Bush says coordinated action saved world economy

Business Week ^

[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.

[rcrngroup]

George Bush's problem was he was willing to make a Faustian deal with likes of Ted Kennedy. We live to to regret it.

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!!!

[hope]

You can that the trilateralist MFer’s like GWB...

[blackbart.223]

"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!!!"

And look we have as a result now.

[blackbart.223]

"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.

[TChad]

I wish President Bush a long, healthy RETIREMENT from political life, while others try to repair the damage he did to American conservatism.

[nathanbedford]

I think most FReepers are well aware that I am no uncritical fan of George Bush. I posted lengthy and vituperative reply and even vanities complaining of his leadership and his spending. But I think the man is getting a bad rap on this thread on this issue.

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?

[dcwusmc]

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.

[djsherin]

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.

[DoughtyOne]

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!

[nathanbedford]

My apologies to the thread for the duplication within the post.

[Swing_Thought]

Do you know of any studies since the events which come down one way or the other?

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.

[TheThinker]

I don't know what Bush was thinking. I think part of it was that he didn't want to be the next Herbert Hoover. He seems to have succeeded in putting some room btw himself and the growing crisis that the Obama administration continues to ignore. I don't think Obama was going to be stopped, regardless.

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?

[Bobalu]

[meadsjn]

Two decades of manipulated “Free Trade” destroyed the economy.

[element92]

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.

[JoSixChip]

He must be drinking again.

[Wpin]

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.

[FreeStateYank]

"...that the interjection of capital..."??? Bless him, I think he meant injection of capital. Had a lot of issues with Bush the Younger, but I certainly prefer him to Zero. The current resident at PA Ave has sent the economy on a death spiral, has the middle class up at night with stress, is divisive and plain scary.

[HiTech RedNeck]

Go away, George.
Go away, Barack.

[wastoute]

Hard to say what would have happened but IMHO had Bush done nothing we would now be at the bottom and putting things back together. I am with Denninger and Zero Hedge in that we are still going to end up at that same bottom but all we have done with TARP and the bailouts is delay that landing and by pulling money back from the future made the road out steeper. Just sayin'...

I think Bush panicked when Paulson came to him and forgot that (apparently) some had warned him against Paulson previously.

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