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Bush: Government is not trying to destroy free market

October 15, 2008 by  

Bush says the government's actions are necessaryPresident Bush has described the government’s bailout plan – decried by some as meddling in the free market – as an "essential short-term measure" to free up credit and unfreeze the economy.

Some $250 billion of taxpayer money is set to be invested in some of the nation’s largest banks, in an effort to encourage lending and restore confidence in financial institutions.

In a speech, Bush said that the "limited and temporary" actions taken by the government were necessary to avoid a larger recession.

"These measures are not intended to take over the free market, but to preserve it," he explained.

Treasury secretary Henry Paulson also fleshed out further details of the government’s economic plan, including a scheme to guarantee new debt issued by banks for three years and an unlimited FDIC guarantee on bank deposits in non-interest accounts.

Banks that receive investment money will have to agree to limits on executive compensation during the period they are receiving funds, Paulson said.

A recent survey conducted by Reuters and the University of Michigan revealed that 29 percent of Americans said they have "a lot less" confidence in the Federal Reserve than they did five years ago.

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  • Bob Livingston

    It would be nice if we had a free market. The US is about as regulated a system as possible, especially for small business.  The so called “bail out” is disguised nationalization.  Its a buy out with paper money.  –Bob

  • H. D. Schmidt

    Of course, George W. will say that! While indeed in essence setting the stage for keeping swindling America. It is not me that says that about him, but none other than Thomas Jefferson who said this: “The principle of spending money to be paid by posterity, in the name of funding, is but swindling futurity on a large scale”.

  • Dawn W

    I’m wondering about the relationship between this supposedly essential bail out and the steadily progressing plans for the SPP/North American Union. Is it possible this is a way to destroy the US dollar in order to enable a switchover to the amero?

  • Swansong

    AhBoy, so just because BUSH says this is the case, we suddenly have to fawn, smack ourselves in the fore-heads and exclaim “of course! Why didn’t we see this before??!”

    Give me a break.

    Bush is economically clueless, as is Obama, I suspect. One is benign, the other is puposefully malevolent.

    Hayek ( et. al. have had things right since BEFORE the great depression AND they ECHO Jefferson, what’s more!

  • Ken

    Bush was the best campaigner Obama had. Without Bush, Obama would not have won the election.


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