand together in addressing this threat to our prosperity. We will do what it takes to resolve this crisis. And the world's economy will emerge stronger as a result." (Full transcript here.)As our nations carry out this plan, we must ensure the actions of one country do not contradict or undermine the actions of another. In our interconnected world, no nation will gain by driving down the fortunes of another. We're in this together. We will come through it together.
The global economies were battered this past week, with the Dow ending below 8,500 points.
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worst president ever. whoever voted for bush should be ID'd and made to wear badges with Bush on them. Then they should be rounded up and sent to concentration camps while an old lady screams "BUSH" to them like the old lady who screamed "JEW" in Schindler's list.
I'd like to see how they are going to pull this off. The credit markets are frozen. The CDS market is insane. Businesses and countries can't get any money.
"worst president ever. whoever voted for bush should be ID'd"
The banks have run this country and most of the world a long time now. They're just more brazen lately. It doesn't matter who is in office, they still pull the strings. Like good illusionists, they keep your eye distracted by getting you to fixate on one politician or party.
SO BIG GOVERNMENT does work for covering shit wholes after all?!?!!
Fck CREEPUBLICANS in their infinite hypocritical nationalist/populist bullshit!!!
No. Lately we have been finding out how little power government has on the economy during a financial crisis. The Fed and Treas pulled some many tricks out of their arses the past month and it had zero effect.
World government.
Oh Good old Bush...One day he tells the rest of old Europe to piss up a rope and the next day hes Mr. Kooombaya.
This would be funny if it wasn't such a desperate dangerous situation
The Bankers have been celebrating lately!, y'all have heart of AIG partying, recently BARCLAYS CAPITAL threw a ridiculously expensive banquet amidst this crisis.
They are in a celebratory mood, they are loving this consolidation of power.
"that the actions of one country do not contradict or undermine the actions of another"...the total opposite hasn't that been the nationalist policies of republicans?! We americans (private power only that is)first? Now the governments become useful regulators in the brink of hell?
Morons! and yeah...the response by McCain is resist change by appealing to racist fear and populism...How close can you get to fascism? Nationalism through supremacist values based on dogmatic and proven harmful policies of superiority based on faith and bullshit.
Sure, banks hold a lot of power in the US, but you have to admit the Bushb administration didn't even try to regulate or control them. Well, at least not until it was too late for it to matter. I always thought the Bush administration would fall hard in the second term, but I didn't think they'd fall this hard.
At least this will thin the ranks of the "free market solves everything" crowd a little.
Just so everybody knows, that top picture is not out of focus. Dubya really is that fuzzy-headed.
^ Heh heh!
...except that the free-market would've solved all of this. The major root cause was the Fed setting the federal funds rate way too low post-2001. This led to all the malinvestment and other frauds with mortgage securities and derivatives.
If the market set the rates, we wouldn't have seen such a crisis.
The "blame capitalism" people are coming out of the woodwork when the US is hardly capitalist. Yes, our economy is built on 69% consumption, but that figure doesn't account for the tens of trillions of entitlements for our social programs---which socialize the costs amongst all of us and are the opposite of capitalism.
If anything, this is a failure of Keynesian economics and central planning.
The G8 stuff is funny, though. If I could only be a fly on the wall. "Hey, things are bad." "Yup." "Want to cut interest rates?" "Sure." "Sounds good. Let's eat."