Word: free-market
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...India, Brazil, Saudi Arabia, South Africa, Turkey and 11 other developed and developing economies are meeting in Washington at the invitation of President George W. Bush. And the main thing these so-called G-20 members are likely to achieve is a declaration of continuing support for the international free-market system. (Read "10 Things to Do with Your Money Right...
...market capitalism, as if its very existence were on the table this weekend. "This is a decisive moment for the global economy," Bush said. "In the wake of the financial crisis, voices from the left and right are equating the free-enterprise system with greed, exploitation and failure ... But the crisis was not a failure of the free-market system. And the answer is not to try to reinvent that system...
...optimists, the mere fact that Sarkozy convinced regulation-wary U.S. President George W. Bush to host and attend such a summit was cause for hope. Just maybe, the thinking went, the severity of the crisis would force even American free-market fundamentalists to rethink their aversion to additional rules - especially to multilaterally binding measures enforced by international organizations. But since then, the lame-duck Bush Administration has signaled its opposition to any significant change to the current system of national regulations. And though President-elect Barack Obama's decision not to attend the event disappointed Sarkozy and other European leaders...
...surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, others preached the soundness of these institutions. This is not a failure of the free-market system; it is the failure of big government and its manipulations. Jim Vance, Birmingham...
...Nobody doubts that the U.S. is passing through difficult times, but so is the rest of the world. Financial profligacy is not an American monopoly but is common to all free-market democracies. The U.S. and the world have seen worse times, and this one too will pass, pessimists and naysayers notwithstanding. To predict "the end of the American era," as Michael Elliott does, is both premature and foolish. The U.S. still has a huge population of highly educated, smart and hard-working people who continue to excel in innovation and industry. Readers who live outside...