Bush: "I had to become a Socialist to save the country"

[Red Dawn]

Just wow....

Bush says sacrificed free-market principles to save economy

US President George W. Bush said in an interview Tuesday he was forced to sacrifice free market principles to save the economy from "collapse."

"I've abandoned free-market principles to save the free-market system," Bush told CNN television, saying he had made the decision "to make sure the economy doesn't collapse."

Bush's comments reflect an extraordinary departure from his longtime advocacy for an unfettered free market, as his administration has orchestrated unprecedented government intervention in the face of a dire financial crisis.

"I am sorry we're having to do it," Bush said.

But Bush said government action was necessary to ease the effects of the crisis, offering perhaps his most dire assessment yet of the country's economy.

"I feel a sense of obligation to my successor to make sure there is not a, you know, a huge economic crisis. Look, we're in a crisis now. I mean, this is -- we're in a huge recession, but I don't want to make it even worse."

Bush says sacrificed free-market principles to save economy - Yahoo! News


So, Bush agrees with FDR. Under regulated, unfettered capitalism can't be trusted, and government intervention is needed.

 

[bk1983]

Just wow....





Bush says sacrificed free-market principles to save economy - Yahoo! News


So, Bush agrees with FDR. Under regulated, unfettered capitalism can't be trusted, and government intervention is needed.

"I've abandoned free-market principles to save the free-market system,"

 

[indago]

"I've abandoned free-market principles to save the free-market system,"

That will probably be added to FAMOUS QUOTES in history...

 

[midcan5]

Bush wouldn't know socialism if he fell over it. He is so lost today he looks happy he is leaving the incredible mess he made. Think of just eight years ago!

 

[DiamondDave]

Wow indeed..

There have been many times I have disagreed with Bush during his presidency... but this is a doozy that looks to top the list, in action and by statement

 

[indago]

Originally Posted by bk1983: "I've abandoned free-market principles to save the free-market system,"

That will probably be added to FAMOUS QUOTES in history...

Like this famous quote:

[ame=http://www.youtube.com/watch?v=ejvyDn1TPr8]ANOTHER FAMOUS QUOTE[/ame]

 

[Red Dawn]

Wow indeed..

There have been many times I have disagreed with Bush during his presidency... but this is a doozy that looks to top the list, in action and by statement

There's virtually not a single serious person, politician, or mainstream economist who is proposing that the solution is to deregulate corporate america and wall street even more, and provide less oversight and rules. They're getting laughed out of the room if they try to sell that snake oil.

Even that far right wing reaganite economist on CNN, Lawrence Kudlow, said that government intervention and oversight is entirely appropriate given the collapse of the market and the economy.

 

[Gunny]

There's virtually not a single serious person, politician, or mainstream economist who is proposing that the solution is to deregulate corporate america and wall street even more, and provide less oversight and rules. They're getting laughed out of the room if they try to sell that snake oil.

Even that far right wing reaganite economist on CNN, Lawrence Kudlow, said that government intervention and oversight is entirely appropriate given the collapse of the market and the economy.

If you weren't such a spinning hack, you'd know that very few people desire or approve of an unregulated free market economy. Only those who would profit by it do, and they are a small minority made up of both liberals and conservatives.

Just another attempt by you to claim something that isn't true by saying wanting less restrictions than more is wanting none.

 

[Chris]

There's virtually not a single serious person, politician, or mainstream economist who is proposing that the solution is to deregulate corporate america and wall street even more, and provide less oversight and rules. They're getting laughed out of the room if they try to sell that snake oil.

Even that far right wing reaganite economist on CNN, Lawrence Kudlow, said that government intervention and oversight is entirely appropriate given the collapse of the market and the economy.

Everytime I see Larry Kudlow, I think he should be wearing an SS uniform.

The opposite of government is anarchy. Not all regulations are good, but government regulation is what gives us clean water, clean air, safer streets, etc.... It is the foundation of our civilization. To argue otherwise is ignorant.

