World Leaders to Discuss Global Bank Bailouts

Today, October 18, 2008, President Bush, in a joint press statement from Camp David with French President, Nicolas Sarkozy and European Union President Jose Manuel Barroso called for a world-wide economic bailout. The deal is to be hammered out in a series of summits to include not only the G5, the G7, the G8 nations but even unspecified developed and developing nations.

The 11:09 video which can be watched at CNN.com began with Bush calling for the world-wide bank bailout for the first four minutes, saying that any measures needed to secure global financial security will take time.

After Bush, President Sarkozy stepped in for the next four minutes repeating that "this is world-wide crises" and that an answer can only be found together amongst nations, and emphasizing the economic downturn by calling it a "serious, systemic crises."

The last three minutes were taken by Barroso, President of the European Union who looked all the part of the ringleader of the three with his calm, assured, and sensible voice. He stated that these "unprecedented challenges require unprecedented cooperation."

CNN also reports that although no date was set at the press announcement, the White House has released a statement saying that the first summit will be held shortly after the November elections.

For many Americans, this is the first of hearing about the economic crises on a global scale. Most people in the U.S. are so consumed with their own economic instability and uncertainty that have failed to notice the falling markets across the world and that the European governments have leaped on the bailout bandwagon in swelling the coffers of banks worldwide.

Apparently, we are told, the crises is so bad that the only way to save the economy is to help those who caused the problem in the first place. For the banks, it's a win-win situation. For the common people of the world, there seems to be little relief, which is what sparked the failure of the first U.S. bailout plan.

Other countries who have passed bank bailouts include France (360 billion Euros), Germany ($670 billion), Switzerland ($54 billion), Singapore ($102 billion), and South Korea ($100 billion).

This announcement for global summits and the worldwide bailouts have opened the eyes of many to the vastness of the economic recession beyond what is in their own backyard. It will undoubtedly anger many, who will begin to see global conspiracy and signs that there is no control.

Sources:

AP Video Press Release, "Bush to host world summit on financial crises", CNN.com

Kathleen Koch, "Bush to host world summit on financial crises", CNN.com

Sheryl Gay Stolberg, "Leaders Move Toward Meetings on Economic Crises", NYTimes.com