G20 Summit to Address Economic Crisis

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WASHINGTON - All eyes will be on Washington this weekend as President George W. Bush plays host to the G20.

Leaders from around the world will come to the nation's Capitol to discuss what to do about the economic crisis around the globe.

Bush: Don't Knock Capitalism

It is a capital city that's had to deal with economic bailouts and busts. Now The White House is getting set to go global.

G20 leaders come to town itching for change and while there will be no specific solutions coming out of these meetings, look for leaders to lay the foundation for economic change.

The President made his feelings known in a preview speech on Wall Street saying those who criticize American capitalism for the problem need to think again.

"The crisis was not a failure of the free market system," Bush insisted. "And the answer is not to try to reinvent that system. It is to fix the problems we face, make the reforms we need, and move forward with the free market principles that have delivered prosperity and hope to people around the world."

World Leaders Want More Global Regulation

That rhetoric won't be enough for some countries.

French President Nicolas Sarkozy and British Prime Minister Gordon Brown want much more government regulation.

China and Russia want to see financial institutions like the International Monetary Bank and the World Bank overhauled.

But Bush warns that too much government intervention has not worked in the past.

"We must recognize that government intervention is not a cure-all. For example, some blame the crisis on insufficient regulation of the American mortgage market. But many European countries had much more extensive regulations and still experienced problems almost identical to our own," Bush said.

This G20 summit is to be the first of a series of meetings between world leaders of the twenty biggest economies.

Of course, Bush won't be around for any further meetings. President-elect Barack Obama will take the lead in just two months and he's indicated more willingness for a bigger government role in economic intervention.

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CBN News
David Brody

David Brody

CBN News Sr. National Correspondent

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