Fallout: The Financial Crisis

Bush tells UN to stand against terrorism

Bob Moon Sep 23, 2008
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Fallout: The Financial Crisis

Bush tells UN to stand against terrorism

Bob Moon Sep 23, 2008
HTML EMBED:
COPY

TEXT OF STORY

Scott Jagow: I saw this great editorial cartoon this morning. President Bush is standing in a pile of rubble shouting into a bullhorn, “People of Galveston!” And then his aide taps him on the shoulder and says, “Uh, sir, this is Wall Street.” That about sums up where we are — amid the rubble of a financial disaster.

Today, President Bush travels to the United Nations to give his final UN speech. He’ll be just four miles from ground zero, but Wall Street is unlikely to get much sympathy from other countries. Here’s Bob Moon.


Bob Moon: There’s no sign that other major global powers will draw up their own financial rescue packages, despite the Bush administration’s plea that they pitch in. President Bush may be more likely to receive a lecture than an offer to pony up when his French counterpart follows him on the General Assembly podium today. It was almost a year ago that Nicolas Sarkozy challenged U.S. lawmakers to do something about financial excess, as he addressed Congress through an interpreter.

Tape of Nicolas Sarkozy: Those who love this nation, which more than any other has demonstrated the virtues of free enterprise, expect her to commit fully to the establishment of the necessary rules and safeguards.

And British Prime Minister Gordon Brown is already sounding more interested in cracking down on financial excess than joining in a global bailout. Brown spoke to the BBC.

Tape of Gordon Brown: I think what people haven’t appreciated is we’ve now got global financial systems but we’ve only got national regulators to cover them.

Brown is vowing to renew his push for cross-border banking regulation when he addresses the UN Thursday.

I’m Bob Moon for Marketplace.

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