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| Saturday, October 25, 2008

BEIJING, China (CNN) -- Asian and European leaders vowed Saturday to act together to address the global financial crisis, calling for decisive action following a two-day summit in the Chinese capital.
Chinese President Hu Jintao, left, shakes hands with French President Nicolas Sarkozy, right.

Chinese President Hu Jintao, left, shakes hands with French President Nicolas Sarkozy, right.

The ASEM meeting brought together the leaders of 43 Asian and European nations, along with the heads of the European Commission and ASEAN, a group of southeastern Asian nations.

"Europe and Asia have come together in Beijing at a time of global crisis, and indeed, we are in a moment where we need global teamwork," said EC President Jose Manuel Barroso. "We either stick together or we sink together."

While the summit is usually a forum for political, economic and cultural issues, it has taken on added significance this year because of the unfolding crisis.

On Friday leaders at the summit called for new rules in dealing with international finance. They also urged a leading role for the IMF to help countries like Iceland and Pakistan that are struggling with the current crisis. Video Watch as urgency underscores the ASEM summit »

"Europe would like to try and come up with a common position among all of us as to a common response to this unprecedented financial crisis," said French President Nicolas Sarkozy, whose country currently holds the rotating presidency of the European Union. "This was a very useful and very promising summit. Europe and Asia have many things that they can do together."

In a statement released Friday, the ASEM nations said the crisis can be overcome if all countries take "firm, decisive and effective measures in a responsible and timely manner." They called on the international community to boost coordination and cooperation to restore market confidence, stabilize the markets, and promote financial growth.

Chinese Premier Wen Jiabao said investor confidence will ultimately help the world get through the crisis, so that should now be a key focus.

Wen also urged cooperation among countries, especially in clarifying the role of government, companies and regulators.

"We need even more financial regulation to ensure financial stability," he said. "We need to properly handle the relationship between savings and consumption, or accumulation and consumption. We need to keep savings and consumption at a normal, balanced and coordinated relationship with each other. Only in this way can we coordinate economic stability."
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Countries must also coordinate the virtual economy with the real economy, Wen said. The healthy development of the virtual economy, he said, will facilitate the growth of the real economy.

Wen and Sarkozy also looked ahead to next month's financial summit of G20 leaders in the United States.

"Europe wishes that Asia will support our efforts so together we can tell the world on November 15 that the causes of this crisis, which has no precedence, will not continue to be reproduced on the financial and monetary system," Sarkozy said Friday.

Friday's joint statement said there must be more supervision and regulation of all "financial actors" and that they need to be kept accountable. They said all countries need to strengthen oversight and crisis management mechanisms.

Also Friday, U.N. Secretary-General Ban Ki Moon said central banks and the IMF may have to set up major credit lines to bolster emerging economies and help the world's poor affected by the credit crisis.

"Too often, in recent weeks, financial leaders have been criticized for being too slow to recognize problems, for doing too little too late," he said in a statement. "Let us not repeat the mistakes of the past."
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Asian countries have not been as sharply affected by the current crisis as those in Europe, in part because they weren't as exposed to the subprime mortgage problems.

Still, growth in Asia is slowing. China announced this week that its GDP growth had slowed to 9.9 percent in the first three quarters of the year -- the lowest in five years

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(CNN) -- Former President Clinton will campaign with Sen. Barack Obama for the first time Wednesday in Florida, according to Matt McKenna of the Clinton Foundation.
Former President Clinton hosted Sen. Barack Obama at his New York office in September.

Former President Clinton hosted Sen. Barack Obama at his New York office in September.
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Sen. Hillary Clinton will not attend the event but recently campaigned with Obama in Florida, a battleground state that CNN considers a toss-up.

The Clintons also campaigned with Sen. Joe Biden and Biden's wife, Jill, in Scranton, Pennsylvania, where both Joe Biden and Hillary Clinton have roots.

Obama met with Bill Clinton in September at Clinton's Harlem, New York, offices. Then, Clinton predicted that Obama would win in November "pretty handily."

The Illinois senator levied more criticism at opponent Sen. John McCain on Saturday, mocking the Arizona Republican by saying McCain is just "trying to break with his president over the last 10 days after having supported him for the last eight years."

