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post #1 of 33 (permalink) Old 11-14-2008, 12:11 PM Thread Starter
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Bush Shows Obama the Way...

The president reminds the president-elect that free-market capitalism is the best path to prosperity.

President George W. Bush came out fighting for free markets with a strong and stirring defense of American capitalism on the eve of the G-20 World Economic Conference. Stocks soared 550 points Thursday as Bush’s luncheon speech was played live on all the major cable networks. It was as though Mr. Bush was trying to leave an economic-primer to his successor-elect Barack Obama. Markets cheered because it’s the best thing they’ve heard in many weeks.

Here’s one of several great passages from Bush: “At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity — the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.”

In other words, free-market capitalism is the best path to prosperity.

During a gloomy period of financial crisis, recession, big-government rescues, and ailing banks and industrial companies, Bush has provided a strong visionary dose of big-picture economic prosperity and optimism that can lead the U.S. and the rest of the world out of its economic doldrums.

Here’s another uplifting passage from Mr. Bush: “Free-market capitalism is far more than an economic theory. It is the engine of social mobility — the highway to the American Dream. And it is what transformed America from a rugged frontier to the greatest economic power in history — a nation that gave the world the steamboat and the airplane, the computer and the CAT scan, the Internet and the iPod.”

Capping all this off, Bush said, “The triumph of free-market capitalism has been proven across time, geography, culture, and faith. And it would be a terrible mistake to allow a few months of crisis to undermine 60 years of success.”

That reference to 60 years harkens back to the original post-WWII economic-rebuilding conference held in Bretton Woods, N.H., in July 1944. At that historic meeting, the U.S. and Britain led 170 delegates from around the world into a new era of free markets, free trade, and stable currencies. It was a conference of global coordination that broke down the isolationist and protectionist sentiments that upset the world order so badly during the prior 15 years.

Ultimately, the free-market system forged at Bretton Woods, which was in no small way predicated on economic prosperity, led to a triumph of Western values over Soviet state socialism. And it was President Reagan — along with his friend, British Prime Minister Margaret Thatcher — who applied the final blow to the now-defunct Soviet system with his rejuvenation of free-market capitalism.

So what George W. Bush seems to be saying is this: Do not discard that triumphal system just because we’ve had a rough year in the financial markets and the economy.

In a few weeks Barack Obama will inherit the mantle of the capitalist system. What will he do with this responsibility? That’s the question being asked everywhere.

Since the election, and up until President Bush’s important G-20 speech, stock markets sold off nearly 15 percent. Investors want to know if economic rewards will be encouraged or penalized. Will trade remain open and free? Will we maintain competitive businesses that can compete worldwide? Or will we resort to the protection of ailing or failed businesses?

Will the U.S. lurch toward the semi-socialism of Old Europe? Or will we stay with free-market capitalism? Will we expand the nanny-state economy? Or will we keep the door wide open to entrepreneurial spirit and gales of creative destruction?

Investors want to know which way President-elect Obama is going to go. Might he reach back to the Democratic pro-growth supply-side policies of John F. Kennedy’s tax cuts, free trade, and strong dollar? Will he opt for Bill Clinton’s free-trade and strong-dollar policies, or even his capital-gains tax cut? Or will he fall back to the hopeless government tinkering of Jimmy Carter or the welfare-statism of Lyndon Johnson?

I’m keeping an open mind on Mr. Obama during this post-election honeymoon period. After all, he stole the tax-cut issue from Sen. McCain during the election. And surely he knows the conservative red states that joined his campaign for change didn’t vote for a leftward lurch to socialism lite.

Mr. Obama has a huge opportunity and an outsized responsibility to mend and revive the economy. It may be too much to ask, but perhaps he will give President Bush’s marvelous speech a close read. There is much wisdom there. And there is no iron-clad reason why a Democrat can’t adopt the economic-growth model that has worked so well and so long for this country.

Bush Shows Obama the Way by Larry Kudlow on NRO Financial

Don't believe everything you think
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post #2 of 33 (permalink) Old 11-14-2008, 12:16 PM
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Free market capitalism may be the key to prosperity, but stupidity and incompetence are not.

I am sure that millions people who now have negative equity in their homes and have about 50% of their 401k balance left, and all those without a job are simply ecstatic at the prosperity that G.W. Bush has created.

Last edited by p100; 11-14-2008 at 12:22 PM.
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post #3 of 33 (permalink) Old 11-14-2008, 12:40 PM
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Free market capitalism may be the key to prosperity, but stupidity and incompetence are not.
Unless you're George W. Bush, of course.
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post #4 of 33 (permalink) Old 11-14-2008, 12:52 PM
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I think the key phrase was "Whatever abuses led to the crisis, the lesson is not that more government is needed, Mr. Bush said, but rather a need for “smarter government”.

That part is coming in just 67 days.

Otherwise the Economic meanderings of a President who failed the entire country with his inept decision making, trickle down economics and indecisiveness to act once people told him there was a problem are totally irrelevant.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #5 of 33 (permalink) Old 11-14-2008, 12:54 PM
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"The president reminds the president-elect that free-market capitalism is the best path to prosperity." JAY


Oh Jay! You are the king of irony!
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post #6 of 33 (permalink) Old 11-14-2008, 03:11 PM
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That's just plain wrong at all level. Bush, who single handedly ruined the economy gave economic advise? What makes him think anyone wold even pay him any attention?

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post #7 of 33 (permalink) Old 11-14-2008, 03:40 PM
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That's just plain wrong at all level. Bush, who single handedly ruined the economy gave economic advise? What makes him think anyone wold even pay him any attention?

OK, how did Bush "ruin" the economy?
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post #8 of 33 (permalink) Old 11-14-2008, 03:48 PM
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OK, how did Bush "ruin" the economy?
By bringing a can do attitude to the Clintonian-Gingrichian school of government.

-Marty


"...pour out of one vessel into another; and as those old Romans robbed all the cities in the world, we skim the cream of other men's wits, pick the choice flowers of their tilled gardens to set our own sterile plots."
-a Richard Burton

Last edited by A264172; 11-14-2008 at 04:44 PM.
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post #9 of 33 (permalink) Old 11-14-2008, 03:53 PM
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Seen the deficit lately? You think the quasi-genocidal slaughter of foreigners is cheap?

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #10 of 33 (permalink) Old 11-14-2008, 04:26 PM
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Seen the deficit lately? ...
Those other guys thought they could spend but they didn't have the balls.

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"...pour out of one vessel into another; and as those old Romans robbed all the cities in the world, we skim the cream of other men's wits, pick the choice flowers of their tilled gardens to set our own sterile plots."
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