McCain Calls For Bailout Of U.S. Homeowners · Republican running mates John McCain and Sarah Palin said Tuesday in their first live interview that the U.S. government's top priority in the financial crisis should be to buy bad mortgages from troubled homeowners as it did via the 1930's Home Owners' Loan Corporation. (CNBC Video)

Overseas Markets Roiled Amid Currency Concerns · Asian markets fell sharply Monday as the Group of Seven cautioned against the yen's rise and the Japanese government moved to recapitalize domestic banks and curb short-selling. Japan's Nikkei 225 Index fell 6.4% to reach its lowest closing level since October 1982 while the Hang Seng lost 12.7%. (NYT)

Scott McClellan Endorses Obama · President Bush's former White House press secretary (2003-2006), Scott McClellan, has endorsed Sen. Barack Obama for president. (Washington Post) McClellan authored “What Happened: Inside the Bush White House and Washington’s Culture of Deception.” (PublicAffairs, May 2008)

Bush To Host Economic Summit Post-Election · President George W. Bush will host a global economic summit in Washington, D.C. beginning November 15th to address the underlying causes of the financial crisis. Leaders from all G-20 nations are invited to participate. (Bloomberg)

ANALYSIS WSJ: A Liberal Supermajority · A profound shift in U.S. politics and policy seems likely to occur, and the Wall Street Journal warns that liberal majorities may "impose vast expansions of government."

White House Endorsed Waterboarding In Secret Memos · The Bush administration issued secret memos to the CIA in 2003 and 2004 that explicitly endorsed the agency's use of waterboarding and other harsh interrogation techniques, the Washington Post reports.

Treasury To Invest $250B In U.S. Banks · The U.S. Treasury announced Tuesday it will inject $250 billion into the nation’s banks to restore confidence in the financial system, including an injection of $25 billion into Citigroup, J.P. Morgan Chase and Bank of America respectively. (NYT)

Bush Meets G7 Ministers, No New Strategy · President Bush met with financial officials from the wealthy Group of Seven countries and pledged a global response to the credit crisis. (Washington Post) But he offered no new strategies in the foreshortened meeting, lasting only a half-hour.

Paulson Defends G-7 Communique · The Group of Seven issued a communique on the first day of their meetings in Washington, DC.  It promised to take "decisive action and use all available tools" without specifying what they are beyond supporting the Financial Stability Forum's recommendations. (WSJ)

G7 Ministers Huddle In Talks · Finance ministers and central bankers from the Group of Seven leading economies were edging towards common ground for coordinated action to stabilize the global financial system. (FT) The UK and Germany led calls for a strong unified signal, given the week's downward spiral, bringing in China, the G-20, and the White House. (CNNMoney.com, NYT)

White House: U.S. Has No Plans To Shut Down Markets · The White House denied reports Friday that the government will close U.S. financial markets to deal with the global credit crisis.  Earlier Friday, Italian Prime Minister Silvio Berlusconi said G8 leaders were considering suspending trading to rewrite rules on global finance. (Bloomberg)

Bush Offers No New Actions In National Address · President George Bush urged the American people to be confident but offered no new policy proposals or actions to solve the financial crisis gripping world markets, saying that the government has already taken actions to cope. (Washington Post)

Afghanistan Gets Worse, Warns Joint Staff Chief · The situation in Afghanistan will worsen next year unless the U.S. adjusts its policies, according to Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff.  (The Hill)

Bush Urges Coordination, G7 Ministers To Meet In DC · President George W. Bush called for a coordinated action by industrialized countries to tackle the global financial crisis. G7 finance ministers are meeting in Washington this weekend to discuss the credit crunch. (BBC)

China Protests U.S.-Taiwan $6.43B Arms Sale · The Bush administration agreed to sell $6.43 billion worth of weapons to Taiwan, drawing a sharp rebuke from Beijing and prompting it to cancel a series of military and diplomatic contacts with the United States. (WSJ)