'We must stand together': Bush warns countries as G7 agrees 'plan of action' tor rescue ...

Daily Mail ^ | 6:23 PM on 11th October 2008 | Daily Mail Reporter

[Ernest_at_the_Beach]

'We must stand together': Bush warns countries as G7 agrees 'plan of action' tor rescue world economy

• G7 group agree 'plan of action' to solve financial crisis
  
• Bush warns countries they must stick together
• U.S. follows Britain by buying up banks stocks
• FTSE has worst week ever, dropping 21% in just five days
  

  President Bush today warned countries against acting alone to try and ease the financial crisis after a catastrophic week of nosediving shares that saw £250billion wiped off the Stock Market.
  

  In his 20th emergency statement in since September, Mr Bush stressed that the biggest powers in the world have to act together if they are to rescue their crippled economies.

  

  Warning: President Bush said at the G7 summit the world had to act together

  Countries could not afford to turn against each other in the face of this 'serious global crisis', the President declared outside the White House after crisis talks with finance chiefs including Chancellor Alistair Darling.

  'There have been moments of crisis in the past when powerful nations turned themselves against each other, started to wall themselves off from the world. This time is different...' he said.

  '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.'
  

  

  Mr Bush spoke out after the world's richest countries in the G7 group agreed a five-point 'plan of action' which opens up the possibility large sections of the global banking system will be part-nationalised.

[G8 Diplomat]

BAGHDAD



Iraq's stocks are up 40% despite the world economic crisis.

(BTW, is it the G7 Summit now? Well, I'm not changing my name...LOL)

[G.Mason]

Hang on world!

The Bush you love to hate will print more funny money and send it right over.

Meanwhile people with rather large sums of money in the stock market will pull out before the Marxist gets in and raises the capital gains tax.

That large whooooosh you are hearing is the collapse of the economy.

Enjoy your new found road back to the past.

[Ernest_at_the_Beach]

From MSNBC:

U.S. will buy stock in banks, Paulson saysP>

Last time similar program was used was during the Great Depression

*******************EXCERPT****************************

“This is a period like none of us has ever seen before,” declared Paulson at a rare Friday evening news conference. He said the government program to buy stock in private U.S. financial firms will be open to a broad array of institutions, including banks, in an effort to help them raise desperately needed cash.

[Ernest_at_the_Beach]

LOL...Blame it on Putin.

[Ernest_at_the_Beach]

Not that bad ...if we keep Obama out of the White House:

From Flopping Aces:

Two Ways to Replenish the U.S. Treasury After 1 Trillion in Emergency Spending

*************************EXCERPT*******************************

Option one: Raise taxes!

Option two:

The Congressional Research Service recently estimated the potential federal revenue from Arctic National Wildlife Refuge (ANWR) oil development at $191 billion over 30 years — roughly $18.36 per barrel, based on projections of recoverable reserves. Applying that formula to the 107 billion-plus barrels of recoverable oil that federal agencies estimate is in ANWR, the nearby National Petroleum Reserve and offshore tells us that sensible drilling could yield nearly $2 trillion in overall revenue over 30 years, or an average of about $65.5 billion per year.

Add in the hundreds of billions of barrels of oil in other offshore areas as well as the trillions of cubic feet of natural gas and we could rake in trillions more. Maybe even enough to give Americans who actually PAY income taxes a tax break (and not just welfare checks for those who do not).

Guess which option Obama would choose?

[politicket]

He said the government program to buy stock in private U.S. financial firms will be open to a broad array of institutions...

Read this as "...open to hedge funds".

[org.whodat]

Paulson, nothing like have one of the leading crooks in to guard the hen house. Wonder what the Swiss bank name is he's sending our money.

[FriendDownUnder]

America sneezes, the rest of the free world catches cold.

*Sigh*

[gargoyle]

...Ahhhh, Nationalism, and Socialism, haven’t we dealt with that before...

[Marine_Uncle]

The problem is, will the oil companies ever be given the right through land leasing and local/state/federal permits approved to actually start drilling. That has been a key issue in the recent energy debates. One can pay for lease on a track of land and never end up being allowed to start drilling.
Hundreds of millions of dollars in leases have expired over a period of time and not one drop of oil has been extracted.
The restrictions and regulations are so formidable it is a wonder any oil is allowed to be drilled in this country at all. And the congress remains hog tied. To many on the demo side still either don't have a clue as what should be allowed, and or continue to be held at gun point from strong lobbyist groups (greenies) who hold sway over them in the way of votes and perks.
So I am not holding out on this plan that on paper appears to have some worth.