Bush Warns Against Dismantling Market Systems to Solve Crisis

[DogPoundPup]

Source: Bloomberg

Nov. 13 (Bloomberg) -- President George W. Bush today will urge leaders of the world's biggest industrial and developing economies not to abandon principles of free-market capitalism as they seek a way out of an international financial crisis, calling it the ``best system'' for delivering growth.

In a speech in New York before weekend talks among leaders from the Group of 20 nations, Bush will say policy makers ``should fix the problems we have rather than dismantle a system that has improved the lives of hundreds of millions of people around the world,'' according to statement released by the White House.

excerpt~
In a sign the administration doesn't accept full responsibility for the world's woes, Treasury Secretary Henry Paulson said yesterday that while the U.S. is ``well aware and humbled by our own failings,'' it wasn't alone in making mistakes. The ``lack of consumption and accumulation of reserves in Asia and oil exporting countries and structural issues in Europe,'' also hurt the global economy, Paulson said.

Officials overseas have heaped blame on the U.S. and the notion of unfettered markets promoted by Bush for sparking the crisis. German Chancellor Angela Merkel last month attacked ``greed, speculation and mismanagement'' and criticized the U.S. for ignoring her call of last year for stronger market regulation. Rudd said ``the root of this malaise'' lay in the ``twin evils'' of greed and fear that went unchecked because of ``obscene'' failures in oversight.

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aANsWb6tD.II&refer=news

[Tiggeroshii]

1. Yes. That's a good idea.

If we keep everything exactly the way it is, it will all fix itself! :eyes:

[99th_Monkey]

14. The "Invisible Hand" will fix it, but not until it's picked the last dime out of our pockets. ~nt~

[MannyGoldstein]

2. Let's Just Do The Exact Opposite Of Whatever Bush Says

History has shown that, unfailingly, this is the best way to proceed.

[kiranon]

28. Works for me. If Bush is for it, I'm against it.

[ContinentalOp]

3. Thank god. Keep talking Georgie.

Keep drawing those parallels between your administration, free market capitalism, and the economic troubles we're currently facing. Eventually enough people will wake up to the fact that the three are connected.

[gravity]

4. I can't wait for Obama to take over

We are experiencing the worst financial crisis since the Great Depression, and Bush's biggest concern is protecting the free markets. He doesn't know what the hell he is doing and is just fucking more shit up with his incompetence.

We need some damn leadership to get through this mess.

[TheDebbieDee]

5. Hey!....... Bush! STFU!

[desktop]

6. The Bush name will go down in history to be synonymous with shit

eom

[Amonester]

7. If Bush Warns Against Dismantling Market Systems To Solve Crisis...

Look No Further For The Perfect Solution:

Dismantling Market Systems IS The Cure!

[Zorra]

24. Exactly. If Bu*h wants it, it is bad for every living thing

except maybe rats, cockroaches, and the AIDS virus.

[Karl_Bonner_1982]

8. Ironically it may be liberals that save the free market

In the traditional Keynesian sense, it may be that careful regulation and a green social contract are the keys to keeping capitalism moving forward while at the same time eliminating many of the system's grossest injustices and rampant risky behaviors. Heck, if we had had a better regulatory framework over the past several years, we would never have had to take over large sections of the financial system or spend trillions of dollars worldwide on bailouts.

The "new laissez faire" doctrine that emerged in the 1970s had little to do with the economic problems of the day: soaring inflation and a limited oil supply. Those problems were merely opportunities for the Reaganomicists to get their foot in the door. Now, however, the new progressive doctrine IS aimed squarely at the problems of our time.

But Bush's definition of "not abandoning the free market" is quite a bit different than what Keynes was thinking. The Bushonomics definition of free markets is something we must abandon immediately if we hope to save the rest of the system from disaster.

[Ghost Dog]

15. Also, why the 'free-market' emphasis on throwing workers out of jobs

at every opportunity, replacing them with machines or with cheaper workers elsewhere (although I'm certainly happy, to a degree, that this has helped many developing countries to come as far as they have in recent years - but enough's enough)? In the long run it's very counter-productive, as the US is now seeing.

Another example of where new and updated regulations are needed.

[Jim Sagle]

9. 'lack of consumption'? Gee, doesn't that come from lack of money?

Which comes from deindustrialization? Which in turn comes from free trade globalist hogwash?

This stuff isn't hard, it's stone simple. The economists make it sound hard because that's their job.

[defendandprotect]

10. 'Cause Capitalism hasn't failed again...just our imaginations--!!!

Reform - re-regulate capitalism - and break up these monopoly companies --

which, btw, should be controlled w/our anti-trust laws ...!!!

Capitalism is killing us all -- and the planet--!!!

[Hugabear]

11. Capitalism is dead. FUCK capitalism.

It's time to seize control of these corporations, and give the power back to the workers where it belongs.

[IndianaGreen]

12. Capitalism = death, destruction, human suffering

Let it die!

[KillCapitalism]

21. Yes, let's bury it.

It's done nothing but oppress many people for a long time. The current style of capitalism we have right now should at least die. What we had 60 years ago was better.

[Raschel]

13. Isn't the bailing out of corporations abandonment of free farket capitalism?

[NeoConsSuck]

16. The capitalist two-step

This has been repeated time and time again:

1) Total free market system. Capitalists are allowed to become 'creative' in ways to generate income without government interference.

2) 'Creative' usually means a house of cards. Cards collapse. Lower and middle class bails out capitalists.

Lather, Rinse and Repeat.


Ask the person standing on an unemployment line, who has no health insurance, and is looking at his house being foreclosed, if he agrees with bush that capitalism is the 'best system'.

[wroberts189]

17. Translation: We have not cleaned out the treasury yet. eom

[Peace Patriot]

18. Oh, they cleaned the treasury out long ago. Now they're cleaning out the FUTURE

treasury, unto the 7th generation (if Planet Earth lasts that long). (The World Wildlife Fund gives us 50 years, at present levels of pollution and consumption--50 years to the death of the planet. Kaput. Fini. No more human race. So either we become socialists, or we die. That seems to be the upshot.)

[SurfingAtWork]

19. Yes, don't do anything crazy like have the government take control of or bail out companies

that would otherwise fail... that would be just nuts.

Do as we say, not as we do.

[BlueEyedSon]

20. LMFAO!

[Wednesdays]

22. I think dismantling the Bush administration would be a far better solution

January 20th can't come soon enough.

[Acadia Blue]

23. Like anyone should listen to this f up who caused this mess?

[llmart]

26. Speaking of which......

we don't see much of ole' Babs and Daddy lately now do we? Are they proud of how their f* up of a son has f***ed up our country yet? I guess they can't show their faces in public much any more these days. No more defending the idiot son they raised.

[Javaman]

25. kind of tough to call it the "best system" when it apparently...

shit itself.

[high density]

27. Bush, this ain't "free market"

This is "prop up the market using taxpayer funds."

[fascisthunter]

29. In Other Words, DO IT!