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Thread: Bush warns of threats to freedom, economic growth

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    Bush warns of threats to freedom, economic growth

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    Originally published 03:00 p.m., November 12, 2009
    Joseph Curl

    Former President George W. Bush, outlining plans for a new public policy institute, on Thursday said America must fight the temptation to allow the federal government to take control of the private sector, declaring that too much government intervention will squelch economic recovery and expansion.
    With the Obama administration establishing far-reaching controls in the auto, real estate and financial sectors, Mr. Bush said that "the role of government is not to create wealth, but to create the conditions that allow entrepreneurs and innovators to thrive."
    "As the world recovers, we will face a temptation to replace the risk-and-reward model of the private sector with the blunt instruments of government spending and control. History shows that the greater threat to prosperity is not too little government involvement, but too much," said Mr. Bush, who has remained largely out of the limelight since leaving office and rarely criticizes his successor.
    Delivering a speech on the campus of Southern Methodist University in Dallas, future home to the George W. Bush Presidential Center, the former president sought to explain his decision to have the federal government intervene at the beginning of the economic downturn last fall.
    "I believe in the power of the free enterprise system, which made the decision I faced last fall one of the most difficult of my presidency. I went against my free market instincts and approved a temporary government intervention to unfreeze credit and prevent a global financial catastrophe," he said.
    While many economists credit that early action with halting the economic freefall, Mr. Bush said the only answer to returning America to prosperity is to remove government controls on the private sector and continue to force open markets to U.S. goods.
    "Trade has been one of the world's most powerful engines of economic growth, and one of the most effective ways to lift people out of poverty. Yet a 60-year movement toward trade liberalization is under threat from creeping protectionism and isolationism," Mr. Bush said.
    Bush admits it was a mistake to have govt overinvolved in the private sector (i.e., bailouts).
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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by American View Post
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    Bush admits it was a mistake to have govt overinvolved in the private sector (i.e., bailouts).
    Nice, maybe he should admit that his lack of oversight, regulation and transparency lead in part to the problem as well.
    PeteEU

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    Re: Bush warns of threats to freedom, economic growth

    I guess that after causing the mess we're in, Bush should be considered an expert.

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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by WillRockwell View Post
    I guess that after causing the mess we're in, Bush should be considered an expert.

    Yes, and ramping up handouts, and freebies with regards to the CRA and forcing banks to loan to people they knew damned well couldn't afford the homes they were underwriting had NOTHING to do with it.

    Investigating the regulators instead of the heeding what they had to say about the situation, then proclaiming to the rest of us that things were strong, while they took 'sweetheart deals' from the CEO's of those making money hand over fist, Yeah, nothing wrong there.

    Get outta here with this lay everything at Bush's feet crap. Did he do some things in the financial sector that didn't help? hell yes. Is he alone responsible for the collapse? NO!!!!! When you are intellectually honest enough to say the 'the ONE' has blown into office on the promises of empty pledge, and to date spent, or wants to spend 4 to 5 times what Bush did in his entire Presidency. When you can say that Obama has a plan for change that involves destroying the United States as we know it. Then maybe we have the start of an honest debate. Until then, talking points are tiresome.


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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by j-mac View Post
    Yes, and ramping up handouts, and freebies with regards to the CRA and forcing banks to loan to people they knew damned well couldn't afford the homes they were underwriting had NOTHING to do with it.

    Investigating the regulators instead of the heeding what they had to say about the situation, then proclaiming to the rest of us that things were strong, while they took 'sweetheart deals' from the CEO's of those making money hand over fist, Yeah, nothing wrong there.

    Get outta here with this lay everything at Bush's feet crap. Did he do some things in the financial sector that didn't help? hell yes. Is he alone responsible for the collapse? NO!!!!! When you are intellectually honest enough to say the 'the ONE' has blown into office on the promises of empty pledge, and to date spent, or wants to spend 4 to 5 times what Bush did in his entire Presidency. When you can say that Obama has a plan for change that involves destroying the United States as we know it. Then maybe we have the start of an honest debate. Until then, talking points are tiresome.


    j-mac
    no bank was never forced to lend money to people who didn't qualify. are you at all familiar with CRA? it's ridiculous to write that, and it's ridiculous to believe that. THAT'S intellectually dishonest.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by liblady View Post
    no bank was never forced to lend money to people who didn't qualify. are you at all familiar with CRA? it's ridiculous to write that, and it's ridiculous to believe that. THAT'S intellectually dishonest.

    So, when I lived in Baltimore, and watched as ACORN would gather shower banks with threats, then meet with them and all of the sudden loans were freed up in those neighborhoods, there was no coercion right? Or when demo members of congress were threatening banks with the force of the US Congress to make more loans, and then selling Fannie and Freddie as quasi Government entities, and telling regulators to back off, yeah that's ok eh?


    pfft!


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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by j-mac View Post
    So, when I lived in Baltimore, and watched as ACORN would gather shower banks with threats, then meet with them and all of the sudden loans were freed up in those neighborhoods, there was no coercion right? Or when demo members of congress were threatening banks with the force of the US Congress to make more loans, and then selling Fannie and Freddie as quasi Government entities, and telling regulators to back off, yeah that's ok eh?


    pfft!


    j-mac
    again, no bank was ever forced to make a loan. seriously. and please, please remember who boasted about the level of home ownership under his administration.


    greed drove those loans. pure greed. it's not so much that people couldn't afford the loans when they were made, it's that when refinance time came the property values had plummeted.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by The Man Who Lied Us Into War
    America must fight the temptation to allow the federal government to take control of the private sector
    Name the elected officials who are advocating for the federal government to take control of the private sector.

    too much government intervention will squelch economic recovery and expansion.
    Give us a few examples of present government intervention that will squelch economic recovery and expansion.

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    Re: Bush warns of threats to freedom, economic growth

    Quote Originally Posted by liblady View Post
    again, no bank was ever forced to make a loan.

    Sorry, you are just plain wrong about this.

    If you still doubt the role of the Community Reinvestment Act in encouraging lax lending practices, you should check out this 1996 pamphlet published by the Comptroller of the Currency. It discusses "some activities undertaken by small national banks that demonstrate exemplary performance under the Community Reinvestment Act." Those activities now look a lot like the creation of toxic loans.

    How The Government Used The CRA To Push Crappy Lending Standards

    and please, please remember who boasted about the level of home ownership under his administration.

    yes, and who was smacked down when he offered any change to the system that was making these loans?


    [ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=player_embedded"]YouTube- Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]


    greed drove those loans.

    partially yes. But greed alone was not the enabler of those who wanted to give their constituents something they couldn't afford, regardless of the damage that would do. That was demo's.


    it's not so much that people couldn't afford the loans when they were made

    Really? So qualifying to by a half million dollar home with no proof of income, and then buying the house on an interest only bubble loan was affordable? When?


    it's that when refinance time came the property values had plummeted.

    If the home was affordable to them when they purchased it, there shouldn't have been a need to refi it.


    j-mac
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    Re: Bush warns of threats to freedom, economic growth

    "the role of government is... to create the conditions that allow entrepreneurs and innovators to thrive."
    That's only one of the many roles of government in the economic affairs of the Nation.

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