"He denounced the president for letting things get completely out of hand; that's what he said," Obama told a crowd in Reno, Nevada. "In fact, John McCain is so opposed to George Bush's policies that he voted with him 90 percent of the time for the first eight years. That's right, he decided to really stick it to George Bush -- 10 percent of the time.

"So, let's be clear. John McCain attacking George Bush for his out-of-hand economic policy is like Dick Cheney attacking George Bush for his go-it-alone foreign policy. What Joe Biden says: It's like Tonto getting mad at the Lone Ranger."

It's not clear Obama's running mate ever said that publicly. Biden has, however, made similar references using Butch Cassidy and the Sundance Kid.

Obama is spending the day in the west. In addition to Reno's event, he's holding a rally in Las Vegas and one in Albuquerque, New Mexico.
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Meanwhile Saturday, GOP vice presidential candidate Gov. Sarah Palin said that electing Obama, combined with a Democratic majority in Congress, will lead to government helping to run families.

Palin told Iowans that under Obama's "big government agenda," their income, property and investments would be "shared with everybody else."

She labeled Obama's plan to provide tax credits to lower and middle-income wage-earners "the philosophy of government taking more, which is a misuse of the power to tax." Video Watch more of Palin's comments »

"It leads to government moving into the role of taking care of you, and government and politicians, and kind of moving in as the other half of your family to make decisions for you," she said in Sioux City. Fact Check: Obama's tax plan

With audience members shouting "socialist!" throughout her speech, the Alaska governor said that time is running out for Americans to realize the danger of a having a Democrat in the White House.

At the beginning of her remarks, Palin referred to her much-discussed wardrobe, which has the been the subject of scrutiny since Politico reported that the Republican National Committee spent $150,000 on clothes for Palin and her family before the convention.

"Your state is filled with good, hard-working people all loving the outdoors," she said, "and it was nice and crisp getting off the airplane and coming into the -- it reminded me a lot of Alaska, so I put my warm jacket on, and it is my own jacket. It doesn't belong to anybody else."

McCain spoke in Albuquerque, saying Obama doesn't understand issues of the American West.

"I know them,' he said. "I know what the Southwest is, I know strength and the culture and our Hispanic culture and the strength of our great states."

Meanwhile, Obama unveiled a TV ad Saturday that puts a new spin on the question, are you better off today than you were four years ago?

The two-minute ad, "Defining Moment," will begin airing in key states Sunday, according to the Obama campaign.

"At this defining moment in our history, the question is not, 'Are you better off than you were four years ago?' We all know the answer to that," Obama narrates.

"The real question is, 'Will our country be better off four years from now?' How will we lift our economy and restore America's place in the world?" Watch the full ad here

In order to "build the economy of the future," Obama says, the focus must be on "urgent national priorities: reducing the cost of health care ... breaking our dependence on foreign oil ... and making sure that every child gets the education they need to compete."

The ad comes just a day after McCain's campaign launched a TV ad attacking Obama's readiness to lead in an international crisis.

"Listen to Joe Biden," the ad's narrator states before playing a recording of Biden saying: "It will not be six months before the world tests Barack Obama. ... We're going to have an international crisis, to test the mettle of this guy." Video Watch more of the ad »

"It doesn't have to happen; vote McCain," the narrator says.

Biden's comments have also become a fixture of both McCain and Palin's stump speeches as they look to stress what they call the Illinois senator's relative lack of foreign policy experience. The McCain campaign says the ad will run in key states.
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At a rally in Norfolk, Virginia, on Saturday, Biden discussed Obama's new ad and blasted the McCain campaign's tactics.

"You know how we're finishing out the campaign? Barack is going up, instead of anything negative, we're going up and laying out our plan to fix the economy. That's what we're running on," Biden said. "What is the McCain campaign continuing to do? They want to do anything but talk about the economy."

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ALBUQUERQUE, New Mexico (CNN) -- With 10 days until Election Day, long-brewing tensions between GOP vice presidential candidate Gov. Sarah Palin and key aides to Sen. John McCain have become so intense, they are spilling out in public, sources say.
Alaska Gov. Sarah Palin speaks at a rally in Sioux City, Iowa, on Saturday.

Alaska Gov. Sarah Palin speaks at a rally in Sioux City, Iowa, on Saturday.

