The United States President George Bush recently announced his intention to hold a world summit involving leaders from all around the world in order to discuss the global financial crisis in the near future. What he did say however is that any financial reform should absolutely not come at the expense of free enterprise or democratic capitalism.
According to Bush, “As we make the regulatory institutional changes necessary to avoid a repeat of this crisis, it is essential that we preserve the foundations of democratic capitalism — commitment to free markets, free enterprise and free trade”
Bush made this announcement along with Nicolas Sarkozy, the French President, and Jose Manual Barroso, the European Commission President while visiting Camp David. He also noted that it is absolutely essential that the world’s leaders all come together and work together for the sake of the economy. This proposed Bush summit is going to focus on ideas that will prevent additional financial sector meltdowns like the credit crisis that we are currently experiencing.
Sarkozy has already called for what is believed to be a rather ambitious overhaul of the global financial system, along with other leaders in the European Union. The United States has signaled that no new policy proposals will result from the meeting at Camp David.
World leaders have already been meeting in North America and Europe as well, having already had several meetings over the past month or so in order to address the credit freeze. Numerous government entities including the United States government have passed massive bailout packages worth billions of dollars in order to rescue financial and banking sectors and institutions in order to undo the damage from the credit crisis. The stock market, for example, has plunged several times since Mid September.
In the United States, the market continues to remain volatile. The New York Dow Jones industrial average has lost 127.04 points recently, closing at only 8852.22. The Nasdaq on the other hand was down a total of 6.42 points and closed on Friday at 1,711.29.
During his weekly radio address to the world on Saturday, President Bush stated that he does expect that the country’s economy will be able to bounce back. He said, “The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people,” and noted that “These actions will take more time to have their full impact. But they are big enough and bold enough to work.”
On Friday, President Bush made a point to praise the recent efforts of the European Union to stop the economic bleeding that has been occurring. Several different European governments have announced their willingness to infuse money from the public into the banking systems in order to keep things from getting worse from this point forward.
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