Winnipeg Free Press

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C o m $ 36995 c Ash p Purchase p Rice $ 5,000 c Ash d delivery a allowance includes plus save 20 � per litre on 2,500 litres � freight and pre delivery inspection included top news Winnipeg free press Friday september 26, 2008 Winnipeg repress. Com a 3 o Ford miss. With the presidential Campaign in limbo and Wall Street on tenterhooks efforts by u. S. Lawmakers to Craft a $ 700 billion financial Rescue plan stalled thursday amid growing opposition to the bailout among conservative republicans. The setback sparked a wave of partisan fingerprinting among frustrated members of Congress just hours after Senate leaders from both parties announced they had reached Broad agreement on the principles of a bailout. I can Tell you i dont believe we have an agreement said Alabama senator Richard Shelby the ranking Republican on the Senate banking committee. Theress still a lot of different opinions. Mine is its flawed from the beginning. The remarks came after an unprecedented White House meeting including president George w. Bush Republican presidential candidate John Mccain democratic candidate Barack Obama and leaders of Congress from both parties. The meeting ended with democrats complaining it had been a waste of time and seemed aimed More at bolstering Mccain who had urged Bush to Convene the gathering than making Progress on a Deal. Ism sorry we lost two or three hours on what was just a showdown at the White House said democratic senator Chris Dodd of Connecticut chairman of the Senate banking committee. I cant quite understand what was going on Down there except political theatre. I did not need to be in the White House basically to have a photo Opportunity for John Mccain. Mccain who announced wednesday he would suspend his Campaign to join negotiations rankled at the democratic criticism. Ive got to do what i think is right for the country. And if that hurts me politically ill gladly take the hit he said. Weary congressional negotiators worked into the night in an Effort to revive or rework the $ 700 billion proposal that Bush said must be quickly approved by Congress to stave off potentially a Long and deep recession. They gave up after 9 p. M. Cd More than an hour after the Lone House Republican involved rep. Spencer Bachus of Alabama left the room. Democrats blamed the House republicans for the apparent stalemate. Those conservatives have complained that the plan would be too costly for taxpayers and would be an unacceptable Federal intrusion into private business. Talks were to resume Friday morning on the Effort to bail out failing financial institutions and restart the flow of credit that has begun to starve the National Economy. Late thursday Mccaints Campaign issued a statement saying the plan that has been put Forth by the administration does not enjoy the Confidence of the american people As it will not protect the taxpayers and will sacrifice main Street in favour of Wall Street. Speaking to reporters after the White House meeting Obama said he would stay in Washington overnight but urged Mccain to join him Friday night in Oxford miss., for their first scheduled presidential debate. Mccain has said he would not attend the debate unless a Deal on the financial crisis was reached. What i have found and i think it was confirmed today is that when you inject presidential politics into delicate negotiations it is not necessarily As helpful As it needs to be Obama said. Theress the potential for posturing and suspicions. Mccain told Abc news he remained very hopeful a Deal could be reached and that he would then attend the debate. Can West news Washington correspondent with files from a Montreal the Canadian Economy May get shaken by turmoil gripping the United states but the stronger financial system Here May prove to be a global advantage the country is top Central banker said thursday. Bank of Canada governor Mark Carney said Loans by Canadian Banks have remained surprisingly robust while foreign Banks have been forced to restrict their leverage. Canadian Banks could modestly increase leverage by growing their lending relative to their current capital base and this flexibility gives our Economy a rare advantage Carney said in an afternoon speech. The stronger financial position of Canadian Banks Means they can borrow on capital markets at considerably lower rates than their american counterparts he said. Carney said the cleansing nature of the ferocious storm and a decisive policy response from the u. S. Government could Mark the beginning of the end of the crisis that has gripped the global financial system for 14 months. He said the bold and timely us 700 billion bailout of the u. S. Financial sector could reduce lost output and employment in the United states and minimize the spillover to the rest of the world. Nonetheless the months ahead will bring More financial losses significant consolidation in the financial Industry and further increases in the Cost of capital. The eventual reordering of the financial system will be historic. Late thursday efforts to lash together the Rescue plan broke apart hours after key u. S. Lawmakers had declared they had reached a Deal. U. S. Treasury Secretary Henry Paulson met with congressional leaders into the night in efforts to revive or rework the proposal. Congressional leaders said Federal Reserve chairman Ben Bernanke might come to Capitol Hill too if enough Progress was made. Carney himself a former senior executive with Wall Street investment giant Goldman Sachs said that the problems emanating from the United states Are far from Over. Canadas top Central banker predicted the coming months will bring More losses and significant consolidation in the u. S. Financial Industry and that the repercussions will be Felt beyond the american Borders. Any slowdown in the u. S. Economy would have consequences for Canada but the current situation poses particular problems he said. The u. S. Housing Market will continue to slump for a few quarters As High inventories and tight financial conditions will restrain a recovery. The situation has affected Canadian exports of lumber and building materials and contributed to a 35 per cent second Quarter reduction in Auto sales assembled in North America. The Canadian press Canadian Banks can stand storm Carney by Ross Marowitz Rescue plan in trouble republicans blocking Bush bailout democrats charge by Sheldon Alberts what happened six Days of talks on unprecedented $ 700 billion bailout package for battered Wall Street stalled late thursday night in what the democrats Are calling a Republican revolt. Conservatives Are Balking at the astonishing Price tag and want an alternative Deal that puts less focus on a government takeover. Whats next talks resume this morning leaving to nights scheduled presidential debate in limbo. John Mccaints Camp has said he attend unless there was consensus Between Congress and the administration. How the Day began presidential candidates John Mccain and Barack Obama joined president George w. Bush for a White House Summit aimed at showing Unity in resolving the financial crisis. Democrats and republicans announced midday they had a tentative agreement. What was said the plan that has been put Forth by the administration does not enjoy the Confidence of the american people As it will not protect the taxpayers and will sacrifice main Street in favour of Wall Street statement from Republican John Mccaints Campaign thursday night Mary Altaffer / the associated press protesters opposed to Bushes $ 700 billion Wall Street Rescue plan lie on the ground during a rally thursday in new York City. See related Story Page b4 a _ 03_ sep 26 08. Ind a3 9 / 25/ 08 10 50 55 pm ;