| Bush, allies seek to calm jittery investors
Quote:
WASHINGTON - President Bush and financial leaders from nations rich and poor pledged Saturday to intensify their efforts to unblock a frozen financial system before it does more damage to an increasingly shaky global economy.
While there were no concrete offers of new moves, Bush vowed anew that his administration was doing everything possible to halt the biggest market disruptions since the Great Depression. The finance ministers spoke in unusually somber terms about the need for action.
Bush started the day shortly after daybreak with a Rose Garden appearance with finance ministers from the world's richest countries and later made an unexpected evening visit to the headquarters of the 185-nation International Monetary Fund a few blocks from the White House.
| Link to Article Quote: |
The IMF strongly endorsed a five-point plan put together a day earlier by the so-called Group of Seven wealthy powers, in which the United States, Japan, Germany, France, Britain, Italy and Canada jointly pledged to use all means possible to prevent major financial institutions from failing and to keep pumping money into the banking system to unfreeze lending and get credit — the lifeblood of the economy — flowing again. | (emphasis added)
I find the above quote interesting, The plan is to pump banks up with more debt/credit to get debt/credit flowing again.
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*As a personal note: I am not trying to be argumentative nor am I trying to steer the topic off subject. I, like many other people, am trying to sort through the mass amount of information that is on the internet for this particular topic. I furthermore recognize the fact that a great deal of people here are not lawyers, attorneys, nor are they attempting to practice law. *
Last edited by GoldenEagle; 10-11-2008 at 10:08 PM.
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10-11-2008, 10:03 PM
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