 

[Xenophon]

Economy was great up to two years ago.

What happened then?

Oh yes, the democrats took over both houses.

Now they have all three branches and we are nearing a Great depression.

 

[Chris]

Economy was great up to two years ago.

What happened then?

Oh yes, the democrats took over both houses.

Now they have all three branches and we are nearing a Great depression.

Silly.

 

[bk1983]

Economy was great up to two years ago.

What happened then?

Oh yes, the democrats took over both houses.

Now they have all three branches and we are nearing a Great depression.

Yup, the democrats drafted and passed legislation that went into effect and killed the economy within a matter of months..

Btw what is this legislation that so drastically affected the economy?

 

[editec]

Our bankers broke the bank gambling foolishly because we allowed them (indeed encouraged them) to do so.

The only solution to illiquidity is for the government to put fiat dollars back into the system.

I'll point out, as I always do when this isue comes up, that we have never had a free market because such a beast cannot exist.

The market follows the creation of civilization, and one of the hallmarkets of every civilization is its limitation of the freedom of individuals.

Since individiuals are not completely free, there can never really be a completely free market, either.

There can only be degrees of freedom, both for individuals and for the markets they create, too.

Too much freedom in the market and some tragedy of the common market inevitably happens.

Not enough freedom of that common market and the civilization's economy ceases being vibrant.

Civilization is, and always will be, the tension between the need of citizens to have freedom to act in their own best interests, and the need of the governing body of those citizens to limit their individual freedoms to prevent their natural greed and stupidity from breaking things...things like for example the banking system which we all depend on.

Sometimes we get that balance between freedom and regulation more or less right, and sometimes that balance gets out of kilter.

As that balance has recently gotten out of kilter thanks to mistake made both by our central bank, the FED, and the banks it is associated with.

In this case bo the private banks AND the So called FEDERAL RESERVE which gave gave those banks too much freedom to the private banks, and they screwed up royally.

So now, we are employing a more Kynesian solution to our economy, (Kynesian economics which, ironically, was partially to blame for today's problems, too) because we leaning too far in the direction of the von Misesian system of regulation in economics (i.e. NO regulation on how banks could operate).

 

[Xenophon]

Silly.

Factual.

 

[Xenophon]

Yup, the democrats drafted and passed legislation that went into effect and killed the economy within a matter of months..

Btw what is this legislation that so drastically affected the economy?

Are you claiming the economy DIDN'T tank within the last two years?

 

[bk1983]

Factual.

Democrats took control Jan,2007 recession started July,2007. Where in that period did legislation passed by congress kill the economy?

 

[Skull Pilot]

Just wow....





Bush says sacrificed free-market principles to save economy - Yahoo! News


So, Bush agrees with FDR. Under regulated, unfettered capitalism can't be trusted, and government intervention is needed.

Since none of us have ever seen unfettered, unregulated capitalism, your conclusion is invalid.

 

[Xenophon]

Democrats took control Jan,2007 recession started July,2007. Where in that period did legislation passed by congress kill the economy?

So there is a time limit of how long democrats get a mulligan on it?

Really?

You just said Dems had it for half a year, after previously hinting they wern't there at all.

Which is it?

Or is there yet a third yardstick you will introduce.

 

[bk1983]

So there is a time limit of how long democrats get a mulligan on it?

Really?

You just said Dems had it for half a year, after previously hinting they wern't there at all.

Which is it?

Or is there yet a third yardstick you will introduce.

Are you bipolar? When did I say democrats weren't there at all?

Also, I like how you dodged the question. You blame current economy on democrats 2006 win. So explain to all of us what legislation passed when democrats took over in January led to the recession in July?

 

[bk1983]

Economy was great up to two years ago.

What happened then?

Oh yes, the democrats took over both houses.

Now they have all three branches and we are nearing a Great depression.

Here is what you said. Explain how this is factual.. What did the democrats do that led to the recession?