European leaders gathered in Brussels to plan the next stage of dealing with the future implications of the failed financial systems. What has been done has been done. Now is the time to move forward to set new structures and regulations to prevent a return to what happened.

….Speaking to reporters on Wednesday ahead of the EU summit in Brussels, Mr Brown made an impassioned plea for a global summit to reform the International Monetary Fund (IMF), to help regulate the world's financial systems.

Paulson has just finished the press conference announcing the outcome of the G7 meeting following its conclusion.

Earlier today Susie Dow provided us with a commentary on the latest reaction to the financial crisis by Nouriel Roubini, Professor of Economics at the NYU Stern School of Business. She summed it up with this quotation:

This weekend is the last chance to try and divert the crisis.

I posted a brief note last night about an announcement made in the UK before the markets opened about the measures that are being taken to support the economy.

More details have been made available in Parliament and I continue to be reasonably pleased about about what is being proposed. Nothing can be guaranteed in this situation but, because it is comprehensive and does not only tackle one or two elements, it has every chance to succeed.

The difference between here and the USA is that the government wants to support the banking system, not just buy bad assets.

Shut up!

Sorry, not you. I’m talking to my TV. I’m talking to all those financial pundits. I am tired of their drivel. Everyone I’m listening to is beginning to sound like Sarah Palin. How worse could it get?

Hey, did I tell you I escaped by the skin of my teeth losing $8,000 two weeks ago? Well, actually $6,800. I forgot how low the Pound has sunk against the Dollar. (You lot over there must be doing very well with the dollar so strong against our currency and the Euro. Oh, OK. It doesn’t work like that).

I want to go into in area that is dangerous for an overseas commentator to enter. Yet if I am truly to bring an overseas perspective, it is one that I cannot neglect. It is certainly one that neither presidential candidate can address as it would be political suicide to do so.

I have just watched on TV President Bush's statement on the White House lawn.

UK analysts were waiting for something specific to calm the markets.

There was nothing. Yes, he said there was recognition by everybody that urgent action would need to be taken and that a solution would be found. Beyond that, he offered nothing. Simply, just that discussions were continuing. As the Sky News talking head said, to find anything positive in it "was clutching at straws".

I find I am totally immersed in the news and rumours coming out of Washington but frustrated by the lack of detail. It is now 2.00 a.m. in the UK and time I powered down my computer. If you pick up any bits and pieces on the web, could you add them to this thread. so that we may have a first port of call in the morning?

originally posted 2008-09-24 02:28:50, bumped, conversation is good -- cho

Today, the activities of a US financial speculator have been revealed in the UK banking crisis

It would appear that I am becoming an increasingly isolated voice in urging that immediate, urgent action is taken to protect the financial systems that underpin the functioning of our societies.

I am listening to C-Span’s excellent Washington Journal. I always find it a fairly excruciating experience because so many of the comments that are ‘phoned in are based on prejudice and misunderstanding.

I have to check this reaction. These are the people and they are currently bewildered, angry and fearful about what is happening to their country. They need re-assurance but they also need information. They are getting neither in sufficient quantity nor in a way that truly communicates.