What Exactly Is The G7 plan?

[Joanne98]

BusinessWeek is reporting Powers back plan to halt financial crux.


Finance officials from the world's top economic powers endorsed a plan Friday aimed at preventing another financial crisis like the credit and mortgage debacles that erupted in the United States and quickly sent tremors around the globe.

"Rapid implementation" of the plan "will not only enhance the resilience of the global financial system for the longer term but should help to support confidence and improve the functioning of the markets," the G7 officials said in a joint statement.
My Comment: This sounds brilliant but exactly what is the plan?

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke hosted the Group of Seven discussions, where officials embraced a plan that would seek to increase the openness, or transparency, of financial markets and to sharpen regulators' response to urgent financial problems.

My Comment: Dare I ask again "what exactly is the plan?" Certainly we have not seen openness or transparency. Instead we have seen lies, deceit, and an alphabet soup of facilities that encourage lies and deceit.

Please Consider:

GE Blames Bear Stearns For Miss
Fed Is Not King Midas
Fed Uncertainty Principle
Dear Citigroup Customer ....
Fed's New Role as Pawnbroker
SEC Openly Invites Corporations To Lie
That's quite a list but I could easily add another 20 items. For now, let's return to the article.

"The turmoil in global financial markets remains challenging and more protracted than we had anticipated," the G7 officials said.

"Given the significant short-term downside risks, we are taking action," Paulson said of the G7's decision to adopt the plan. "There may be more bumps in the road," he warned.
My Comment: For Christ's sake. What the Hell is "The Plan"?
http://globaleconomicanalysis.blogspot.com/2008/04/what-exactly-is-g7-plan.html