George W. Bush = Herbert C. Hoover
George Bush expanded domestic spending at a faster clip than Lyndon Johnson, set up the monetary and institutional conditions for a massive economic collapse, and then explicitly told us that it was necessary for America to abandon the market system “in order to save it”.
You would think that would be enough damage for one man.
But now — just as I predicted last year — George Bush is set on going the Full Hoover. After laying waste to American capitalism, Bush is now set to discredit the idea of the competitive market, making speeches out of office just like Herbert Hoover which portray himself and his failed policies as the very poster boy of the the free market system:
Repeatedly in his hour long speech and question-and-answer session, Mr. Bush said he would not directly criticize the new president, who has moved to take over financial institutions and several large corporations. Several times, however, he took direct aim at Obama policies as he defended his own during eight years in office.
“Government does not create wealth. The major role for the government is to create an environment where people take risks to expand the job rate in the United States,” he said to huge cheers.
.. Mr. Bush returned again and again to the economy, and sought to defend his own actions after the financial meltdown in the waning days of his second term — Mr. Obama repeatedly has said he inherited that mess.
“I am told, ‘If you do not move strongly, Mr. President, you will be a president overseeing a depression that will ultimately be greater than the Great Depression,’” Mr. Bush said ..
Still, Mr. Bush was optimistic, pressing, as he did as president, free trade, open markets and the free enterprise system. “We’ll come out of this better than before,” he said to more applause.