In the clip, Bush warns us not to inject government into a slightly flawed capitalistic system (some highlighted comments are written below). Bush is followed by Financial Regulation Consultant Paul Equale, Rich Lowery and a few others. Fox News of course does its best not to blame Bush or Republicans, as you'll see when the host cuts off Equale's criticism of Bush for not regulating the markets when he knew he had too, and then throws in the "Democrats are equally to blame" for the meltdown.
Rich Lowery merely proves how capitalism really works, inadvertently, when he says Paulson 's plan is just a slush fund for every failing business in America. Gee Rich, if businesses were so in love with deregulated and tax free capitalism, why are they rushing to get government handouts?
Are they hypocrites?
I loved this exchange:
The host also injects, (the president did say) "This is not a failure of free markets."
Fox pundit: "It's almost cyclical. He says let's remember we had 60 years of prosperity, there have been a couple of occasions in the 30's and I think he referenced the 80's and also now, a few months of bad times. Don't let them overshadow decades of prosperity."
Bush nuggets on capitalism:
"History has shown that the greater threat to economic prosperity is not too little government involvement in the market, it is too much government involvement in the market."
" The surest path to that (economic) growth is free markets, and free people."
"In the wake of the financial crisis, voices from the left and right are equating the free enterprise system with greed and exploitation and failures, by lenders and borrowers and financial firms and government and independent regulators. But the crisis was not a failure of the free market system...capitalism is not perfect, it can be subject to excesses and abuse, but it is by far the most efficient and just way of structuring an economy."
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