Please! Stop using that term! It is a LIE!
Setting a tone for an economic summit on his turf, President George W. Bush plans to tell world leaders that reforming financial markets alone won’t help if they abandon the free market and restrict trade.
Bush, in his comments to be aired in his weekly radio address to the nation, made public a day ahead of the G-20 Summit, also highlighted the need for broader reforms to adapt the international to the 21st century.
“And the answer is not to try to reinvent that system. It is to fix the problems we face, make the reforms we need, and move forward with the free market principles that have delivered prosperity and hope to people around the world,” he said.
But the broader focus is on the deteriorating economy, which has millions of people grappling to keep their jobs, their homes and their hopes. The most severe economic downturn in decades threatens to end Bush’s tenure on the most sour of notes before President-elect Barack Obama takes over.
To rally a more coordinated world response, Bush is convening representatives of some of the world’s biggest industrial democracies, emerging nations and international bodies in Washington. He will host the leaders at a White House dinner Friday and review causes and solutions for the financial mess Saturday.
In the short term, the world leaders are expected to focus on ways to stimulate economic consumption, free up credit and ensure that international financial institutions have the money to respond. Goals include making financial markets more open and less risky for millions of investors.
Some critics have blamed lax oversight and failures by regulators in the U.S. and elsewhere to detect problems before the current meltdown. It began with the collapse of the U.S. housing market, froze up credit lines and the broader financial sector and rippled overseas.
In the United States alone, the nation’s jobless ranks zoomed past 10 million last month, the most in a quarter-century, as 240,000 more people lost jobs. In the latest dire sign, American automakers say they are struggling to survive.
Just how many times do I need to say this….if the markets need reforming by governments then they are NO LONGER free markets! Calling them such does not make them so. Sorry people the free markets died many years ago. Please do not take my word for it–GO! Read Adam Smith. The idea of free markets today is just a slogan that has nothing to do with reality.