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The Spectacle Blog
"I am a firm believer in markets," President Bush declared this morning, and then joked that he understands it doesn't seem that way lately.
Appearing at an American Enterprise Institute event at the Mayflower Hotel in Washington, Bush fielded questions for about an hour put to him by AEI's Christopher DeMuth. During his remarks Bush defended adding the prescription drug benefit to Medicare and the recent string of bailouts all the while presenting himself as a champion of the free market.
On Medicare, Bush claimed that he supported the prescription drug plan because it saved money on surgeries by providing senior citizens with preventative medication, and argued that the plan cost 40 percent less than anticipated because he insisted on "market-oriented principles."
President Bush said he understood the frustration people felt over the financial industry bailouts, but at the time Ben Bernanke had told him that if he didn't act, there could be an economic crisis greater than the Great Depression.
"I didn't want to be the president who was there at the beginning of a crisis that is greater than the Great Depression," he said.
Although he emphasized that a final decision hasn't been made, Bush spoke as if the auto bailout were a foregone conclusion.
"Under normal circumstances, no question bankruptcy court is the best way to work through credit and debt and restructuring," Bush said. "These are not normal circumstances. That is the problem."
Bush argued that we'll never know what kind of economic catastrophe would have resulted had he not taken the actions he did. He said that all the actions he took should be viewed as "temporary" and he doesn't believe that government should be running the auto industry or mortgage system over the long run.
"This is a difficult time to be a free market person," Bush observed at one point in his remarks.
No kidding, Mr. President.
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Johnny Sqaures| 12.18.08 @ 2:14PM
This bit that "it's difficult to be a free market person right now" is tiresome and misleading. What we are witnessing now IS the free market. What we are witnessing now is the entirely predictable result of government intervening and forcing unsustainable policies on the free market (i.e. forced mortgage lending to people who could never afford to pay the loans back).
The raft of programs the government has cobbled together are ALL unsustainable; ethanol mandates, farm subsidies, Medicaid/Medicare, and the greatest ponzi scheme of them all social "security".
Free Markets? Where? The only free markets out there are the hookers working the corner of 1st and Maryland Ave.
al| 12.18.08 @ 8:33PM
Phil,
You are right on with the analysis. And Johnny Squares, you put it very well. Social Security is a big ponzi scheme.
With all of the problems we are beginning to see with pension funds for state workers (e.g. 25% MTA fare hike in New York), this is just a small preview of what is to come.....
marita indans| 12.24.08 @ 10:59PM
My comment is about a vulgar Iraqi journalist who expressed his contempt for President Bush a few days ago.
What can anyone expect from the Iraqi people, when all their resentful journalists can do is hurl footwear at important men who are just trying to make the world a safer place in which to live. You only have to witness the sad and barbaric treatment of the poor young girl by way of the video link at end of this comment, to understand how violent and cruel the Iraqi people are. Religion is the evil force surrounding the conditions under which this poor, innocent girl was murdered at the hands of savages in an uncivilised society. Like so many countries in the Middle East, they are not as culturally advanced as we are in the U.K., U.S.A. or Europe, and probably never will be if their religious disputes continue to dominate and ruin their lives.
President Bush is a wonderful man who did everything he could to protect the U.S.A and other countries from rogue regimes. It would be a marvellous idea for all Government officials and those in prominent positions of power to use portable, transparent, bulletproof shields in the future, to avoid any potential problems - surely someone could invent portable screens to offer them the security they need.
If in the future I choose to air my Atheist views at seminars in the Middle East, I wouldn’t hesitate to use bulletproof screens and bulletproof vehicles to protect myself from a world full of dangerous and deluded religious bigots.
Isn’t it about time the United Kingdom got to grips with the task of controlling malicious immigrants who try to disrupt the lives of others by not fitting in to our society. Why should we adapt to the ways of people who once lived under some of the most savage regimes in history, when they should learn to adapt and obey our rules and regulations, just as we do when we visit their countries.
It’s outrageous how barbaric regimes treat visitors from the U.K., so perhaps those brutes should conform to our respectable, high standards when they immigrate to the U.K. It’s so unfair that they try to force British citizens to accept their beliefs, laws and religious views. It’s high time they stopped persecuting us for being a civilised and liberal nation.
Not only are we in the U.K. expected to accept the religious views of others no matter how inhumane or cruel certain aspects of their religion are, but taxpayers are also expected to foot the bill for much of their palatial housing on benefits. Accommodation which should be downgraded to buildings which are more economical to run at a more affordable rate by local councils.
Those repulsive brutes should pursue their complaints through the correct diplomatic channels and keep their filthy footwear to themselves.
Warning! You may find the following video distressing to watch:
http://ballyblog.wordpress.com/2007/05/04/iraqis-stone-girl-to-death/
biniki| 8.28.09 @ 10:31PM
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