WASHINGTON - September 26 - President George Bush pressed for multi-billion dollar Wall St. bail out plan in a historic meeting attended by the two men fighting to succeed him. But at the end of the meeting the top republican on the senate banking committee, Sen. Richard Shelby said that no agreement on the deal had been made.

In a joint statement from the McCain and Obama campaigns they both agreed that the Bush administration proposal is flawed but would work together to find a solution. Germany's finance minister Peer Steinbrueck said, " The long range effects of this crisis are not foreseeable at the moment, but one thing seems to be very likely to me; the US will lost its status as super power in the world financial system. Not abrupt, but eroding." French President Sarkozy speaking at a meeting called for capitalism to be more regulated.

The Real News Network spoke to economist and author Dr.Michael Hudson. Hudson emphasized that there is no need for this bail out at all. "Its not a bailout, it's a give away and it's a give away that will create a new Kleptocracy of billionaires. It lets all of the billionaire who have leveraged their capital cash out, take their cash and move it all into Euros, Sterling, move it all abroad and that clash the dollar, so they should just say don't do it. Wait till the elections take place. Do it over time. You don't have to protect all this money at the very top of this pyramid, because all this money that is being protected are other peoples debt"

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