So Bush has finally come around to admitting that the economy sucks. The economy has been stagnant at best for his entire tenure, and now we’re in the midst of a recession, with all signs that the Bush’s lassie-faire policies, especially with regard to regulation, have come home. The amount of debt in this country is serious. Contrary to Bush and his supporters, we do not have a “fundamentally strong” economy.
Bush said that he wasn’t going help out homeowners who are going to lose their homes because they can no longer afford their mortgage. Now these people shouldn’t have ever been loaned that money, and I reluctantly agree with that position. Freezing foreclosures is a dumb idea, because all it does is delay the inevitable.
But just today, the Fed protects out JP Morgan’s buyout of Bear Stearns. That is stupid. The government shouldn’t be bailing out these banks. They took leave of their senses, and made very very very bad decisions. They screwed up, and now they’re failing. The Invisible Hand™ works its magic. Of course, those promoting lassie-faire economic policies, aren’t really lassie-faire proponents at all. They just want all regulation help them. “Don’t get in my way to screw over everyone for a but, when I screw up, bail me out.”
This is stupid, and bad economic policy, and completely expected from the Bush and the modern Republican party. Afterall, government bailouts for bad business decisions run in the family.
