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WASHINGTON - The International Monetary Fund warned Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and wealthy nations had so far failed to restore confidence.
The IMF's policy setting panel said the economic crisis is so deep and widespread that it will require a willingness to take bold action.
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 stressing their resolve to work together to overcome the current financial turmoil.
So the administration decided to use the bailout bill to pump equity directly into the banks — an idea never mentioned during the congressional debate. The administration says it is authorized in an obscure corner of the 400-page legislation.
Originally posted by alphabetaone
This is somewhat odd language coming out of the IMF when it should seem that they would want to do all they could to restore market confidence, not further degrade it.
Originally posted by alphabetaone
This is somewhat odd language coming out of the IMF when it should seem that they would want to do all they could to restore market confidence, not further degrade it.
What REALLY ticks me off to this end is this:
So the administration decided to use the bailout bill to pump equity directly into the banks — an idea never mentioned during the congressional debate. The administration says it is authorized in an obscure corner of the 400-page legislation.
And THIS is exactly why we damn well should never let ourselves start passing things in haste! Now what friggin recourse do we have? Not a one....
AB1
“We will do what it takes to resolve the crisis and the world’s economy will emerge stronger as a result,” he said.
The fresh message of the day was Bush's plea that nations work together to address the crisis, avoiding the go-it-alone protectionist trade strategies that worsened conditions during the Great Depression.