Bush: Intervention not a ‘cure-all’ for crisis

[amoeba]

What a bunch of garbage, I'm more than ever convinced that Bush is a complete fool, and doesn't understand the first thing on any of these subjects. "central clearinghouse", "fresh look", "bolstering....rules", etc... none of this means anything. give me a break.

 

[Silverbird]

......Bush called for reforming the global economy to strengthen it long-term and said leaders at this weekend's meeting would "discuss specific actions we can take."



Among the possible agreements, Bush listed:

• Bolstering accounting rules for stocks, bonds and other investments so investors have a clearer sense of the true value of what they buy.
• Requiring "credit default swaps" — a type of corporate debt insurance — to be processed through a central clearinghouse. That would help provide crucial information on the parties involved in these complex, unregulated products. Prices for this insurance soared in the aftermath of the Lehman Brothers' bankruptcy and imperiled American International Group, a major insurer of this kind of corporate debt.
• Taking a fresh look at rules aimed at preventing fraud and manipulation in trading of stocks and other securities.
• Better coordinating financial regulations among countries.
• Giving a wider variety of countries voting power at the International Monetary Fund and the World Bank.

Notably absent from his speech was any talk about what the U.S. might do to bail out the troubled auto industry or the debate over a second U.S. stimulus package.

"The crisis was not a failure of the free market system," Bush said. "And the answer is not to try to reinvent that system.".....

http://www.msnbc.msn.com/id/27698354/
[Where have you been, Boss? NOW you want to look into reforms and regulations????]:notrust: