Tuesday, October 14, 2008

Bush on the Bernanke Plan

George Bush today confirmed a $250 billion plan by the US government to buy shares directly in the nation's leading banks.

The President said the drastic steps were "not intended to take over the free market but to preserve it."

[Shaking head...] That's exactly what the Republicans have been saying for generations. (Democrats, too, often. FDR claimed to be attempting to preserve capitalism. Contemporary Democrats are, in an odd quirk of fate, more honest.) From the anti-trust laws to Sarbanes-Oxley to the present horrific endeavors, always the 'solution' is more government interference.

It is with a cry from the heart, then, that I have to agree with Zingales and others that we must save capitalism from the (faux) capitalists.

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