The Bush legacy: socialism 3

 Dick Morris and Eileen McGann write in Townhall:

The results of the G-20 economic summit amount to nothing less than the seamless integration of the United States into the European economy. In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in toto, to the Western European model of socialism, stagnation and excessive government regulation. Sovereignty is out the window. Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merger with the Europeans is like a partnership with death.

At the G-20 meeting, Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. Bush agreed to create a College of Supervisors.

According to The Washington Post, it would "examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks’ operations."

Their scrutiny would extend to hedge funds and to various "exotic" financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct "regular vigorous reviews" of American financial institutions and practices. The European-dominated College of Supervisors would also weigh in on issues like executive compensation and investment practices…

Bush, to say nothing of Obama, has given the government control over our major financial and insurance institutions. And it isn’t even our government! The power has now been transferred to the international community, led by the socialists in the European Union.

Will Obama govern from the left? He doesn’t have to. George W. Bush has done all the heavy lifting for him. It was under Bush that the government basically took over as the chief stockholder of our financial institutions and under Bush that we ceded our financial controls to the European Union. In doing so, he has done nothing to preserve what differentiates the vibrant American economy from those dying economies in Europe. Why have 80 percent of the jobs that have been created since 1980 in the industrialized world been created in the United States? How has America managed to retain its leading 24 percent share of global manufacturing even in the face of the Chinese surge? How has the U.S. GDP risen so high that it essentially equals that of the European Union, which has 50 percent more population? It has done so by an absence of stifling regulation, a liberation of capital to flow to innovative businesses, low taxes, and by a low level of unionization that has given business the flexibility to grow and prosper. Europe, stagnated by taxation and regulation, has grown by a pittance while we have roared ahead. But now Bush – not Obama – Bush has given that all up and caved in to European socialists.

The Bush legacy? European socialism. Who needs enemies with friends like Bush?

Posted under Commentary by Jillian Becker on Thursday, November 20, 2008

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  • Jillian Becker

    As always, roger in florida, your comments are a welcome contribution with their thoughtfulness, information, and interest.

    Thank you especially for what you say about Israel. I wholly agree.

  • roger in florida

    Jillian, Just to add; this is also the President who perpetrated the “islam is a religion of peace” bovine byproduct. Who encouraged Georgia and Ukraine to consider NATO membership but who apparently never considered that the one nation that needs NATO membership more than any other is Israel. And doesn’t Western Europe and the US need to stand up for Israel and it’s right to exist, and to declare uniquecovably that Israel is a legal nation, recognised by the UN as such and that Israel’s enemies are civilisation’s enemies?
    Finally; with all this, he is better than Al Gore or John Kerry could dream of being, and if that doesn’t make you sick, nothing will.

  • roger in Florida

    It has been apparent for some time that the Bush administration is essentially played out. John Bolton has commented very harshly on the sellouts to North Korea and Iran, I believe his description was of “an administration completely bereft of principle or intellectual power” or something similar. This has a lot to do with George Bush’s character, he is supposedly subject to fits of personal pique; as in “f*****g Saddam, I’ll fix him”, which I suspect was the real reason for the attack on Iraq, all the UN stuff and WMD’s were just a cover. He (childishly) seems to want people to like him and gets disapointed when they don’t, this is why he has surrounded himself with his Texas cronies, with disastrous results. I have seen him described recently as the republican Carter, which I think is quite apt. Clearly he has no guiding principle left now, Hank Paulson and Ben Bernanke have essentially done all the work on this bail out, Bush has been pretty well invisible, he probably thinks “roll on January!” So no surprise that we have been sold out on the financial regualations, we have been sold out on illegal immigration and sold out on huge new entitlements given by a Govt. already broke.