U.S. President George W. Bush said government intervention was necessary to solve the problems roiling the financial markets, calling it a "pivotal moment for America's economy."I do hope that we have heard the last from conservatives about government being the problem, and not the solution.
"We must act now to protect our nation's economic health," Bush said after plans were unveiled to address financial institutions' toxic mortgage debt. "Given the precarious state of today's financial markets and their vital importance to the daily lives of the American people, government intervention is not only warranted, it is essential," he said at the White House. Bush said it was important to address the root cause behind market instability, adding that the United States needed a program to buy illiquid assets from banks and other financial institutions.
It's funny how these invisible-hand-worshipping free marketeers are never willing to let the market decide that they should have to live with the consequences of their failures.
When there are billions to be made, government intervention in the market is evil.
When the bottom falls out, government doesn't look so bad, all of sudden.
They don't want any restrictions on their ability to manipulate the market for short-term profit, but have no problem letting taxpayers foot the bill for the cleanup.
Sweet scam.
