Saturday, November 15, 2008

Bush: Path to Growth is Free Markets and Free People

It's a shame that no one is paying much attention to President Bush anymore. Watching a lame duck attempt to assert their relevancy can be painful to watch. But he gave a great speech here in Gotham just this past week about the state of the world economy and what the future holds in store. The speech, ahead of a highly trumpeted gathering of the world's economic powers to discuss the current economic crisis, should be one for the books. However, since we cannot count on the Obamedia to report on the speech with the contextual credit it deserves, I am passing along this link to its text.

Here are some worthy excerpts:

All these steps require decisive actions from governments around the world. At the same time, we must recognize that government intervention is not a cure-all. For example, some blame the crisis on insufficient regulation of the American mortgage market. But many European countries had much more extensive regulations and still experienced problems almost identical to our own....There is a clear lesson: Our aim should not be more government - it should be smarter government.

Free market capitalism is far more than an economic theory. It is the engine of social mobility - the highway to the American Dream.... [I]t 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 I-Pod.

Meanwhile, nations that have pursued other models have experienced devastating results. Soviet communism starved millions, bankrupted an empire, and collapsed as decisively as the Berlin Wall. Cuba, once known for its vast fields of cane, is now forced to ration sugar. And while Iran sits atop giant oil reserves, its people cannot put enough gasoline in their cars.

The record is unmistakable: If you seek economic growth, if you seek opportunity, if you seek social justice and human dignity, the free market system is the way.

Can I get an Amen?

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