Warning “our entire economy is in danger,” US President George W. Bush called unprecedented crisis talks yesterday with White House rivals Republican Senator John McCain and Democratic Senator Barack Obama and congressional leaders.
Bush announced the summit in a prime-time televised speech on Wednesday seeking public support for his US$700 billion Wall Street rescue plan and to pile pressure on angry lawmakers who declared the shock proposal dead on arrival.
“We’re in the midst of a serious financial crisis,” Bush said in his 13-minute speech at the White House.
“Without immediate action by Congress, America could slip into a financial panic,” the vastly unpopular president said. “Ultimately, our country could experience a long and painful recession.”
Bush said inaction could wipe out banks, threaten retirement nest eggs, send home values into freefall, foreclosures skyrocketing and create millions of new jobless.
“We must not let this happen,” urged the president, who said a rare “spirit of cooperation” in Washington in the face of the crisis had led him to invite McCain, Obama and top House and Senate leaders of both parties to the White House.
Bush had invited Obama in a personal telephone call 90 minutes before his speech, the White House said. The Democrat’s chief spokesman, Bill Burton, confirmed in a statement that the Illinois senator would attend.
“We will discuss the progress we have made to improve the administration’s deeply flawed plan to address this unprecedented crisis,” Democratic Senate Majority Leader Harry Reid said in a statement.
“As I have said throughout, tomorrow’s meeting and future deliberations must be focused on solutions, not photo ops,” Reid said, after other Democrats mocked McCain’s decision to suspend his campaign over the crisis as a gimmick.
Opinion polls show the US public is angry at Wall Street but deeply divided about a remedy, with many ready to blame Bush and his Republican party — which itself has fissured over the plan amid fierce objections from conservatives.
They have expressed dismay over the massive government involvement in the economy, while Bush’s Democratic foes have pushed for government oversight and stronger consumer protections. Both sides have balked at the price tag.
Speaking to his angry allies, Bush said: “I faced a choice, to step in with dramatic government action or to stand back and allow the irresponsible actions of some to undermine the financial security of all.”
Addressing suspicious Democrats, he promised that reckless executives would not reap a “windfall” from taxpayer funds.
He also said he recognized the package would “present a tough vote,” saying “it is difficult to pass a bill that commits so much of the taxpayers’ hard-earned money.”
People can preregister to receive their NT$10,000 (US$325) cash distributed from the central government on Nov. 5 after President William Lai (賴清德) yesterday signed the Special Budget for Strengthening Economic, Social and National Security Resilience, the Executive Yuan told a news conference last night. The special budget, passed by the Legislative Yuan on Friday last week with a cash handout budget of NT$236 billion, was officially submitted to the Executive Yuan and the Presidential Office yesterday afternoon. People can register through the official Web site at https://10000.gov.tw to have the funds deposited into their bank accounts, withdraw the funds at automated teller
PEACE AND STABILITY: Maintaining the cross-strait ‘status quo’ has long been the government’s position, the Ministry of Foreign Affairs said Taiwan is committed to maintaining the cross-strait “status quo” and seeks no escalation of tensions, the Ministry of Foreign Affairs (MOFA) said yesterday, rebutting a Time magazine opinion piece that described President William Lai (賴清德) as a “reckless leader.” The article, titled “The US Must Beware of Taiwan’s Reckless Leader,” was written by Lyle Goldstein, director of the Asia Program at the Washington-based Defense Priorities think tank. Goldstein wrote that Taiwan is “the world’s most dangerous flashpoint” amid ongoing conflicts in the Middle East and Russia’s invasion of Ukraine. He said that the situation in the Taiwan Strait has become less stable
REASSURANCE: The US said Taiwan’s interests would not be harmed during the talk and that it remains steadfast in its support for the nation, the foreign minister said US President Donald Trump on Friday said he would bring up Taiwan with Chinese President Xi Jinping (習近平) during a meeting on the sidelines of the APEC Summit in South Korea this week. “I will be talking about Taiwan [with Xi],” Trump told reporters before he departed for his trip to Asia, adding that he had “a lot of respect for Taiwan.” “We have a lot to talk about with President Xi, and he has a lot to talk about with us. I think we’ll have a good meeting,” Trump said. Taiwan has long been a contentious issue between the US and China.
FRESH LOOK: A committee would gather expert and public input on the themes and visual motifs that would appear on the notes, the central bank governor said The central bank has launched a comprehensive redesign of New Taiwan dollar banknotes to enhance anti-counterfeiting measures, improve accessibility and align the bills with global sustainability standards, Governor Yang Chin-long (楊金龍) told a meeting of the legislature’s Finance Committee yesterday. The overhaul would affect all five denominations — NT$100, NT$200, NT$500, NT$1,000 and NT$2,000 notes — but not coins, Yang said. It would be the first major update to the banknotes in 24 years, as the current series, introduced in 2001, has remained in circulation amid rapid advances in printing technology and security standards. “Updating the notes is essential to safeguard the integrity
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