Why no mention of the role of the federal government in the meltdown?
The Bush administration and Congress have been on a bipartisan spending spree for years. Deep deficits, a weak dollar, virtually no oversight of Fannie and Freddie, and on and on, and yet, Bush offers us the government as savior instead of suspect.
In his speech on 09.24.08, Bush said:
"I'm a strong believer in free enterprise. So my natural instinct is to oppose government intervention. I believe companies that make bad decisions should be allowed to go out of business. Under normal circumstances, I would have followed this course. But these are not normal circumstances. The market is not functioning properly. There's been a widespread loss of confidence. And major sectors of America's financial system are at risk of shutting down."
If he is a strong believer in free enterprise, then why is he acting like a socialist? And when he says "The market is not functioning properly," he is saying that he knows better than the untold millions of savvy investors - large and small - who are voting with their wallets to indicate their deep concern.
In other words, the market, in these bad times, is functioning EXACTLY the way it should when the public has such little faith in the Republicans and Democrats who have done much to cause this mess. They are the PROBLEM - not the solution
W. and the Ds are a disgrace.
President's Address to the Nation (09.24.08)
9:01 P.M. EDT
THE PRESIDENT: Good evening. This is an extraordinary period for America's economy. Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money.
http://www.whitehouse.gov/news/releases/2008/09/20080924-10.html
