Bush: Financial system reforms are 'essential'
(WASHINGTON) President George W. Bush, in a run-up to an international summit on the economic crisis, said Friday that reforms to improve oversight and transparency of the financial system were essential, but warned against too much government intervention in the markets.
In his Saturday radio address, which the White House released earlier than usual, Bush pleaded for patience from the American people. He said nations around the world were responding to the financial emergency with bold measures, but that it will take more time to get through the crisis.
"Our actions are having an impact," Bush said. "Credit markets are beginning to thaw and businesses are gaining access to essential short-term financing. It will require more time for these improvements to fully take hold and there will be more difficult days ahead, but the United States and our partners are taking the right steps to get through the crisis."
The summit begins with a working dinner at the White House Friday night attended by Bush and about 20 leaders from the major industrialized nations and emerging economies. Bush said he would work with the leaders to agree on underlying principles that will guide financial system reform, such as making markets more transparent and ensuring that markets, firms and financial products are properly regulated.
"At the same time, we must recognize that government intervention is not a cure-all," he said. "While reforms in the financial sector are essential, the long-term solution to today's problems is sustained economic growth. And the surest path to that growth is free markets and free people."
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Posted By: C. MacLean @ 11/13/2008 4:48:03 PM
Comment: "Our aim should not be more government..." This from the man who gave us the bureaucratic nightmare called Department of Homeland Security, and is spending 10 billion dollars a month in Iraq.
"It should be smarter government," Bush said. This from the man who told us "Mission Accomplished" but still hasn't managed to get Osama bin Laden.
Bush is irrelevant - nobody cares what he says or to whom.
The important question about the Bush administration in these final days is - where is Dick Cheney, and what is he doing behind the scenes to sabotage America?
Posted By: nimodahooligan @ 10/10/2008 1:27:29 PM
Comment: no president, no one person is responsible. the entire nation is responsible for the global market meltdown and sell off...tis everyones fault because we being the materalistic and capitolistic society we are, lived off the credit system, lived beyond our means for too long, and pushed for all the other biggest governments on the planet to do the same as us. in turn every country wishing to be "modern" or "westernized" did a monkey see monkey do trick...and here we are. this idea of a "free market" is what perpetuated this whole problem. no regulations, no rules if your pockets are big enough. and i think its oddly coincidental that the top countries are now buying ownership in they're financial sectors and large banks...call me crazy but that makes me unseasy to have the government owning and controling even MORE of my money...something tells me having power and greed hungry politicians taking control of the problem they helped create is also a VERY bad idea...bush is a moron, mcsame is a moron, obama is a moron (but cool and collected, calm. what a world leader should be when having access to the largest stockpile of the worlds most powerful weapons and dealing with rogue nuclear capable nations as well)...regardless they are all cheats, all career politicians out to make a buck and a name for themselves. republicans are no longer the "conservitives" they used to be, and democrats arent the same that they used to be...its a new world and its time to have some more choices, and im pretty sure that was the point our founding fathers were trying to make with democracy, its a choice of many, not 2. then its 50/50 if things go bad or good. i would rather broaden those chances personally. but what do i know.
Posted By: nimodahooligan @ 10/10/2008 1:13:24 PM
Comment: of course anxiety is making the problem worse...because or entire financial system is based on consumer confidence...thats a bad idea in the first place...i dont need Bush to tell me that...thats why its called a meltdown you monkey