As Credit Crisis Spreads, Global Approach Weighed
By Mark Lander and Edmund L. Andrews, New York Times, 9 October 2008
The British and American plans, though far from identical, have two common elements according to officials: injection of government money into banks in return for ownership stakes and guarantees of repayment for various types of loans.
Both remedies will be center stage on Saturday, when President Bush meets with finance ministers from the world’s richest countries at an unusual White House meeting to swap ideas.
Mr. Bush’s invitation to finance ministers from Britain, Italy, Germany, France, Canada and Japan came on a day of phone calls and letters between European leaders and with Washington.
Shouldn’t they scurry like cockroaches to China and beg forgiveness?