G7 Nations Vow Coordination On Financial Crisis But Offer Few Details

The United States and six other nations that are among the world's richest agreed on Friday to a coordinated plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending on a day when fear tightened its grip on investors from Wall Street to Hong Kong.

Treasury Secretary Henry M. Paulson Jr. said the United States would move aggressively on one part of the plan by infusing American banks directly with cash and taking ownership stakes in return.

Read the whole story here.

Comments

[Tericruz]

The Republicans ridiculed Obama's speech in Berlin and now we are meeting with World Leaders about this financial mess. This says alot about Obama's insight.

[Troubledwawa]

Here's some info on what CAMELS are: http://www.frbsf.org/econrsrch/wklyltr/wklyltr99/el99-19.html

It sounds like the banks already have a CAMELS number. And it sounds like it's been regularly maintained through audits.

[AnotherMcIntosh]

Whatever they do, it is not going to be good for what is left of the American middle class.

[DrVeruju]

Get rid of the off-balance-sheet fiat money.
http://larouchepac.com/

[SwingVoter]

I counted 8.

[dadw5boys]

HERE COMES THE 1 WORLD GOVERNMENT PUSH !!!!!!

THE AMERO DOLLAR AND OPEN BORDERS !!!!!!

[FogBelter]

My concern is that Paulson will walk into this meeting, try to dictate terms to the other members, and wind up with no firm plan come Monday morning. The US doesn't have the economic standing it did before this crisis hit. If Paulson and the Bush Administration don't demonstrate some real humility with the other G7 members there will be no consensus and the Markets, come Monday, will experience another massive point drop.

Remember, with 68 trillion dollars worth of questionable value in CDS, and every Bank on earth exposed to the risk, it is a long way to the bottom for the world economy if answers aren't arrived at fast.

[Paul]

Coalition of the willing?

This whole financial fiasco is starting took like Iraq all over again.

[Carolab]

New World Order.

[tompoe]

The landscape will change, of course. Gone will be the pharmaceutical ads on television. Gone will be the automobile ads as we now know them. Gone will be the Republican Party, the Party of Corporate Welfare. The conservatives will rename themselves as, . . . well, Conservatives. They'll compete on equal footing with multiple parties, and campaign on issues. Earning power of workers will be very low. Taxes will be significant. Social programs will move to the forefront. Innovation will thrive, and our country will be the better for it. Democracy will reign in an environment of chaos. Participatory democracy will be the rule in our civil society. Bush/Cheney will be in prison. Say goodbye to the Party of Corporate Welfare.

[DrVeruju]

Then you woke up.

[TN]

Republicans accuse others of what they do. For example socialism, now the banks are owned by the people.

[gevan]

Is this going to be a "secret plan" like Nixon's plan to end the war in Viet Nam back in 1968?

[kellygrrrl]

one more opportunity for W to screw up the world

[uncleentropy]

Making the world a Weimar Republic....