LIMA, Peru, Nov. 23, 2008
APEC: 18 More Months Of Finance Crisis
Pacific Rim Economic Leaders Say Economies Can Be Stabilized, Strengthened By Mid-2010
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U.S. President George W. Bush shakes hands with Vietnam's President Nguyen Minh Triet at the start of the second retreat of leaders at the 16th summit of the Asian Pacific Economic Cooperation (APEC) in Lima, Nov. 23, 2008. (AP Photo/Roberto Candia)
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Timeline Financial Meltdown Track major events that lead to one of the most tumultuous times in Wall Street's history.
"We are convinced that we can overcome this crisis in a period of eighteen months," the 21 leaders said in the statement. "We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth."
The words of confidence were added early Sunday to a joint declaration that the leaders of the Asia-Pacific Economic Cooperation forum originally issued on Saturday. One delegate, who spoke only on condition of anonymity, said the changes were made at the request of the summit's host, Peruvian President Alan Garcia.
The leaders also added language saying they were sending their ministers to Geneva next month to jumpstart the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis injected new urgency into the negotiations.
The 21 members, who represent more than half the world's economy, are struggling to restore confidence in the world's ailing financial system by declaring their opposition to new trade barriers.
The summit endorsed a blueprint worked out at a summit of top economies in Washington, but stopped short of major new proposals to ward off a punishing global recession.
A broad 12-point declaration was expected at the end of the summit Sunday. A preliminary draft provided by two delegations sad the nations were deeply concerned about instability in food prices, were committed to battling piracy, and supported "decisive and effective long-term cooperation" to combat climate change.
While such summits have in the past focused on a grab bag of issues, this year's meeting in the Peruvian capital has been dominated by the world's economic meltdown. A credit crunch in the United States has roiled global markets and dragged part of the world into recession.
(AP/M. Klimentyev, RIA Novosti)
On Saturday, APEC nations - including those not represented at the Washington summit - endorsed the conclusions of that meeting. Those included a pledge to resist domestic pressures to protect industries, while ensuring that small and medium-sized companies have enough credit to stay afloat.
The leaders called for greater APEC participation in the International Monetary Fund and other multilateral lenders. Japan said last week it was ready to lend up to $100 billion to the IMF, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves.
The summit was expected to be the final foreign trip for George W. Bush as U.S. president. President-elect Barack Obama takes office Jan. 20, and delegates in Lima said there was little incentive to propose more concrete action without his presence. Obama did not send representatives to Lima.
Even people who work for President Bush acknowledged that tough issues such as a stalled U.S.-South Korea free-trade agreement would likely have to wait.
"I think the very understandable concern of these foreign governments is, will the new administration do some sort of policy review," said Dennis Wilder, senior director for Asian affairs at the National Security Council.
(Kyodo via AP Images)
Obama has said one area he wants to review is the U.S. free-trade agreement with Canada and Mexico, but in Lima the leaders of those two countries telegraphed their resistance to that idea.
Mexican President Felipe Calderon said any attempt to renegotiate the 15-year-old pact would create "not more markets and more trade, but fewer markets and less trade." Canadian Prime Minister Stephen Harper hailed NAFTA as a great success.
By Associated Press Writer Joseph Coleman
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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- And still this Administration, and the whole Republican party, are not in jail, never mind lined up along the wall for treason.
Just a big "Oops" people, nothing to see here. (As they steal trillions upon trillions of $$$$$$$$!!!!!!)
The American sheeple are such cowards. Not one of us are standing up to these criminals. - Reply to this comment
- 18 months is the standard number politicians throw out when they have no idea what they''re doing. Using months instead of years lends an air of precision, to reassure the masses that they''re in the good hands of "experts".
- Reply to this comment
- This sounds juts a little like... dare we say it,
"Mission Accomplished"
18 months from now we''ll be reading how the flow of time was altered by a natural market correction and that, in fact, that same 18 months actually menat 18 years. - Reply to this comment
- I promise!
Posted by MikeTotten1 at 10:38 PM : Nov 23, 2008
Did you hear? Prosperity is JUST AROUND THE CORNER! - Reply to this comment
- I''''d have thought that came from a Drooling Reich Wingnut Dullard had you not corrected me.....LMMFAO
Posted by singinrich at 09:57 PM : Nov 23, 2008
Sounds like it''s time for your meds. - Reply to this comment
- Do you have a Clue to the fact that BOTH PARTIES are under Control of the same Criminal Ruling Elite???....
Posted by singinrich at 08:55 PM : Nov 23, 2008
That''s what I''ve been posting FOR YEARS.
Figures you never noticed. - Reply to this comment
- "Bilderburger Bill" only signed it into Law.
Posted by singinrich at 08:45 PM : Nov 23, 2008
Okaaaaaay - but, he DID SIGN IT, didn''t he?
That''s like saying your neighbor planned for weeks to beat the old lady with a stick, you were only the one who finally picked up the stick and beat her.
DO DEMOCRATS HAVE ANY CLUE WHATSOEVER HOW THE WHOLE CONCEPT OF RESPONSIBLIITY WORKS?????? - Reply to this comment
- Mexican President Felipe Calderon said any attempt to renegotiate the 15-year-old pact would create "not more markets and more trade, but fewer markets and less trade."
=================================
Let''s see, 15 years ago was ... 1993.
WHO was President in 1993?
Just as I thought... - Reply to this comment
- Mexican President Felipe Calderon said any attempt to renegotiate the 15-year-old pact would create "not more markets and more trade, but fewer markets and less trade."
============================
Trade? TRADE? We don''t need no STINKING TRADE!!
Especially not with YOU!
Take your sweatshops and HIT THE ROAD, JACK!
And DON''T YOU COME BACK NO MORE, NO MORE, NO MORE, NO MORE. - Reply to this comment
- Prosperity is just around the corner.
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Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner. - Reply to this comment
- Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner. - Reply to this comment
- Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner. - Reply to this comment
- Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner.
Prosperity is just around the corner. - Reply to this comment
- HAHAAAAAAHAAAA
LMAO!!!!!!!!
WHO TOLD YOU THAT? BUSH?
HAAAAAHAAAAA
LMAO!!!!! - Reply to this comment
- Even when standing next to goofy lookin'' people, George still look more and more like an idiot.
Can''t wait for he new guy to take office. - Reply to this comment
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