President Bush: global crisis does not mean free market has failed

The Times ^ | 11/14/08 | Suzy Jagger, James Bone, Tom Baldwin and Francis Elliott

[bruinbirdman]

President Bush's comments were a veiled warning to Nicolas Sarkozy, the French President, and Angela Merkel, the German Chancellor

As he sought to deflect European calls for more regulation, President Bush told world leaders flying into Washington yesterday for an emergency meeting that the global financial crisis did not signal the failure of the free market.

Speaking on Wall Street last night, he said: “Government intervention is not a cure-all. While reforms in the financial sector are essential, the solution to today's problems is sustained economic growth. The surest path to that growth is free markets and free people.”

His comments were a veiled warning to Nicolas Sarkozy, the French President, and Angela Merkel, the German Chancellor, who are pushing for a drastic restructuring of the world's financial regulatory systems.

Leaders representing the Group of 20 nations are due to gather in Washington for a working dinner this evening and formal meetings tomorrow to discuss reforms that could prevent a repeat of the global financial meltdown experienced over the last three months.

While this weekend's summit is not expected to produce dramatic actions, Mr Bush, who is hosting the meeting, has a list of topics that he wants the group to consider, including forcing banks to be more transparent in their accounts. The President is also proposing changes to the way that some complex securities are traded, and a reform of institutions such as the International Monetary Fund (IMF) and World Bank.

Other leaders have come with their own national agendas. Gordon Brown wants the IMF to create a special body of experts who would act as an early warning system for new financial crises. Arriving in New York for the summit, Mr Brown defended his own plans to cut taxes and told fellow leaders that “the

[Harry Wurzbach]

A few months late, IMO.

[bruinbirdman]

EUrotopian financial institutions were more toxic. What you won't read is that european governments owned stakes in most of them.

yitbos

[tobyhill]

Gee President Bush, welcome to the party but it's about to end.

[chainsaw]

President Bush: global crisis does not mean free market has failed.

Mr president, In your world it may not mean that, but in mine is does.

[newguy357]

President Bush: global crisis does not mean free market has failed.

Mr president, In your world it may not mean that, but in mine is does.

Are you retarded?

[SuziQ]

Bump for Fri. reading

[TheThinker]

Because the govt. caused this catastrophe, it now is trying to shore up the market with more meddling. We’re headed for real trouble folks. It doesn’t take an economist to see that.