Bush visits finance officials, urges cooperation

Fri Oct 10, 2008 6:10 PM EDT

politics, business, finance, international-monetary-fund, meetings

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Global finance leaders are pledging cooperation between rich and poor nations to deal with a severe credit crisis after President Bush discussed the seriousness of the current situation.

The Group of 20 nations, which includes the world's wealthiest nations and the largest developing countries such as China, Brazil and India, issued a joint statement late Saturday night which stressed their resolve to work together to overcome the current financial turmoil.

Bush paid an unexpected visit to the group's meeting. Brazilian Finance Minister Guido Mantega said the president had stressed the seriousness of the situation and told the finance ministers he was doing all he could to involve other countries in efforts to resolve the crisis.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — The International Monetary Fund says it strongly endorses a plan by rich countries to fight the global credit crisis.

The lending institution says in a statement after a daylong meeting that it has given full support to the action plan approved on Friday by wealthy nations.

The IMF's policy setting panel said Saturday the economic crisis is so deep and widespread that it requires excellent coordination among nations and a willingness to take bold action.

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{"commentId":3431802,"authorDomain":"david393071"}

david-475776

Might want to add the reason this thing went "Global".

The little known ISDA. That is hiding the fact that the 700 Billion USD Bailout is not the really amount, the estimate is 60 to 100 Trillion USDs. This is based on the usary interest on the loans as allowed by the Delaware Court of Chancery.

Not to say I told you so, I tried to warn people, like the one's in my home State (home of record) and they ignored me, so now they do not have the "Economic Buffer" that I suggested. Result the circular domino effect, businesses failing, more unemployment, less spending, more businesses failing, more unemployment, less spending.

I am "good". I already had developed contigency plans for my finances and life style.

{"commentId":3431802,"threadId":"385776","contentId":"1982721","authorDomain":"david393071"}

#1 - Sat Oct 11, 2008 2:57 AM EDT

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Bush visits finance officials, urges cooperation

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