Several McCain advisers have suggested to CNN that they have become increasingly frustrated with what one aide described as Palin "going rogue."

A Palin associate, however, said the candidate is simply trying to "bust free" of what she believes was a damaging and mismanaged roll-out.

McCain sources say Palin has gone off-message several times, and they privately wonder whether the incidents were deliberate. They cited an instance in which she labeled robocalls -- recorded messages often used to attack a candidate's opponent -- "irritating" even as the campaign defended their use. Also, they pointed to her telling reporters she disagreed with the campaign's decision to pull out of Michigan.

A second McCain source says she appears to be looking out for herself more than the McCain campaign.

"She is a diva. She takes no advice from anyone," said this McCain adviser. "She does not have any relationships of trust with any of us, her family or anyone else.

"Also, she is playing for her own future and sees herself as the next leader of the party. Remember: Divas trust only unto themselves, as they see themselves as the beginning and end of all wisdom."

A Palin associate defended her, saying that she is "not good at process questions" and that her comments on Michigan and the robocalls were answers to process questions.
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But this Palin source acknowledged that Palin is trying to take more control of her message, pointing to last week's impromptu news conference on a Colorado tarmac.

Tracey Schmitt, Palin's press secretary, was urgently called over after Palin wandered over to the press and started talking. Schmitt tried several times to end the unscheduled session.

"We acknowledge that perhaps she should have been out there doing more," a different Palin adviser recently said, arguing that "it's not fair to judge her off one or two sound bites" from the network interviews.

The Politico reported Saturday on Palin's frustration, specifically with McCain advisers Nicolle Wallace and Steve Schmidt. They helped decide to limit Palin's initial press contact to high-profile interviews with Charlie Gibson of ABC and Katie Couric of CBS, which all McCain sources admit were highly damaging.

In response, Wallace e-mailed CNN the same quote she gave the Politico: "If people want to throw me under the bus, my personal belief is that the most honorable thing to do is to lie there."

But two sources, one Palin associate and one McCain adviser, defended the decision to keep her press interaction limited after she was picked, both saying flatly that she was not ready and that the missteps could have been a lot worse.

They insisted that she needed time to be briefed on national and international issues and on McCain's record.

"Her lack of fundamental understanding of some key issues was dramatic," said another McCain source with direct knowledge of the process to prepare Palin after she was picked. The source said it was probably the "hardest" to get her "up to speed than any candidate in history."

Schmitt came to the back of the plane Saturday to deliver a statement to traveling reporters: "Unnamed sources with their own agenda will say what they want, but from Gov. Palin down, we have one agenda, and that's to win on Election Day."

Yet another senior McCain adviser lamented the public recriminations.

"This is what happens with a campaign that's behind; it brings out the worst in people, finger-pointing and scapegoating," this senior adviser said.

This adviser also decried the double standard, noting that Democratic nominee Sen. Barack Obama's running mate, Sen. Joe Biden, has gone off the reservation as well, most recently by telling donors at a fundraiser that America's enemies will try to "test" Obama.

Tensions like those within the McCain-Palin campaign are not unusual; vice presidential candidates also have a history of butting heads with the top of the ticket.

John Edwards and his inner circle repeatedly questioned Sen. John Kerry's strategy in 2004, and Kerry loyalists repeatedly aired in public their view that Edwards would not play the traditional attack dog role with relish because he wanted to protect his future political interests.

Even in a winning campaign like Bill Clinton's, some of Al Gore's aides in 1992 and again in 1996 questioned how Gore was being scheduled for campaign events.

Jack Kemp's aides distrusted the Bob Dole camp and vice versa, and Dan Quayle loyalists had a list of gripes remarkably similar to those now being aired by Gov. Palin's aides.

With the presidential race in its final days and polls suggesting that McCain's chances of pulling out a win are growing slim, Palin may be looking after her own future.

"She's no longer playing for 2008; she's playing 2012," Democratic pollster Peter Hart said. "And the difficulty is, when she went on 'Saturday Night Live,' she became a reinforcement of her caricature. She never allowed herself to be vetted, and at the end of the day, voters turned against her both in terms of qualifications and personally."
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CNN's Ed Hornick contributed to this report.

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