[Marxism] "Sarkozy Calls for Revamping of Capitalist System"

[Walter Lippmann]

This morning Bush gave a speech which was supposed to calm
the people of the United States just before the market was
re-opened. Here are a few paragraphs of what he had to say,
and he really sounds pretty panicky, as if the people he's
talking to are actually wondering about the very stability
of the capitalist system itself. Of course, that's a rather
sensible thing to worry about as the system careens crazily
out of control. Bush obviously wants no revamping of the
capitalist system at all. He sounds pretty fearful and 
defensive.

One wonders if any of Bush's capitalist peers have tried to
tell him that Washington can't afford wars and occupations
any longer? If so, they haven't gone public about it.


Walter Lippmann
Los Angeles,California
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BUSH BEFORE THE MARKET OPENED THIS MORNING [excerpt]
I know many Americans have reservations about the government's
approach, especially about allowing the government to hold shares in
private banks. As a strong believer in free markets, I would oppose
such measures under ordinary circumstances. But these are not
ordinary circumstances. We took this measure as a last resort. Had
the government not acted, the hole in our financial system would have
grown larger. Families and firms would have had an even tougher time
getting loans, and ultimately the government would have been forced
to respond with even more drastic and costly measures later on.

Some have viewed this temporary measure as a step toward
nationalizing banks. This is simply not the case. This program is
designed with strong protections to ensure the government's
involvement in individual banks is limited in size, limited in scope,
and limited in duration.

The government's involvement is limited in size. The government will
only buy a small percentage of shares in banks that choose to
participate, so that private investors retain majority ownership.

The government's involvement is limited in scope. The government will
not exercise control over any private firm. Federal officers will not
have a seat around your local bank's boardroom table. The shares
owned by the government will have voting rights that can be used only
to protect the taxpayers' investment, not to direct the firm's
operations.

The government's involvement is limited in duration. It includes
provisions to encourage banks to buy their shares back from the
government when markets stabilize, and they can raise money from
private investors. This will ensure that banks have an incentive to
find private capital to replace the taxpayers' investment, and to do
so quickly.

For those worried about the long-term consequences of the actions,
our history offers some comfort. On several occasions over the past
century, the government has taken partial ownership of private
companies in the banking industry during times of great financial
challenge -- most recently during the savings and loans failures of
the 1980s and 1990s. In every case, the government relinquished its
ownership stakes after the crisis ended. And we will do so again. The
government intervention is not a government takeover -- its purpose
is not to weaken the free market; it is to preserve the free market.

--------------------

We must also never lose sight of the enormous benefits delivered by
the free enterprise system. Despite corrections in the marketplace
and instances of abuse, democratic capitalism remains the greatest
system ever devised. It allows individuals to rise as high in their
societies as their talents and ambition will take them. It rewards
hard work, intelligent risk-taking, and the entrepreneurial spirit.
Around the world, free market policies have lifted millions of people
out of poverty, and given them the opportunity to build a more
hopeful life. And here at home, it has given our large and dynamic
economy the flexibility and resilience to absorb shocks, adjust, and
bounce back stronger.

In the long run, the American people have -- can have confidence that
this economy will recover. America is the best place in the world to
start and run a business. America is the most attractive destination
for investors around the globe. America is the home of the most
talented and enterprising and creative workers in the world. We're a
country where all people have the freedom to realize their potential
and chase their dreams. This promise has defined our nation since its
founding; this promise will guide us through the challenges we face
today; and this promise will continue to define our nation for
generations to come.

Thank you for listening. God bless you. (Applause.)

END 8:59 A.M. EDT

http://www.whitehouse.gov/news/releases/2008/10/20081017-4.html


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     WALTER LIPPMANN
     Los Angeles, California
     Editor-in-Chief, CubaNews
     http://groups.yahoo.com/group/CubaNews/
     "Cuba - Un Paraíso bajo el bloqueo"
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