Credit Crisis
The Group of Seven finance ministers were in Washington Saturday for a regularly scheduled meeting that took on greater importance after a record week of declines on Wall Street brought on by a freeze in international credit markets. The Dow has now lost such incredible numbers and dollars that's it's really hard to imagine billions and trillions. Maybe it's best we don't imagine!
President Bush pledged Saturday a united response from the world's leading finance ministers to the growing financial crisis that has threatened credit markets and key institutions around the globe. "We're in this together. We will come through it together," Bush said from the Rose Garden, after a meeting with finance ministers from the world's seven biggest industrialized nations.
Bush also asked for patience with actions that have already been taken, including the $700 billion bailout plan approved by Congress a little more than a week ago. "The benefits will not be realized overnight," Bush said. But did he offer any specifics? Nope!
Treasury Secretary Henry Paulson said Friday that the administration may use the authority granted in the $700 billion rescue plan enacted on Oct. 3 to take ownership stakes in financial institutions to stabilize and restore confidence in them. Other countries are also taking action to inject liquidity, protect citizens' savings and strengthen financial institutions in their own nations, he said.
Wall Street capped one of its worst weeks ever with a wild session Friday that saw the Dow Jones industrials gyrate within a 1,000 point range before closing with a relatively mild loss and the Nasdaq composite index actually ending with a modest advance. Investors were still agonizing over frozen credit markets, but seven days of massive losses and the possibility of further government support for the markets tempted some investors late in the session.
It's definitely ugly out there and John McCain is not a beneficiary of it all.
Related Tags: bush, wall street, credit crisis, john mccain, finance ministers, paulson, group of seven
As a spiritual-futurist, I interpret current events in light of possible macro-universal forces at play leading up to 2012, but not limited to it.
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