America's Financial Crisis and the Global Economy
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As the Senate prepares to vote tonight on the Wall Street rescue, leaders in Europe are saying the United States must show "statesmanship" for "the good of the world." With financial system facing a loss of confidence, is the rest of the world losing confidence in the United States? Also, the NATO commander in Afghanistan calls for more troops "as quickly as possible," and immigrants will be getting a different kind of test starting today. Will it be harder to qualify for American citizenship than it was yesterday?
Banner image: A man walks past a share prices board in front of a securities office in Tokyo on September 30. Japanese share prices plummeted almost five percent in early trade after US lawmakers rejected a massive financial bailout plan. Photo: Kazuhiro Nogi/AFP/Getty Images
Making News
Commander in Afghanistan Calls for More Troops Quickly ()
The head of NATO forces in Afghanistan told reporters today at the Pentagon he needs more troops and other assistance "as quickly as possible." Violence is up by 30 percent compared to last year, and General David McKiernan says things could get worse before they get better. Nancy Youssef was Baghdad Bureau Chief for the McClatchy newspapers. She's now Chief Pentagon Correspondent.
Guests:
- Nancy Youssef: Pentagon Correspondent, McClatchy News Service
Main Topic
The Global Consequences of America's Financial Crisis ()
The Wall Street rescue failed in the House. Now the Senate will take up a similar bill tonight, with support from John McCain, Barack Obama and Joe Biden. Some advocates are saying the pros and cons of specific provisions are not what matters. The real issue is restoration of confidence in the financial system. Meantime, banks are in trouble in Britain, France, Belgium, the Netherlands—Ireland and Iceland, and leaders are saying the US has a special responsibility to act and act now. Would foreign banks get part of the bailout money? What about countries which buy American debt, including Russia and China? Is America's financial leadership what's really at stake?
Guests:
- Gail Russell Chaddock: Congressional Reporter, Christian Science Monitor
- Anil Kashyap: Professor of Economics and Finance, University of Chicago
- John Authers: Investment Editor, Financial Times
- Brad Setser: Fellow for Geoeconomics, Council on Foreign Relations
- Simon Johnson: former Chief Economist, International Monetary Fund
Links:
- John Gray's (Observer) article on America's fall from power
- Head of IMF urges greater regulation of financial sector
- Chaddock's article on failure of the bailout bill
- Kashyap's (New York Times) op-ed on the bailout
- Authers' article on the credit crisis
- Setser's blog on sovereign wealth funds
- Johnson's paper on the global financial crisis
Reporter's Notebook
New Citizenship Test Launched Today ()
Today's the day that a new citizenship test goes into effect. Instead of rote memory of facts about the United States, it emphasizes concepts and values. There's been a lot of advance notice, but many immigrants are worried that it's going to be harder. Alfonso Aguilar is Chief of the Office of Citizenship at the US Citizenship and Immigration Service.
Guests:
- Alfonso Aguilar: Chief of the Office of Citizenship, US Citizenship and Immigration Services
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