Bush to hold global finance summit

The lame duck quacks:

George Bush is expected to summon Gordon Brown and other European leaders to an emergency summit to discuss the economic crisis.

The prospect of a high-level global meeting came as the US central bank launched a new bid to unfreeze credit markets by effectively lending billions of dollars to US companies.

The Federal Reserve moved after lending in the commercial paper market - where companies raise money from the open money markets - all but ceased, raising a serious threat to many American businesses' operations.

"This facility should encourage investors to once again engage in term lending in the commercial paper market," the Fed said.

The Fed's move -- which puts billions of dollars of US taxpayers' money at risk -- was the latest sign of how desperate American leaders are to unblock the global financial system and avert a severe recession.

Mr Bush underlined that message personally on Tuesday in conversations with other world leaders.

The Prime Minister, Nicolas Sarkozy, the French President and Silvio Berlusconi, the Italian Prime Minister, spoke with the United States President by telephone.

Mr Bush urged his European counterparts to coordinate efforts to solve financial crisis spreading around the globe. All are expected to agree to attend a meeting if the details can be thrashed out.

If Bush can figure out some way to help soften the global economy's landing, it could rehabilitate his legacy a bit, long term. On the other hand, if he can't, and if the ultimate ramifications of this crisis are bad enough, he may go from simply being an epically unpopular present to becoming a Herbert Hoover figure in American history.

P.S. Honestly, I kind of feel bad for the guy. How does one president manage to preside over 9/11, Katrina, and this financial meltdown? Remarkable.