RINO Bush: "I believe because of close coordination and the willingness to act in the face of financial danger that the interjection of capital into the financial system helped save our economies."
Posted on 10/13/2009 10:09:18 PM PDT by Chet 99
Coordinated international action helped save the world from the financial crisis that erupted last year, former President George W. Bush said Wednesday.
"We intervened early, we intervened aggressively and we intervened together," Bush told the World Knowledge Forum, an annual conference sponsored by a South Korean business newspaper. Bush added that it remains unknown what would have happened had action not been taken.
"I believe because of close coordination and the willingness to act in the face of financial danger that the interjection of capital into the financial system helped save our economies," Bush said.
(Excerpt) Read more at businessweek.com ...
Obama is so bad that I sometimes forget about what I did not like about Bush. Here’s a reminder.
So here Bush admits he doesn't really know if he/they saved anything and they may well have wasted tens of trillions of dollars.
The financial collapse was orchestrated for a political agenda. That’s the fact Jack.
ping
Bullcrap. The worst is yet to come. Now the bad players are only bigger and deeper in bed with government.
Sure, get me upset at 1:11am just as I am turning off the lights, LOL
Message to GWB : “coordinate this you AH” (making a hand sign to him)
RINO Bush: "I believe because of close coordination and the willingness to act in the face of financial danger that the interjection of capital into the financial system helped save our economies."
Well George, maybe from where you sit and what you knew. But from where We the People sit and what we know, all you politicians in DC were and still are the problem.
George Bush's problem was he was willing to make a Faustian deal with likes of Ted Kennedy. We live to to regret it.
Exactly! I thought to myself, “you really don’t miss him...you just think you do because his successor is so bad.”
Bush has done so much damage to conservatism and free markets. It’s a shame really. What’s really frustrating is that people can’t see the similarities between what Obama is doing and what Bush did to the economy (Obama is worse, but that doesn’t mean Bush was practicing laissez faire capitalism).
Bush, on this, you are full of crap.
You could name a lot of other Republicans as well. Any Republican that offers some BS bipartisan counter offer to this health care nonsense should be booted out of office. The federal government has no authority to stick it's nose into this matter.
Sickening
(Of course, I still believe in the tooth fairy too.)
Still kicking myself in the ass over that one ...of course as usual, what was the alternative...we need to kill the alternative!
We’ve fallen off the cliff. It is just going to be awhile before we actually crash at the bottom, but crash we will.
GW Bush collaborated with fatso killer Ted Kennedy on more than occasion. Ted Kennedy wrote the socialist "No Child Left Behind" debacle for Bush, and then proceeded to lambast GW Bush when the idiotic bill didn't work as intended. Of course Bush allowed Kennedy to pound him for 8 years, and never rebuted or answered back. Such is the life of panderer, appeaser, capitulator GW Bush!!!
You can that the trilateralist MFer’s like GWB...
And look we have as a result now.
And look what we have as a result now. It's late.I'm pissed off and I made a mistake.
I wish President Bush a long, healthy RETIREMENT from political life, while others try to repair the damage he did to American conservatism.
Here are two posts, the first in which was published on September 30, 2008 in an attempt to balance ideology and practicality. To this day I do not know if the bailout done under Bush was well-founded or not. I suspect no one was published on this thread knows either.
The second post was published with the perspective of time.
I have not yet posted on the wisdom of the bail out because, frankly, I do not know what to say. I do not know what to say because of the things I do not know. First, I do not know if the bailout plan will work. Second, I do not know if the entire world system will crash without such a plan. Third, I do not know what the odds are of either a successful bailout or a world crash so I cannot weigh the severity of potential harm against the likelihood of the harm occurring.
I know what my ideology is, I am opposed to government meddling in the economy on the way up and on the way down either by picking winners or by rescuing losers. On the other hand, I recognize the extreme danger to the very survival of my ideology should the country descend into a depression. I am well read enough to know about the Great Depression and what it did to other democracies around the world and how close our own American democracy came to descending into communism. So, I do not know in which direction lurks a greater danger to the ideal of conservatism.
I do know that the Constitution as written prohibits virtually every facet of the proposed bailout plan. I know that no federal court that I can think of will conceivably declare any part of the plan to be repugnant to the constitution. Therefore, I know I cannot rely on the courts to protect the Constitution. However, I also know that the political will will triumph regardless of the Constitution and it is bootless to fall on one's ideological sword to no purpose.
I do not know what it is like to live through a depression although my father has described what it was like in the rural South when people literally had no money and had to contrive a barter economy. On the other hand, I do not know what it is like to live through a raging inflation such as was sustained here in Germany during the Weimar and even today in Zimbabwe. I do not know if doing nothing will generate a depression. I do not know if these bailouts will generate hyperinflation.
