It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The U.S.'s chief antagonist in the region, self-declared revolutionary socialist President Hugo Chavez of Venezuela, said his oil-based economy is insulated from the U.S. crisis by its growing detachment from ``this perverse financial system.''
He mocked Bush for using government funds to bail out private companies. The Bush administration is seeking congressional authority to buy as much as $700 billion in bad investments from financial firms to unfreeze the U.S. financial system.
``I nationalize strategic companies and get criticized, but when Bush does it, it's OK,'' Chavez said on weekly television program Sept. 21. ``Bush is turning socialist. How are you, comrade Bush?''
Fighting poverty is also high on the agenda of Lula, who has maintained cordial relations with President George W. Bush. He poked fun at the U.S. last week when reporters asked what impact the Wall Street turmoil would have on Brazil. Bush is scheduled to address the assembly today.
``What crisis?'' Lula said. ``Go ask Bush.''
Fernandez, whose country defaulted on $95 billion of debt in 2001, gloated last week that, ``this first world that we were told was the Mecca we should aim for, is collapsing like a bubble.''
Those sentiments were echoed by UN General Assembly President Miguel d'Escoto Brockmann, a Nicaraguan Roman Catholic priest, who was elected to preside over the assembly for a year. He accused rich nations of hypocrisy for promoting free markets then turning to government intervention.
``Those very proponents of extreme liberalism change their tune at the first sign that their economic power could be at risk and that their citizens could suffer the pain they inflict on others,'' he said.