The Bush administration has embarked on an unprecedented program of direct government investment in banks through stock purchases - effectively partially nationalizing America's banking system. Governments in Europe and elsewhere have taken similar steps in recent weeks.

Treasury Secretary Paulson also spoke of his intention to boos

Last month, the U.S. Congress approved a $700,000,000,000 rescue package to save financial firms hit hard by a rash of home foreclosures. The goal was to unfreeze tight credit and lessen the severity of an economic downturn that has spread across the globe.

At the time, the U.S. Treasury said a significant portion of the funds would be used to purchase so-calle

European nations and the United States are also considering further measures to boost flagging demand. What is called the Group of 20 Summit includes Western European countries, North America, Japan as well as Brazil, Argentina, China, India, Russia, South Africa and others. Altogether the 20 nations account for 70% of global economic output.

Mike Mussa,

Charles Dallara, who heads an association of global financial institutions, says it is extraordinary that leaders have agreed to meet on such short notice. He says the Washington summit symbolizes the seriousness with which leaders view the financial crisis.

"The first thing we would hope to come out of

It is traditional for the incoming president and first lady to visit the White House after Election Day. Usually they wait a few weeks. But this time the meeting between the current president and the president-elect was arranged in a matter of days.

That is in part because this is the first transition in 4 decades to occur at a time when the United States is at war.

President-elect Obama says his administration will start working to restore the U.S. economy from his first day in office. In the weekly Democratic Party radio address, Mr. Obama called on Congress to approve an economic stimulus package as soon as possible. He also laid out his prioriti

Bernanke said quick action is required to stabilize financial markets and combat the threat of economic slowdown. He said markets wildly gyrated last week and dire consequences loomed as the government scrambled to come up with a plan to

Morrell points out that some of the dozens of similar agreements the United States has with countries around the world do allow for local prosecution of U.S. troops in some circumstances.

But the chairman of the Senate Armed(miss) Services(miss) Committee, Democrat Carl Levin, said Wednesday he is "skeptical" (听成skipped) of an （未听清）agreement that wo

Pentagon (new words) Press（miss）Secretary Geoff Morrell says negotiators have reached a（听成the）draft accord,（听成the court) which senior officials in both countries are now evaluating.

"This is, as I （听成a）mentioned, not yet a （听成than）final document. There is

"I know what fear feels like. It's a thief in(听成at) the night who robs your strength.（听成brought the strain） I know what hopelessness （miss）feels like. It's an enemy who defeats （an enemy连读，听成minamin。。。）your will. I felt those things once before. I will never let them in again. I'm an American and I choose to fight!"

McCain