Thursday, November 13, 2008

Bush Ends with Freedom & Free Markets

President Bush promised to do nothing about the free market excesses that brought the world to its financial knees. He failed to claim responsibility for America's role in the global financial debacle. A combination of incentive compensation fueled greed and leverage wound out the RPM's of America's economy until it overheated and the engine seized up.

But George W. did wave the flag for free markets, just days after his administration shifted the use of the $700 billion bailout money. The government won't buy toxic assets to deal with the looming financial meltdown, the one that caused our President to leave his free market footing. Hank Paulson plans to invest the money to shore up financial firms of all stripes.

He noted a few things that I found untrue. For one, he said Americans can buy the goods they want. I have a desire not to buy any food or medicines produced in China or made with Chinese supplied ingredients. Currently, I am unable to exercise this choice due to a lack of consumer information.

Bush's free markets and free trade are full of buyer beware. But hey, we live in a free country, with all kinds of rights. They don't include the right to sue a pharmaceutical company for injuries specified on the product label, the right to get an answer from White House officials, or the right to habeas corpus should a citizen be accused of terrorist activity.

George W. gave a speech for his legacy. It was like his Presidency, "all hat and no cattle."