The following quotes are from this article at Business spectator
In a surprisingly brief statement after a 3-1/2 hour meeting, the G7 stopped short of backing a British plan to guarantee lending between banks, something many on Wall Street saw as vital to end growing market panic.
Kenneth Rogoff, a Harvard University professor and former IMF chief economist, said the G7 would have been better served adopting some version of the British plan so that banks would feel confident enough to loosen their grip on lending.
"Saying that they'll take all steps necessary leaves hanging the question of whether they know what is best and necessary," he told Reuters
Makes you feel like they are deliberatly sitting on their hands.
Perhaps that was the idea all along.Mr Paulson said the US government would buy shares of financial institutions if necessary to halt market turmoil that has wiped out trillions of dollars of wealth.
Anyone who trusts this guy needs, or has already had, a labotomy!!Mr.Paulson stated
"Trust me, we're not wasting time, we're working around the clock,"