Global crisis: Sarkozy and Merkel prepared an EU plan

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COLOMBEY-LES-DEUX-EGLISES, France - French President Nicolas Sarkozy and German Chancellor Angela Merkel paved the way on Saturday for European measures to tackle the global financial crisis but revealed little about their plans.

Sarkozy, whose country holds the rotating six-month presidency of the European Union, has called an emergency meeting on Sunday of the 15 countries that have the euro as their currency, with a view to taking steps to stop the rot.

"We have prepared a certain number of decisions that we will submit to our partners in the presence of the president of the European Commission and the governor of the (European) central bank. You understand that it is not appropriate for us to talk about it," Sarkozy told a joint news conference with Merkel… By Francois Murphy, Reuters (France)
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Multicultural Blogs - update

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transatlantic daily NEWS "International Stuff" [introduction]

Obama-McCain Debate ▪ Rescue Haggling ▪ Palin’s Persuasion ▪ Munich’s Wies’n

Science (Oxford) vs. Religion ▪ MBA Tour ▪ Edward Norton ▪ Bought Degree

Bailout Plan ▪ Apostasy ▪ Palin - Couric ▪ Americanism ▪ Paul Newman

Failure: Wall Street Bailout ▪ Putin ~ Russia ▪ Big Business Influence

Cape Town’s Hermanus Bay ▪ US Bailout Plan ▪ European Crisis Affect

SPECIAL: South African Spring Weekend ▪ Family & Friends

German-Russian Forum (Merkel-Medvedev) ▪ Palin-Biden TV Debate ▪ Fossett
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US Finance Crisis: Modified Bailout Plan \ Apostasy

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WASHINGTON - The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

The 110-page bill, intended to ease a growing credit crisis, came after a frenzied week of political twists and turns that culminated in an agreement between the Bush administration and Congress early Sunday morning. […]

The bill calls for disbursing the money in parts, starting with $250 billion followed by $100 billion at the discretion of the president. The Treasury can request the remaining $350 billion at any time, and Congress must act to deny it if it disapproves... The New York Times

While many Republican lawmakers seek to distance themselves from the plan, or disown it altogether, White House officials hope the heated opposition gradually will cool if the plan works.

Many frustrated conservatives see Bush's rescue plan, on top of his decision to invade Iraq, as cementing his legacy as a big-government conservative. To others, it marks his apostasy from conservative orthodoxy… The Wall Street Journal

Wall Street Bailout Failed

The spirit of bipartisan US congressional cooperation that brought the Wall Street bailout bill to the vote has fallen apart in a rancorous slanging match, amid talk of a "poisoned" debate. […] The New York Stock Exchange suffered its worst ever single-day points drop as news broke of the failed bailout bill. Telegraph UK

Multicultural Blogs - update

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transatlantic daily NEWS "International Stuff" [introduction]

US Financial Crisis ▪ R. Dawkins & J. C. Venter ▪ DC’s Westend Bistro

Munich’s Oktoberfest Gaudi ▪ Daniel C. Dennett ▪ ESMT Event (Washington)

Cologne Protest ▪ Weltschmerz ▪ Wies’n Fun ▪ Holistic Science ▪ ESMT-USW

Emmy Awards ▪ Holistic Science ▪ Islam Conference ▪ Musicianship

Emmy Awards: Fashion ▪ Holism & Utilitarianism ▪ Israel: Tzipi Livni

Jolie-Pitt (Berlin) ▪ Emmy Fashion ▪ Mortgage Crisis ▪ Hijacking ▪ Iran

Rescue Plans ▪ Tougher Regulation ▪ Iran (UN) ▪ Russia ▪ Georgia

Spur Failure (White House) ▪ Gamesmanship ▪ Church & Witches ▪ Fraudulence
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Obama and McCain: No Financial Bailout Deal

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The presidential campaign swept loudly into Washington on September 25 as Barack Obama and John McCain met with President Bush and congressional leaders at the White House to discuss a massive bailout of the nation's ailing financial markets.

The candidates' much-ballyhooed return from the trail, however, appeared to produce more theater than lawmaking. … Los Angeles Times

Supplement

German Finance Minister Peer Steinbrueck’s speech on global financial markets at the Bundestag (prior to the White House meeting).
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Multicultural Blogs - update

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transatlantic daily NEWS "International Stuff" [introduction]

EU Negotiations: Russia, Ukraine, Georgia ▪ Fashion Week ▪ AMA: Managing

Oil Agency Scandal ▪ Lipstick Attacks ▪ 9/11 Ceremonies ▪ Poe & Penn

US Homeowners’ Absorption ▪ 9/11 Commemoration ▪ US and NATO Politics

Texas: Hurricane Ike ▪ Ukraine: Film ▪ Lehman Brothers ▪ Sarah Palin

Obama’s Race ▪ Galveston Bay, Texas: Damages after Ike ▪ Award Winning Film

US Change ▪ K. Johnson ▪ Capra’s Leonardo ▪ R. Steiner ▪ Goetheanum ▪ Shanghai

The Science of Leonardo: Inside the Mind of the Great Genius of the Renaissance

US & Global Financial Crisis ▪ NY Style ▪ Sculpture ▪ Philosophy
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Wall Street’s NYSE: Investment Bank Stocks Plunged

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NEW YORK, Sept. 15, 2008 - Shares of investment banks tumbled Monday morning as Lehman Brothers Holdings Inc. filed for bankruptcy and Merrill Lynch & Co. brokered a sale to Bank of America Corp.
Lehman Brothers stock was virtually wiped out at the opening bell after the storied investment bank, wracked by the credit crisis and mortgage-backed investments, filed for Chapter 11 bankruptcy protection.

Its shares gave up $3.40, or 93 percent, to 25 cents in morning trading. The stock was trading at a 52-week high of $68.44 in November.

Shares of Merrill were the one bright spot. Under terms of its sale, Bank of America would exchange 0.8595 shares of its common stock for each Merrill Lynch common share. Merrill shares soared $4.86, or 28.5 percent, to $21.90. … Forbes.com

Supplementary: McCain, Obama Confront the Market.
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