Author Topic: Why Bush's quiet role in the financial crisis deserves attention now (WSJ)  (Read 291 times)

0 Members and 1 Guest are viewing this topic.

Online corbe

  • Hero Member
  • ****
  • Posts: 14,601
  • Cruz plant all along
Why Bush's quiet role in the financial crisis deserves attention now

Greg Ip
 
20 hrs ago

 
The day after Lehman Brothers failed, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke went to President George W. Bush with bad news. Insurer American International Group Inc. needed $85 billion or it, too, would collapse.

Though unhappy and frustrated, Mr. Bush approved the loan, saying, “If we suffer political damage, so be it,” Mr. Paulson later wrote.
 
Scholars of the crisis rightly focus on the decisions that the three crisis managers—Mr. Paulson, Mr. Bernanke and New York Fed President Tim Geithner—made to rescue the financial system. Though unpopular at the time and still second-guessed, their actions were vital in avoiding a second Great Depression. Yet most would have been impossible without the president’s support, which Mr. Bush gave unreservedly from start to finish.

Mr. Bush’s unsung role merits greater appreciation today. Ten years after the crisis, the financial system is stronger, but the political system is far more fragile. Polarization, populism and protectionism mean the next crisis will be met with far less political will than the last.

<..snip..>

http://www.msn.com/en-us/money/markets/why-bushs-quiet-role-in-the-financial-crisis-deserves-attention-now/ar-BBNewQj?ocid=ientp
No government in the 6,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Online Frank Cannon

  • Forum Ambassador
  • ***
  • Posts: 23,729
  • Ambassador of the Forum
    • Bum Wine
Re: Why Bush's quiet role in the financial crisis deserves attention now (WSJ)
« Reply #1 on: September 13, 2018, 11:53:10 AM »
Bull-effing-shit. Bush caused the crisis with insane financial policies after 9/11 and then doubled down on the stupidity with  "abandoning free market principles to save free market principles".
Two Liters Is A Soft Drink, Not An Engine Size.

Offline Jazzhead

  • Radicalized
  • Hero Member
  • ****
  • Posts: 8,328
Re: Why Bush's quiet role in the financial crisis deserves attention now (WSJ)
« Reply #2 on: September 13, 2018, 12:26:25 PM »
Good article.  President Bush prioritized stabilizing markets and financial institutions at the expense of his political future and reputation.

Some of us remember how good, and selfless, a President he was.  I voted for him twice,  and I remain proud to say so to this day.   
"He was born poor, died rich, and never hurt anyone along the way"

   - Duke Ellington, upon hearing of the death of Louis Armstrong

"Not forever.  Just for now"

    - Jay Farrar

Offline endicom

  • TBR Contributor
  • *****
  • Posts: 10,051
Re: Why Bush's quiet role in the financial crisis deserves attention now (WSJ)
« Reply #3 on: September 13, 2018, 12:37:29 PM »

Smialowski sees government as savior of 'capitalism.' Bah!


Offline truth_seeker

  • Hero Member
  • ****
  • Posts: 22,988
  • Common Sense Results Oriented Conservative Veteran
    • The place where argument addicts can go
Re: Why Bush's quiet role in the financial crisis deserves attention now (WSJ)
« Reply #4 on: September 13, 2018, 12:49:56 PM »
Good article.  President Bush prioritized stabilizing markets and financial institutions at the expense of his political future and reputation.

Some of us remember how good, and selfless, a President he was.  I voted for him twice,  and I remain proud to say so to this day.

I voted for him, twice. However by the end, he turned out like his father; mostly "Asleep at the Wheel."

Two half-measure wars, and a financial collapse which might have been averted, had he used the bully pulpit.

Now rest. You'll be awakened  for the funerals. A chance to chat with Bill, Hillary, Michelle and Barack.

Mr. go along, to get along.
"God must love the common man, he made so many of them.�  Abe Lincoln


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf