Word: summited
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...wouldn't know that, however, from Bush's tone in the run-up to the summit. In his weekly Saturday radio address, the text of which was released Friday, Bush cast himself in the role of defender of free-market capitalism, as if its very existence were on the table this weekend. "This is a decisive moment for the global economy," Bush said. "In the wake of the financial crisis, voices from the left and right are equating the free-enterprise system with greed, exploitation and failure ... But the crisis was not a failure of the free-market system...
...this be very clear: If I don't get concrete results, I'll take off," Sarkozy warned Saturday following a meeting of European Union heads to prepare a common position for the Nov. 15 summit. "I'll leave Washington and come home." (See Today in Pictures...
...pilots of France's presidential Airbus may want to keep their engines idling. For despite the enduring crisis and darkening recession, few participants or observers of the summit believe the gathering will accomplish anything beyond initiating a very long and still murky effort to address some of the factors that led to the rot and implosion of U.S. financial markets and its contamination abroad. "We are not hoping for much from the G-20 meeting," admitted Brazilian President Luiz Inácio Lula da Silva on Tuesday. "It is only the start, even if it is a promising...
...optimists, the mere fact that Sarkozy convinced regulation-wary U.S. President George W. Bush to host and attend such a summit was cause for hope. Just maybe, the thinking went, the severity of the crisis would force even American free-market fundamentalists to rethink their aversion to additional rules - especially to multilaterally binding measures enforced by international organizations. But since then, the lame-duck Bush Administration has signaled its opposition to any significant change to the current system of national regulations. And though President-elect Barack Obama's decision not to attend the event disappointed Sarkozy and other European leaders...
...common agreements to increase transparency of financial markets may be acceptable, Obama - like Bush - won't "allow large and vital sectors of America's economy that thrive on innovation to be fenced in" by international accords. And while he thinks Sarkozy's efforts to raise expectations about what the summit can achieve are misguided, Miller does see a logic to meeting to discuss the crisis...