U.S. leaders try to slow world market meltdown

This financial crisis is hurting American business. 

Plants are closing.

Jobs are being lost.

And some of the nation’s biggest companies are struggling to hold on.
As world finance ministers look at the big picture in Washington this weekend, workers around the country are starting to see the impact of this credit crunch.
Cash-strapped Americans aren’t buying as many refrigerators, so this Whirlpool plant in Iowa is losing 20 percent of its workforce.

In Kansas, Goodyear told a third of its workers to stay home for a week.

It’s their third shutdown this year, thanks to the slow economy. 

“American businesses and consumers are struggling to obtain credit,“ said President Bush.

Bush insists his 700 billion dollar rescue will work.

“The plan we are executing is aggressive. It is the right plan. It will take time to have its full impact,“ said the President.

Automakers don’t have much time.

General Motors is in a cash crunch.

Its credit’s drying up and, like Ford, its stock is down.

Both denounced rumors they’re headed for bankruptcy.
The problem, Americans aren’t buying as many cars, appliances and homes
because they don’t have cash or can’t get the credit.

“It’s the credit market that’s important to the world, and if they don’t get these credit markets unfrozen, we’re in deep trouble,“ said Arthur Cashin of UBS Financial Services. 

Rescuing banks is one option.

On Friday, Wells Fargo got the OK from anti-trust regulators to buy Wachovia.

And the government’s considering buying directly into banks itself by providing cash.

Another option, making it easier for banks around the world to lend to each other.

That’s one thing G-7 finance ministers will discuss with President Bush and his financial team in Washington this weekend.