Bush summons Obama, McCain for crisis economy talks

Washington: September 25, 2008 - Warning “our entire economy is in danger,” US President George W. Bush called unprecedented emergency talks for Thursday with the two men vying to succeed him, John McCain and Barack Obama.

Bush announced his summit with the presidential candidates and top congressional leaders in a prime-time televised speech Wednesday seeking public support for his 700-billion-dollar Wall Street rescue plan.

“We’re in the midst of a serious financial crisis,” Bush said in his 13-minute speech from the White House, after angry legislators on Capitol Hill declared the shock proposal dead on arrival.

“Without immediate action by Congress , America could slip into a financial panic,” the president said. “Ultimately, our country could experience a long and painful recession.”

Six weeks before the November 4 elections, and four months before he hands the battered US economy to a new president, Bush said inaction could wipe out banks, empty retirement nest eggs, send home values into freefall, and create millions of new jobless.

“We must not let this happen,” he said.

Citing a rare “spirit of cooperation,” Bush said he was inviting McCain, Obama, and senior Democratic and Republican leaders from the House and Senate for a 4 pm (2000 GMT) meeting at the White House.

Bush invited Obama in a personal telephone call 90 minutes before his speech on Wednesday, the White House said. The Democrat’s chief spokesman, Bill Burton, confirmed in a statement that the Illinois senator would attend.

Obama has worked all week with senior lawmakers, Treasury Secretary Henry Paulson, and Federal Reserve chairman Ben Bernanke, Burton said.

“He will continue to work in a bipartisan spirit and do whatever is necessary to come up with a final solution,” the spokesman added.

“We will discuss the progress we have made to improve the administration’s deeply flawed plan to address this unprecedented crisis ,” Democratic Senate Majority Leader Harry Reid said.

“As I have said throughout, tomorrow’s meeting and future deliberations must be focused on solutions, not photo ops,” Reid said, after other Democrats mocked McCain’s decision to suspend his campaign over the crisis as a gimmick.

The Republican candidate announced he would return to Washington “until this crisis is resolved.”

But House Financial Services Committee chairman Barney Frank, who has worked closely with Paulson and Bernanke in negotiating the bailout, expressed concern that McCain — who suggested Thursday’s White House crisis talks — could be a distraction from attempts to secure a rescue package this week on Capitol Hill.

“We were making progress, and I hope the presidential politics that he is injecting don’t stop it,” Frank told Fox News.

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Dr. Raj Baldev, Cosmo Theorist

About Dr. Raj Baldev, Cosmo Theorist

Dr. Raj Baldev, Cosmo Theorist, Ph.D., D. Litt., D Sc. (H.C), Editor-in-Chief of International Reporter, Chairman Media International Ltd., Born on 15 January 1927 in Montgomery, now in Pakistan. Internationally known, man of letters with over dozen of books and thousands of articles to his credit on various subjects including theories on the Creation of the Universe, the Black Holes, Supernovas and other functions of the Universe, Nature and Life , which he described both ways, philosophically and scientifically. He further elaborated how the entire Cosmos were formed. He holds spiritual wisdom of predicting and curing powers of the human problems, so much so, he is popularly known as Destiny Repairer, hence people call him with respect as Swamy Ji. He got the privilege of leading various Parliamentary Delegations abroad on good will missions; he also got the privilege of being invited by differnt Heads of State on state visits. He is the Founder of God Believers (GBA) who place belief in “FAITH”, Universal Modern Religion. FAITH is not a religion but a human service, an encyclopedia of creating healthy balance between Science and God. The main purpose of this mission is to defend the Identity of God from Scientists on one hand and to help fight Global Environmental Abuses, to create awareness of high risks of Excessive Nuclear Stockpiles, global service to the Human Rights and Justice on the other. He is a very simple man, he commands special respect as a holy man with high spiritualism and people address him as His Holiness. He is equally dedicated to the cause of media and journalism where he has been serving the people through his writing for over 50 years; he has also served as Member of Press Council of India. His main aim is to serve the humanity and all kinds of life on the Earth, to serve the elders, women and children, the blind, crippled, lepers and the needy, he is committed to save the Mother Earth from the abuses caused by humans and the nature through the social mission of God Believers (GBA), which also serves the World Peace. In short, he is a global social reformer. Google