Chris' Original Blogbeque

A fresh, vinegar-based examination of life

Pres. Bush’s speech on the economic bailout Sept 24, 2008

Posted by Chris on September 27, 2008

From the White House web site:

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.

The government’s top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold:

More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account The value of your home could plummet. Foreclosures would rise dramatically And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And ultimately, our country could experience a long and painful recession.

Ima this, Ima that.  Iva had enough of that!  I made a rhyme!

This language really annoys me.  As president, I would have to make many tough decisions.  Things aren’t black and white.  I’d have to do or support or reluctantly compromise on things I wouldn’t like.  But it seems like GWB has had to compromise a little too much.

Most economists, wall street types, politicians, etc… think the government needs to do something (although many disagree with the original proposed $700B plan, which now seems to be off the table).  So I have no problem with him going against his normal desire to support free enterprise… but how many times does this have to happen?  This isn’t the first time.  Bush has not stuck with orthodox conservative economic policy.  Some liberals and progressives might celebrate that but as a fiscal conservative, I am disappointed and I’m more annoyed by the larger integrity issue.

Furthermore, federal government intervention in general has increased way too much under his watch.  It may not have been his idea but he’s been at least an approving bystander.  Then, he paints such a bleak picture as if those things are certain to happen if the government does nothing, but will not happen if we act quickly.

Look, either being president is hard and you have to make tough decisions in gray areas, or it’s easy and you just make black and white decisions in accordance with your ideological view.  In fact sometimes it’s both, but let’s not act as if it’s both at the same time.  That’s really not helpful.

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