Comments on: Holy Cow! Feds pulling out all stops http://newcombat.net/Conversation/2008/09/18/a-week-the-world-changed-feds-pulling-out-all-stops/ Life during wartime Wed, 08 Feb 2012 12:51:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: ed http://newcombat.net/Conversation/2008/09/18/a-week-the-world-changed-feds-pulling-out-all-stops/comment-page-1/#comment-4185 ed Fri, 19 Sep 2008 02:56:06 +0000 http://newcombat.net/Conversation/2008/09/18/a-week-the-world-changed-feds-pulling-out-all-stops/#comment-4185 From the NY TImes: Abroad, Bailout Is Seen as a Free Market Detour By NELSON D. SCHWARTZ September 17, 2008 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.” From the NY TImes:

Abroad, Bailout Is Seen as a Free Market Detour

By NELSON D. SCHWARTZ
September 17, 2008

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.”

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