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Abroad, Bailout is Seen As A Free Market Detour

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posted on Sep, 18 2008 @ 04:22 PM
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Abroad, Bailout is Seen As A Free Market Detour


www.nytimes.com

PARIS — Is the United States no longer the global beacon of unfettered, free-market capitalism?

In extending a last-minute $85 billion lifeline to American International Group, the troubled insurer, Washington has not only turned away from decades of rhetoric about the virtues of the free market and the dangers of government intervention, but it has also probably undercut future American efforts to promote such policies abroad.

“I fear the government has passed the point of no return,” said Ron Chernow, a leading American financial historian. “We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams.”
(visit the link for the full news article)




posted on Sep, 18 2008 @ 04:22 PM
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I am personally not totally in favor of "unfettered free-market capitalism" but I don't see that the U.S. government should be doing this. The investors should take the losses, instead of having "free market profits" but "socialized losses." I realize many don't care about our image abroad, but world opinion should be considered

www.nytimes.com
(visit the link for the full news article)



posted on Sep, 18 2008 @ 05:11 PM
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The government can not allow the market to crash until the elections in Nov. I don't think they where planning on doing the bailouts this soon and the time table got bumped up a bit.

At any rate, now the Private banks of the Fed reserve now own 3/4s of all home loans and the worlds largest insurance company.



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