Bush holds a summit on the crisis.

The summit will focus on ideas to prevent a crisis from recurring and to preserve the free market system.

What's clear is that the "free" market system is, in fact, very very expensive. At least if you're paying a trillion or so to keep it going, thanks to the Bush + Reid + Pelosi + Obama + Paulson bailout.

NOTE Anyhow, I'm sure Bush cleared this with Paul Volcker, and so the transition from one administration to another will be as smooth as humanly possible.

UPDATE No date has been set:

U.S. President George W. Bush said he'll host a summit on the global financial crisis in the ``near future'' and he's confident the world's nations will weather the breakdown in credit markets.

``We want to work hand in hand with the Americans to create the capitalism of the 21st century,'' Sarkozy said. ``The meeting should be held rapidly, perhaps before the end of November. Since the crisis started in New York, maybe we can find the solution in New York.''

British Prime Minister Gordon Brown is also pushing for greater cross-border oversight of the global financial system. He has said each of the world's top 30 banks should be under the supervision of a panel of regulators from the countries where those institutions do business.

``The reform of the international financial system is not only necessary to prevent a crisis happening again, it is essential to end the current crisis,'' Brown said on Oct. 16.

Interesting. I wonder if Brown's "panel" would have supra-national authority, like NAFTA?