Bush’s Market-Liberal Scam

Remember the president’s scheme to “privatize” Social Security? (I put the word in quotes to point out that the plan was never actual privatization.) Let’s say Bush had actually achieved his goal of creating private accounts that you are forced to contribute to, and a sizable swath of the American public had invested in safe mutual funds spread across many sectors. What would have been the result? Look at the state of the financial markets. The Bush administration would have holy Hell to pay. The public would have turned against the “market liberals” who gave us this scam. Capitalism would have been denounced as having generated yet another shock-therapy failure. Investment standards would have been ever more regulated. The companies that held most of the “private” funds would be declared too big to fail. The subprime bailout would have become a full-bore stock market bailout. This would have been declared the ultimate failure of free markets. It’s hard to be grateful for anything during the Bush presidency, but we can at least be thankful that the so-called market liberals did not get their way on this one. FULL ARTICLE