Gothamist: Bush Talks Economy with G7: "We Will Come Through It Together"

Bottomless Chips

Sun, 12 Oct 2008 09:57:07 -0500

At least this will thin the ranks of the "free market solves everything" crowd a little. ...except that the free-market would've solved all of this. The major root cause was the Fed setting the federal funds rate way too low post-2001. This led to all the malinvestment and other frauds with mortgage securities and derivatives. If the market set the rates, we wouldn't have seen such a crisis. The "blame capitalism" people are coming out of the woodwork when the US is hardly capitalist. Yes, our economy is built on 69% consumption, but that figure doesn't account for the tens of trillions of entitlements for our social programs---which socialize the costs amongst all of us and are the opposite of capitalism. If anything, this is a failure of Keynesian economics and central planning. The G8 stuff is funny, though. If I could only be a fly on the wall. "Hey, things are bad." "Yup." "Want to cut interest rates?" "Sure." "Sounds good. Let's eat."

NannyState

Sat, 11 Oct 2008 22:02:22 -0500

^ Heh heh!

Spiritof76

Sat, 11 Oct 2008 16:01:54 -0500

Just so everybody knows, that top picture is not out of focus. Dubya really is that fuzzy-headed.

Roquentin

Sat, 11 Oct 2008 14:08:15 -0500

Sure, banks hold a lot of power in the US, but you have to admit the Bushb administration didn't even try to regulate or control them. Well, at least not until it was too late for it to matter. I always thought the Bush administration would fall hard in the second term, but I didn't think they'd fall this hard. At least this will thin the ranks of the "free market solves everything" crowd a little.

Amanda Harlech

Sat, 11 Oct 2008 14:01:53 -0500

"that the actions of one country do not contradict or undermine the actions of another"...the total opposite hasn't that been the nationalist policies of republicans?! We americans (private power only that is)first? Now the governments become useful regulators in the brink of hell? Morons! and yeah...the response by McCain is resist change by appealing to racist fear and populism...How close can you get to fascism? Nationalism through supremacist values based on dogmatic and proven harmful policies of superiority based on faith and bullshit.

Shinobi Shaw

Sat, 11 Oct 2008 13:44:37 -0500

The Bankers have been celebrating lately!, y'all have heart of AIG partying, recently BARCLAYS CAPITAL threw a ridiculously expensive banquet amidst this crisis. They are in a celebratory mood, they are loving this consolidation of power.

Fritzdecat

Sat, 11 Oct 2008 13:05:19 -0500

Oh Good old Bush...One day he tells the rest of old Europe to piss up a rope and the next day hes Mr. Kooombaya. This would be funny if it wasn't such a desperate dangerous situation

tingo

Sat, 11 Oct 2008 12:26:56 -0500

World government.

blablanyc

Sat, 11 Oct 2008 12:06:32 -0500

No. Lately we have been finding out how little power government has on the economy during a financial crisis. The Fed and Treas pulled some many tricks out of their arses the past month and it had zero effect.

Amanda Harlech

Sat, 11 Oct 2008 12:02:57 -0500

SO BIG GOVERNMENT does work for covering shit wholes after all?!?!! Fck CREEPUBLICANS in their infinite hypocritical nationalist/populist bullshit!!!

ides_of_march

Sat, 11 Oct 2008 11:50:29 -0500

"worst president ever. whoever voted for bush should be ID'd" The banks have run this country and most of the world a long time now. They're just more brazen lately. It doesn't matter who is in office, they still pull the strings. Like good illusionists, they keep your eye distracted by getting you to fixate on one politician or party.

blablanyc

Sat, 11 Oct 2008 11:39:39 -0500

I'd like to see how they are going to pull this off. The credit markets are frozen. The CDS market is insane. Businesses and countries can't get any money.

babyhitler

Sat, 11 Oct 2008 11:22:58 -0500

worst president ever. whoever voted for bush should be ID'd and made to wear badges with Bush on them. Then they should be rounded up and sent to concentration camps while an old lady screams "BUSH" to them like the old lady who screamed "JEW" in Schindler's list.