I guess we still know who the 'leader' of the Free World is.., even at the New York Slimes...
Bush to Host Global Summit on Economy, Aide Says
By THE NEW YORK TIMES
Published: October 18, 2008
WASHINGTON — President Bush has agreed to play host to a summit of world leaders soon to discuss the global response to the financial crisis, a senior White House official said today.
Mr. Bush was expected to announce his decision at Camp David, where he met on Saturday with French President Nicolas Sarkozy and European Commission President José Manual Barroso, who have been pressing for a high-level meeting of this kind to take place before the end of the year.
The White House official, speaking on the condition of anonymity in order to alert news organizations to the president’s expected announcement, said the meeting was intended to explore ideas to prevent any recurrence of the cascading financial failures that have forced the major economic powers to take costly, coordinated actions in the past several weeks.
At the summit, Mr. Bush hopes to get participation and ideas from both developed and developing nations, the official said.
No date for the meeting was set, as this and other details have not yet to be decided, the official said.
Mr. Sarkozy and Mr. Barroso contend that the financial crisis presents a good opportunity to tighten oversight and better coordinate the financial markets around the world.
Mr. Bush has expressed support for the actions European nations have taken in the wake of the economic meltdown. He has also indicated that he favors a meeting of the Group of Eight, along with countries like China and India.
On Friday, Mr. Sarkozy said: “Together we need to rebuild a capitalism that is more respectful to man, more respectful to the planet, more respectful to future generations and be finished with a capitalism obsessed by the frantic search for short-term profit.”
Prime Minister Gordon Brown, who engineered a British bank bailout, is proposing a system that would monitor the world’s 30 biggest financial institutions.
On Saturday, the United Nations secretary general, Ban-Ki-moon, said he supported the idea of a meeting on the financial crisis and offered to play host to such a gathering in New York in early December.
“We both agree that there is no time to lose, and therefore, I fully subscribe to your idea of convening such a forum in early December at the latest,” Mr. Ban said in a letter to Mr. Sarkozy, according to Agence France-Presse.
He added: “I strongly believe that holding the summit at the United Nations, the symbol of multilateralism, will lend universal legitimacy to this endeavor and demonstrate a collective will to face this serious global challenge.”
nytimes.com
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