by James Oliphant
President Bush called a Cabinet meeting Wednesday to detail his administration's recent actions to deal with the global credit crisis.
In remarks before the meeting, the president took pains to ease fears among some Americans that the government is becoming overly involved in regulating the economy, saying that these are "extraordinary circumstances."
"As I said yesterday, it's very important for the American people to know that the program is designed to preserve free enterprise, not replace free enterprise," Bush said. "Decisions we took to enhance liquidity and make sure our financial instruments are strong is a temporary decision. For example, the equity purchases in the banks is designed so that these shares will eventually be sold back to the government."
"Secondly, the program is limited. In other words, the government will buy only a certain number of shares in individual banks," he said. "These banks will be privately controlled. The liquidity measures being taken are structured such that the government will be a passive investor. In other words, there won't be government officials sitting on the board of private companies."
The president is traveling to Michigan later today to meet with small business owners and community bankers to discuss how they have been impacted by the credit crunch. But Bush may not like what he hears from smaller banks, if reports today are to be believed. Some banks believe their risk-embracing competitors have been saved from their bad judgment.
• 
• 
• 
Comments
Bush is a great tragedy in all of human history. He has left the GOP a horrific legacy - It is not too late for American to turn this corner. ............
http://thefiresidepost.com/2008/10/14/the-gop-legacy-wars-death-hatred-socialism/
Posted by: Ohg Rea Tone | October 15, 2008 1:10 PM
So socializing the markets preserves free enterprise. Why am I not surprised at this remark?
Posted by: Cheryl Hussein | October 15, 2008 1:25 PM
Yes, what Bush is doing preserves free enterprise - much the same way taxidermy preserves birds, polar bears and an occasional bandicoot.
Posted by: John W. | October 15, 2008 2:28 PM
When will we admit to ourselves that the " free enterprise " system is a figment of a capitalist's imagination ?? When was the last time anything was free in America's economic system !!!? Even the Utilities, actual monopolies, were created or evolved into the illusion of " free enterprise ", with shareholders and all !! Our capitalism is so thoroughly interlaced with socialistic supports that it is foolish to consider our economic system, capitalistic. It is another form of social darwinianism, the survival of the wealthiest, with all others; servants, lackeys or supplicants, waiting on the generosity of the the rich !!! Democracies were devised to avoid such divisions and such class warfare, but the old schools, be they the clergy or the " aristocracies", would not have anything to do with such revolutionary ideas. So, they went to work on capitalizing our democracy and look at the fine mess we find ourselves involved in, with the Greed of Wall Street and all !!! Our democracy is playing handmaiden to capitalism and our rights are disappearing by the year !! The corporations are winning the battle, soon we will be known as The Corporate States of America, if we aren't already, in parts of the world !!!!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | October 15, 2008 2:59 PM
Frank, given that history started 10 years ago to most people, I doubt seriously that the ad intended to portray gays as members of "The Village People." Most people don't remember The Village People. My guess (which I think is equally plausible) is that the cowboy was a reference to "Brokeback Mountain" and the leather boy was a caricature of "Mr. Slave" from South Park. Those are much more contemporary references to the same stereotypes.
Posted by: John W. | October 15, 2008 9:12 PM