I do know that if abandoning my ideology long enough to countenance the bailout would save the country from a depression, I would do it in a heartbeat.
I am not sure that those people on these threads who on claim to know the answers to all these questions really know what they're talking about. I do not know if they are so sure about their facts only knew because they are so certain in their ideology. I do not know all if those people who are so certain in their bailout do so because otherwise their ox gets gored. So I do not know how to come down on one side or the other based on the motives of the partisans on either side of the bailout question. I simply do not know what their motives really are.
I do know that economics is called the dismal science and now I know why.
Given the state of my ignorance, I am going to embark on a new course, I am going to practice humility.
I have not yet posted on the wisdom of the bail out because, frankly, I do not know what to say. I do not know what to say because of the things I do not know. First, I do not know if the bailout plan will work. Second, I do not know if the entire world system will crash without such a plan. Third, I do not know what the odds are of either a successful bailout or a world crash so I cannot weigh the severity of potential harm against the likelihood of the harm occurring.
I know what my ideology is, I am opposed to government meddling in the economy on the way up and on the way down either by picking winners or by rescuing losers. On the other hand, I recognize the extreme danger to the very survival of my ideology should the country descend into a depression. I am well read enough to know about the Great Depression and what it did to other democracies around the world and how close our own American democracy came to descending into communism. So, I do not know in which direction lurks a greater danger to the ideal of conservatism.
I do know that the Constitution as written prohibits virtually every facet of the proposed bailout plan. I know that no federal court that I can think of will conceivably declare any part of the plan to be repugnant to the constitution. Therefore, I know I cannot rely on the courts to protect the Constitution. However, I also know that the political will will triumph regardless of the Constitution and it is bootless to fall on one's ideological sword to no purpose.
I do not know what it is like to live through a depression although my father has described what it was like in the rural South when people literally had no money and had to contrive a barter economy. On the other hand, I do not know what it is like to live through a raging inflation such as was sustained here in Germany during the Weimar and even today in Zimbabwe. I do not know if doing nothing will generate a depression. I do not know if these bailouts will generate hyperinflation.
I do know that if abandoning my ideology long enough to countenance the bailout would save the country from a depression, I would do it in a heartbeat.
I am not sure that those people on these threads who on claim to know the answers to all these questions really know what they're talking about. I do not know if they are so sure about their facts only knew because they are so certain in their ideology. I do not know all if those people who are so certain in their bailout do so because otherwise their ox gets gored. So I do not know how to come down on one side or the other based on the motives of the partisans on either side of the bailout question. I simply do not know what their motives really are.
I do know that economics is called the dismal science and now I know why.
Given the state of my ignorance, I am going to embark on a new course, I am going to practice humility.
Here's the second post:
I have often put myself in Bush's moccasins when he is told by his Secretary of the Treasury and the Chairman of the Federal Reserve that if he does not act within hours the entire financial system of the Western world will crash, that nation will be devastated, millions will be thrown out of work, that the implications extend even to starvation and rioting in the streets.
If one acts precipitously one sets a bad precedent and wastes a couple of hundred billion dollars. On the other hand, if one fails to act when required, the consequences are horrible. You cannot investigate the situation and determine who is right in a few hours available, you can only look into the eyes of the man who implore you to act and hope what your read is more accurate than when you looked into Vladimir Putin's eyes.
Given that scenario, I think I would have made the same choice Bush made.
Do you know of any studies since the events which come down one way or the other?
It’s hardly derangement to accept that Bush was one of the major players in this disaster.
On the OTHER HAND, I WOULD consider it derangement to continue to DEFEND the indefensible, as your post might tend to imply.
There is one thing the Feds can do. The interstate commerce clause was written to ensure free trade among the states (the word “regulate” mean to “keep regular”). Restrictions or bans imposed by one state on another states health care provider should be prevented. But instead, they’ll use the interstate commerce clause to control weapons and they’ll continue to let states enact barriers to free trade.
There’s certainly a lot the Feds could do to get OUT of health care though. They have their hands in it at every corner.
Bush had a Republican Congress for six whole years, and didn’t find time to shame it into fixing the severely flawed lending practices that were sure to cause severe damage to our economic system.
I don’t get a kick out of giving Bush grief, but if he is going to continue to shoot his mouth off, I’m going to verbally kick him in the family jewels every time he does it.
His prescription addition to Medicare was another great society level program. His refusal to live up to his oath of office to protect the states from invasion, was grounds for impeachment.
His continuous demands that Israel use restraint when under attack made me furious at him.
