Already the lines have been drawn.
George W. Bush:
Nicholas Sarkozy: After presiding over some of the most dramatic market interventions in U.S. history over the past two months, President Bush came to Wall Street on Thursday to urge world leaders not to venture too far down a path of government interference in capitalist economies. Speaking to a conservative audience at historic Federal Hall, Bush sharply criticized proposals for aggressive regulation and control over financial markets while simultaneously defending his administration's broad efforts to support the credit and housing sectors over the past two months.
European policy makers are hoping to extend financial regulation to more players, from rating agencies to hedge funds. They also want to introduce more transparency into the so-called shadow banking system that has grown up outside the regulatory system, so that balance-sheet black holes at major banks are spotted sooner, rather than later. And they want to give the International Monetary Fund more money and more power as a global financial watchdog, even if might lead to diminishing the clout of Europe and the United States within the IMF to make room for China, India and other big developing nations.Oh-là. Préparez vos mouchoirs. Will Steve be dumping George?
