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Bush Gets It Right: Intervention Not a “Cure-all”

By: Steve Johnson

11/13/2008 - 100 Comments

There have been many days where I’ve questioned the actions of President Bush in regards to the economic crisis, but today he got it right.

At a speech in New York addressing world leaders about the global economic crisis, President Bush said;

“the global financial crisis is "not a failure of the free market" and urged world leaders to adopt modest financial reforms that stop short of the tighter regulations Europeans favor.”

"Our aim should not be more government. It should be smarter government,"

"Many European countries had much more extensive regulations and still experienced problems almost identical to our own,"

"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," he said. "It would a terrible mistake to allow a few months of crisis to undermine 60 years of success."

President Bush also gave a list of specific actions that can be taken to address the global economic crisis.

Yesterday, Secretary of Treasure Henry Paulson, also said a few things in the same direction.  Revising the original intended purpose of the $700 billion government bailout approved last month by congress after weeks of lobbying by the administration, Paulson and Fed Reserve Chairman Ben Bernanke who insisted that the bailout was absolutely necessary. They must have all come the same conclusion – that the economic crisis is out of their control and there is little they can do to stop it – and expanding the government’s role in managing the economy will only lead to worse problems, as I have said all along.

Perhaps this is also the reason that President Bush does not seem very concern about President-Elect Obama. He knows that their is little Obama can do to help and almost everything Obama does do will only make it worse - leading the nation into a deep recession and making Bush's presidency look very good in comparison.

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