This guy has no room to talk at all, and I wish someone who cares about the guy would clue him in. Shut the hell up George. When you figure out who was able to gain the leadership of our party after the shambles you left it in, I think you’ll welcome and abide by my advice here.
Just shut up!
My apologies to the thread for the duplication within the post.
The problem is that you can't put the economy in a laboratory and study it. You have to go with theory. Which is one good reason why government should stay out of the economy.
I've spent the better part of my free time during the last year studying economics, mostly out of self defense and in an attempt to help my family.
Most conservatives are free market oriented, even if only on gut instinct, and they are right to be so. But I've concluded that the one thing that most conservatives miss when considering economics is that our monetary system is not anywhere close to a free market system. Our monetary system is completely centrally planned. It's a blind spot with most everyone, because it's the only system we know. But it is the reason why we have booms and busts, and until we understand this fact we will continue to enjoy booms and suffer busts, and our leaders will continue to have to try to solve problems like those faced by Bush after the fact, rather than avoiding them in the first place.
As far as the addition of a supermajority of Dims, I think that we can blame Bush for not being conservative enough. Then again, would it have mattered with the corruption of ACORN, more mindless libs running around than ever before, and the idiotic campaigning of John McCain?
Two decades of manipulated “Free Trade” destroyed the economy.
Bush was a disaster for the Republican party,
and the US economomy.
with that said, the US economy has/had many problems
and those who would cause the economy problems.
He must be drinking again.
Thanks for posting the sane post on this thread. President Bush acted in the best interest of the people of the USA. Just as he always did. He never left the people, the people left him. I would like to learn more of how and why the huge run on savings accounts occured, I also think they were created. I just think they were created by the left for the election. But, by all indications President Bush (and the world) acted quickly and properly to avoid a total crash which would have left most on this thread without a pot to piss in. That is for real, not this depression-lite we are going through.
Go away, George.
Go away, Barack.
I think Bush panicked when Paulson came to him and forgot that (apparently) some had warned him against Paulson previously.
Please explain.
Does that mean all those Non Free market steps he took to save the Free Market can be put back in place now?
What preceded the economic collapse of the US in 2008, was the collapse of the US dollar. Guess what is happening right now, once again ?
I know there is widespread hatred and derision for what happened last year.
But let’s pretend (make it hypothetical if that helps). Let’s pretend that Bush is right, that he was able to pull together the world community to intervene. Assume that without that intervention the world economy would have collapsed. With that collapse, there would have been widespread poverty, starvation, hardship. Certainly it would have led to regional wars and conflicts as nations fought each other for dwindling resources.
We don’t believe the story, ok, but please, bear with me — the world community of socialists certainly believe that Bush’s work with the world community was necessary, and that it saved the world economy from collapse and the chaos that would follow.
Therefore, isn’t it the case that George Bush did MORE FOR WORLD PEACE in 2008 than anybody else, by this strong intervention?
And doesn’t that mean that Bush, and not Obama, deserved the 2009 Nobel Peace Prize for actions taken in 2008? Obama did NOTHING in 2008 to help world peace, after all, while according to this story Bush’s foresight and ability to bring the world’s leaders together saved us from world war 4.
However, I regard the Bush intervention as small potatoes next to the trillions squandered by Obama and that in a fraudulent cause. We could have survived very well and digested the Bush invention and I think we tend to conflate the few hundred billion that Bush used against Obama's literally uncounted trillions.
There is a difference in moral character as well. Bush was confronted with an emergency situation and he was told he must act within hours or the world would crash. Obama was not confronted with an emergency situation but he told the world that if they did not act it would crash.
According to news reports I have read there was a huge run on savings account in October, 08. Something like 500 billion dollars were withdrawn within a few hours. If this had continued we would have seen a collapse that probably would have exceeded what we saw in 1930’s. Like them or not we have to realize that financial industry is the life blood of our civilization. If it were to crash the depth of the resulting chaos and poverty would be incredibly bad. You would probably literally see millions homeless and starving. Unemployment would be much higher than it is now and price deflation would have been very fast.
I do not doubt that the run on savings actually happened, it is too big to keep fraud secret. I do question whether or not it was contrived by some on the left (Soro’s and pals) to help the far left win this past election.
We are at war from within and most conservatives do not understand that and are too apathetic to want to see the reality anyway. It is easier to blame government in general or both parties rather than see the democrat party as the enemy of America.
“IIRC the 500 billion you speak of was an overnight transfer of funds from CHinese Central Banks.”
I seriously doubt that...can you provide documentation?
There was a downturn in 1922 that corrected itself in pretty short order, precisely because the government (Harding) did nothing to intervene.
Government intervention always makes economic problems worse.
Every.
Single.
Time.
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