October 13, 2008
With world markets verging on panic, the G-7, the group of leading industrialized economies, met over the weekend to take drastic action to prop up the banking system.
The emergency meeting underscored the failure of the Bush/Paulson Wall Street bailout plan to stanch the financial bleeding, despite White House rhetoric and the support of key Democrats, including Barack Obama.
As news analyst Pepe Escobar notes, top economists have criticized the mechanics of the Bush/Paulson plan, which concentrates power on Treasury Secretary Henry Paulson and his former Goldman Sachs colleagues. There are also questions about how systemic issues contribute to the crisis, including the half-trillion-dollar U.S. budget deficit and U.S. military spending to support two wars.
- A d v e r t i s e m e n t
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