What The Hell Is Happening?
WASHINGTON - President Bush emerged from a meeting with foreign financial officials on Saturday and said they were cooperating on a global response to the credit crisis that will lead toward a "path of stability and long-term growth."Bush announced no new strategies to attack the economic woes circling the globe, stressing instead, "We will do what it takes to resolve the crisis and the world's economy will emerge stronger as a result."
Bush spoke in the Rose Garden outside the White House, joined there in a show of solidarity not long after daybreak by finance officials from the so-called G-7 — Japan, Germany, Britain, France, Italy and Canada, in addition to the United States. Treasury Secretary Henry Paulson and Secretary of State Condoleezza Rice also attended.
"The United States has a special role to play in leading the response to this crisis," the president said. "That is why I convened this morning's meeting here at the White House and it is why our government will continue using all the tools at our disposal to resolve this crisis."
He added, "We've all agreed that the actions we take should protect our taxpayers and we've agreed that we ought to work with other nations ... As our nations carry out this plan we must be sure the actions of one country do not contradict or undermine the actions of another."
It was only eight days ago that Congress approved a $700 billion bailout for the financial industry, and the Fed has pumped billions of dollars into the economic systemhoping to provide greater access to credit for potential borrowers.
On Friday, Paulson announced the Treasury would begin buying part ownership in American banks, the first time the government has taken such action since the Depression of the 1930s.
The G-7 officials discussed the global economic crisis for three hours on Friday and issued one of the shortest communiques in the history of the group. It pledged to take "all necessary steps to unfreeze credit and money markets" to end the crisis.
Earlier this week, Britain had moved to pour cash into its troubled banks in exchange for stakes in them — a partial nationalization. Paulson said the U.S. program would be designed to complement banks' own efforts to raise fresh capital from private sources.
Look for the European Union to attempt to exploit this situation as an opportunity to usurp power against the will of the people of Europe.
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