Before everyone gets too worked up, remember that it is Dick Morris writing this. he is consistently wrong about just about everything
Ditto! Morris is delusional. (He claimes to be ‘conservative’???)
So much for government education on the functions of US government.
The President proposes. The Congress disposes.
Sunday, November 16, 2008;
A01World Leaders Agree to Seek Major Reform Group Pledges Cooperation to Restore Growth
http://www.washingtonpost.com/wp-dyn/content/article/2008/11/15/AR200811150 0902_pf.html
By Glenn Kessler and Anthony Faiola
Washington Post Staff WritersWorld leaders holding an emergency meeting to combat the economic crisis agreed yesterday to a far-reaching action plan that, over the next 4 1/2 months, would begin to reshape international financial institutions and reform worldwide regulatory and accounting rules.
The leaders' 11-page statement spoke of broad principles, leaving the details to be worked out by lower-level aides before another summit meeting in April, after Barack Obama assumes the presidency. But the gathering in Washington of the nearly two dozen nations -- from every region of the world -- reflected the new balance of power emerging in the aftermath of a financial crisis that has devastated even well-run economies, a wrenching process that British Prime Minister Gordon Brown has dubbed "the birth pangs of this new global order."
Under the plans outlined by the leaders, countries such as China, Brazil and India would gain greater roles and responsibilities as part of a restructuring of the international financial system, while European leaders won a commitment to new regulations and controls on banks, rating agencies and exotic financial securities. The leaders also agreed that a dramatic failure of market oversight in "some advanced countries" was among the root causes of the financial crisis, an implicit rebuke of the United States.
" I'm a free market person," President Bush told reporters after the summit ended, "until you're told that if you don't take decisive measures then it's conceivable that our country could go into a depression greater than the Great Depression." continued