Posted on 10/11/2008 8:50:55 AM PDT by BGHater
World leaders are coming together to take decisive action to help a faltering world economy rocked by a credit crisis and unnerved by plunging global stock markets, accoring to President Bush.
In a Rose Garden address shortly before 8 a.m., Bush pledged that the economy would emerge stronger as a result of the actions taken by G7 nations.
“I'm confident the world's major economies can overcome the challenges we face,” said Bush, backed by Treasury Sectretary Henry Paulson and other G7 finance ministers. “We're in this together. We'll come through this together.”
He said the G7 nations had agreed to a plan of action that would help “systemically important financial institutions and prevent their failure.” He also said countries had agreed to provide “robust protection” for bank deposits and were taking steps to ensure capitol could be raised.
“There have been moments of crisis in the past whens powerful nations turned their energies against each other or sought to wall themselves off from the world. This time is different,” Bush said.
Bush also went through the steps Washington has taken to try to calm markets and provide liquidity to the economy, including the $700 billion bailout bill approved by Congress and signed by Bush just more than a week ago.
“These extraordinary efforts are being implemented as quickly and as effectively as possible,” Bush said. “The benefits will not be realized overnight. But as these actions take effect they will help restore stability to our markets and confidence to our financial institutions.”
The speech comes hours after Paulson announced the government would use a portion of the $700 billion to buy equity in financial institutions in order to inject them with cash. Treasury initially had resisted this move, but apparently shifted in response to the markets that have continued to fall since the bailout was approved. Great Britain announced a similar plan this week.
Bush mentioned the purchase of equity as one of the steps the government was taking. He also said G7 leaders would work in cooperation with large developing countries. Finance ministers from around the world are in Washington this weekend for annual meetings of the World Bank and International Monetary Fund.
Behind the scenes, the Bush administration is trying to keep industry leaders and senior members of Congress apprised of its efforts to stabilize the markets and implement the $700-billion financial bailout package enacted this month. The administration convened a conference call Friday afternoon to update lobbyists on the market volatility and the state of the economy, but no new policy initiatives were discussed, according to one participant on the call.
In his weekly radio address on Friday, Bush moved to calm jittery investors after the worst week in the 112-year history of the Dow Jones industrial average.
Bush said the Dow's 22-percent drop over the last eight trading days was "startling," citing "uncertainty" and "fear" as the driving forces behind the steep decline.
Bush said the government is moving on multiple fronts, citing the Federal Reserve's decision this week to cut interest rates, a new program to boost the commercial-paper market, an increase in government-backed insurance for checking and savings accounts, a Securities and Exchange Commission initiative to crack down on manipulation of the stock market and a plan to slow down the rate of home foreclosures.
"In the short term, we'll continue to face challenges," Bush said. "But in the long run, Americans have reason to be confident. We have the strongest and most resilient economy in the world."
Bush said the department would implement the new law to have "maximum impact as quickly as possible."
"Seven hundred billion dollars is a significant amount of money," Bush said, "and as we act, we will do it in an effective way."
One big socialist family. New World Order signed, sealed, and delivered by the Bush son.
One big socialist family. New World Order signed, sealed, and delivered by the Bush son.
GREAT ONE WORLD ORDER...I THINK I’LL START READING MY BIBLE MORE AND I THINK WE ALL SHOULD GET TO KNOW GOD A LITTLE BETTER!
Sounds good to me.
Or, better yet, maybe we could all get our own personal barcode tattooed on our foreheads and wrists and nobody could engage in any sort of commerce unless he or she has such a tattoo.
I don’t know about you, but I’m praying more these days than I ever have in my life.
I get tears in my eyes reading this, it is happening before our eyes. God help us.
I think rapture is closer than I thought. Look up! For your redemption draweth nigh...
“I love it when a plan comes together....”
From the sitcom action show “A-Team”, attributed to Hannibal Smith.
Most of the time, there was no plan. They were just making it up as they went along.
Which may be the situation with the “bail-out”. Listening to people with their hair on fire is not rational behavior.
Yeah! A regular one-world hootnanny!”
It does seem like the whole "CFR" "New World Order" and those other things of George H. W. Bush that were considered 'conspiracy theories' by the kook fringe and the tin-foil-hats as they called those who kept harping on this can now 'nee-ner-nee-ner-nee-ner' to all the nay-sayers and scoffers.
In this past year it's as if George W. Bush has transformed himself into something I no longer recognize.
No matter who is elected, G.W.B. is making sure that what he leaves behind will be a country that I never thought I would live to see and live in.
“Sure is getting warm in this pot of water” said one frog to another.
We needed a Reagan and got a Wilson.
"We will do what it takes to resolve this crisis. And the world's economy will emerge stronger as a result," Bush said.
"We must ensure the actions of one country do not contradict or undermine the actions of another," Bush said. "In our interconnected world, no nation will gain by driving down the fortunes of another. We're in this together. We will come through it together."
The scent of vaseline is heavy in the air.
> No matter who is elected, G.W.B. is making sure that what he leaves behind will be a country that I never thought I would live to see and live in.
Agreed: even a Reagan would have a hard time digging us out of this hole. And even in the best scenario, can you imagine McCain fixing this? I’m sorry, but I can’t.
Bush is heading for a historical legacy of a Jimmy Carter level of bad. The man who threw our country to the socialists. Who would have thought it would be a Republican? I feel really, really betrayed.
Better get ready, for He is coming back soon.
One world goverment, all countries coming together.
USA is gone.
Brothers and Sisters in Christ, look up for our redemption in near!
A thread started yesterday but It did confirm for me, what I have been feeling in my spirit....
God said....2 Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.
How do we do this? We recognize God is in control, we have no authority but by His name. Pray, seek and we will find the answers. Fear is not from God...confusion is not from God....Peace...and I mean peace that is unshakeable is from God...but that doesnt come from watching the news and writing on blogs, although I confess I do a lot...that only comes by hearing from the word....
Finally, brothers, whatever is true, whatever is noble, whatever is right, whatever is pure, whatever is lovely, whatever is admirable—if anything is excellent or praiseworthy—think about such things. Whatever you have learned or received or heard from me, or seen in me—put it into practice. And the God of peace will be with you. [Philippians 4:8,9]
Make the word of God a daily part of your life...like brushing your teeth(only in habit) Church is good but God wants a relationship...I make a cup of Java and meet with Him every morning.. I read the Proverbs of that day like today I read Proverbs 11. Then a couple chapters in the Gospel....then I let God know what is bothering me and then I breath..............
GOD IS GOOD!
"A billion here, a billion there, pretty soon it adds up to real money." ---Senator Everett Dirksen
How soon we forget....
Sen Dirksen: "If some people get any cheer out of a $328 billion debt ceiling, I do not find much to cheer about concerning it." [Congressional Record, June 16, 1965, p. 13884].
and this favorite of Sen Dirksen regarding "potholes":
"As I think of this bill, and the fact that the more progress we make the deeper we go into the hole, I am reminded of a group of men who were working on a street. They had dug quite a number of holes. When they got through, they failed to puddle or tamp the earth when it was returned to the hole, and they had a nice little mound, which was quite a traffic hazard.
"Not knowing what to do with it, they sat down on the curb and had a conference. After a while, one of the fellows snapped his fingers and said, ‘I have it. I know how we will get rid of that overriding earth and remove the hazard. We will just dig the hole deeper.'" [Congressional Record, June 16, 1965, p. 13884].
“World leaders are coming together.....”
Great, Jorge!....A giant one world fluster cuck!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.