"Bush, foreign financial officials try to calm nervous investors; IMF backs G-7 on protecting system" by Jennifer Loven and Martin Crutsinger, Associated Press | October 12, 2008
WASHINGTON - President Bush and the world's financial leaders staged repeated displays of unity yesterday to combat an unfolding credit crisis, hoping to calm investors whose panic has spread despite bold and accelerating government action.
While there were no concrete offers of new moves made yesterday, Bush pledged anew that his administration was doing everything possible to halt the biggest market disruptions since the Great Depression and the finance ministers spoke in unusually somber terms about the need for action.
In his White House remarks, the president barely noted a significant new step from his administration - partial nationalization of some banks.
Yeah, because it is FASCISM!!!
President Hoover tried something like that in 1932 during the Great Depression. Billions of dollars of reserves have gone into banking systems in the United States and other countries. Yet credit, the economy's lifeblood, has remained virtually frozen. --more--"
Here is why the credit logjam isn't being freed up, readers:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a Chance
"White House devising rescue plan; Scrambles for a new approach" by Edmund L. Andrews, New York Times News Service | October 12, 2008
WASHINGTON - As international leaders gathered in Washington yesterday to grapple with the global financial crisis, the Bush administration raced to overhaul its own strategy for rescuing the foundering financial system.
Two weeks after persuading Congress to let it spend $700 billion to buy distressed mortgage-backed securities, the Bush administration has put its original idea on the back burner and is trying to come up with a new plan over the next several days.
So I guess the legislation as written meant nothing to heir dictator, huh?
Also see: Globalists to Devise New System in Wake of Financial Collapse
The new plan, which has become the administration's primary focus, comes closer to a partial nationalization of the banking system than at any time since the Depression. In exchange for providing capital, the government would demand some kind of nonvoting minority stake.
The surprising turnaround by Treasury Secretary Henry M. Paulson Jr. has raised questions about whether he squandered valuable time by trying to sell Congress a plan that he and other administration officials had failed to think through in advance. --more--"
What, this administration? Noooooo!
