Troops allowed three more years
Issue date: 11/17/08 Section: News
Emergency economic summit brings promises of action, cooperation, leaves details for later
3WASHINGTON (AP) - President George W. Bush underscored how dire the economic crisis has become when he told world leaders that he had agreed to a $700 billion rescue plan for financial institutions only after he'd learned the U.S. was at risk of sinking into a "depression greater than the Great Depression."
Leaders from 21 nations and four international organizations gathered in Washington for an emergency summit aimed at combating an economic meltdown that started in U.S. credit markets and rapidly spread around the globe.
Summit participants vowed Saturday to cooperate more closely, keep a sharper eye out for red-flag problems and give bigger roles to fast-rising nations. But they avoided many of the hardest details, leaving them to be worked out before their next summit, after Bush is gone and President-elect Barack Obama is in the White House.
At the conclusion of the talks that took place over two days, they released a joint communique that was modest in scope but high in hopes.
Perhaps as important as the modest concrete steps they took, the leaders of the planet's richest nations - and some of the fastest-developing - made clear their recognition of the world's increasingly interconnected financial architecture and the responsibilities that go along with it.
Wildfires across Los Angeles area take residents by surprise before destroying their homes
4LOS ANGELES (AP) - Southern Californians endured a third day of destruction Saturday as wind-blasted wildfires torched hundreds of mobile homes and mansions, forced tens of thousands of people to flee and shut down major freeways.
No deaths were reported, but the Los Angeles police chief said he feared authorities might find bodies among the 500 burned dwellings in a devastated mobile home park that housed many senior citizens.
"We have almost total devastation here in the mobile park," Fire Capt. Steve Ruda said. "I can't even read the street names because the street signs are melting."
3WASHINGTON (AP) - President George W. Bush underscored how dire the economic crisis has become when he told world leaders that he had agreed to a $700 billion rescue plan for financial institutions only after he'd learned the U.S. was at risk of sinking into a "depression greater than the Great Depression."
Leaders from 21 nations and four international organizations gathered in Washington for an emergency summit aimed at combating an economic meltdown that started in U.S. credit markets and rapidly spread around the globe.
Summit participants vowed Saturday to cooperate more closely, keep a sharper eye out for red-flag problems and give bigger roles to fast-rising nations. But they avoided many of the hardest details, leaving them to be worked out before their next summit, after Bush is gone and President-elect Barack Obama is in the White House.
At the conclusion of the talks that took place over two days, they released a joint communique that was modest in scope but high in hopes.
Perhaps as important as the modest concrete steps they took, the leaders of the planet's richest nations - and some of the fastest-developing - made clear their recognition of the world's increasingly interconnected financial architecture and the responsibilities that go along with it.
Wildfires across Los Angeles area take residents by surprise before destroying their homes
4LOS ANGELES (AP) - Southern Californians endured a third day of destruction Saturday as wind-blasted wildfires torched hundreds of mobile homes and mansions, forced tens of thousands of people to flee and shut down major freeways.
No deaths were reported, but the Los Angeles police chief said he feared authorities might find bodies among the 500 burned dwellings in a devastated mobile home park that housed many senior citizens.
"We have almost total devastation here in the mobile park," Fire Capt. Steve Ruda said. "I can't even read the street names because the street signs are melting."
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