George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.'
RECENT POSTS
- Sen. Nelson Will Vote Yes on Saturday
- Obama Group Targets 'Dangerous' Palin
- No Thanksgiving Troop Decision
- Coming Up on 'This Week': Exclusive Health Care Debate
- Obama May Extend TARP Beyond Expiration Date
- Reid Rules Out Reconciliation?
- Report: Rudy Giuliani Rules Out NY Gov Bid
- Ben Nelson Ready to Let Health Debate Begin
- Sebelius says Ignore Mammogram Rec, GOP Attacks Health Reform Bill
- Small Business Issues Take Center Stage at Treasury
- Palin on Rush: Let’s Duke It Out
- Byrd to Become Longest-Serving Member of Congress
- Health Care: CBO Numbers Are In (Almost)
- Terror Trials: Will Says Not a Bad Choice; Brooks Predicts Long Circus Trial
- Woodward: Obama Has 32 Issues on the Table for Afghanistan Decision
- Palin – Brooks: She’s a Joke; Ifill: Don't Underestimate Her Appeal
- Rudy on Palin: My Party Needs That Kind of Excitement
- Giuliani: Leaves Door Open for Governor Run
- Clinton: Karzai 'Must Do Better' for U.S. Backing
- Hillary 'Won't Second Guess' Holder
GEORGE REPORTS
- 2016
- Afghanistan
- Barack Obama
- Books
- Capitol Hill
- Caught My Eye
- Current Affairs
- Daily Show
- Democrats
- Democrats Vote 2008
- Environment
- Financial Bailout
- George Personal
- Health Care
- Hillary Clinton
- Iran
- Iraq
- Joe Biden
- John McCain
- Music
- Nobel Prize
- North Korea
- Pakistan
- Polls
- Question of the Day
- Republicans
- Republicans Vote 2008
- Sarah Palin
- Supreme Court
- Ted Kennedy
- Television
- The Economy
- This Week with George Stephanopoulos
- Washington
- What I'm Reading
- White House
- World News
MONTHLY ARCHIVES
« Previous | Main | Next »
Bush: 'I Went Against My Free-Market Instincts'
November 12, 2009 5:06 PM
An energized George W. Bush laid out plans for his public policy institute – and appointed its first fellows -at SMU today.
My colleagues Devin Dwyer and Evan Harris report on a man who didn’t seem to miss flying to the APEC Conference today:
“I Went Against My Free-Market Instincts”
That’s what former President Bush said today in explaining why he signed off on the bailout for Wall Street…calling the decision “one of the most difficult of his presidency.”
The former President made the remarks at the unveiling of the George W. Bush Presidential Center at Southern Methodist University.
“I went against my free-market instincts and approved a temporary government intervention to unfreeze the credit markets so that we could avoid a major global depression,” Bush said.
And without mentioning President Obama by name the former President did have some rather pointed comments for the current Administration claiming that generally “history shows that the greater threat to prosperity is not too little government involvement, but too much.”
Bush, who as President also signed off on massive aid to the auto industry, warned against a government takeover of the economy fearing it would eliminate free-market enterprise. “As the world recovers, we are going to face the temptation to replace the risk and reward model of the private sector with the blunt instruments of government spending and control.”
"Retired" Not "Tired"
Former President George W. Bush offered a rare appraisal of his time since leaving office and unveiled his vision for the soon-to-launch Bush Institute.
“I’m happy to report that there is life after the White House,” Bush told the friendly crowd of invited guests. “Laura and I are healthy, happy and home in the heart of Texas.”
“We may be retired, but I’m not tired,” he added. Bush said he’s been spending his time in recent months giving speeches around the world, working on his memoir -- due out next fall – and planning construction of his presidential center on the SMU campus.
“I enjoy popping in on class from time to time…Come to think of it, that was my strategy as a student,” Bush said to erupting laughter.
Bush also signaled that he has been reflecting on his time in office and on some of the “toughest decisions” he had to make as president.
“There were some good days and there were some tough days, but every day I was honored to represent the nation I have loved,” he said. “I gave the job my all, I always did what I believed was in the best interest of our country and I came home to Texas with my values intact.”
Those values – which Bush called “timeless” and ones that defined his presidency – are the basis for the institute’s work at SMU. Bush said it will research and advance public policy proposals to strengthen freedom, opportunity, responsibility and compassion.
As Bush spoke, a projector flashed images related to each theme overhead – President Bush with the bullhorn at Ground Zero; the Georgian people celebrating a democratic election; volunteers serving the hungry; and, a giant red AIDS ribbon hanging from the portico of the Bush White House.
The Bush Institute is described as an independent and non-partisan organization that will strive to achieve progress in four areas: education, global health, human freedom and economic growth.
“Our first focus is education,” Bush said. “It was my top priority as governor and top domestic priority as president.”
Bush announced the appointment of the first of several dozen scholars who will work at the institute, which has already scheduled a half-dozen conferences for next year, according to organizers.
“The Center will be the focus of our attention and forum for our public service as long as we live,” Bush said. “And we’re ahead of schedule to meet our fundraising goal… well, truth is, we have some ways to go.” Mr. Bush grinned widely and Mrs. Bush chuckled.
November 12, 2009 in Financial Bailout, Washington, White House | Permalink | Share | User Comments (82)
You can follow this conversation by subscribing to the comment feed for this post.
"The Bush Institute is described as an independent and non-partisan organization that will strive to achieve progress in four areas: education, global health, human freedom and economic growth."___he knows nothing about any of those things, he had best stick to drinking and snorting coke.
Posted by: Hege1321 | Nov 12, 2009 5:38:31 PM
In spite of the continuing Bush-bashing that people like to do (never mind Dem ineffectiveness for 3 yrs.), it is likely that history will be kinder to Dubya, than the public currently is.
Posted by: Rick McDaniel | Nov 12, 2009 5:42:51 PM
For some reason I have absolutely no doubt that deciding to sign the bail-outs was a MUCH tougher decision for him than deciding to start two wars.
Posted by: JaylahPriest | Nov 12, 2009 5:45:14 PM
Bush slept thru derivatives. After we just learned that a completely unregulated derivatives market about took us down I can't imagine him saying this.
Posted by: secondlook | Nov 12, 2009 5:47:13 PM
And one assumes his "Presidential Library" will be called the Cheney-Rove-Rumsfeld Library. (I mean, since they were the ones telling him what to do.)
Posted by: JaylahPriest | Nov 12, 2009 5:48:01 PM
The worst President we've ever had - who ruined our reputation in the world, who (by getting us into a war with a country that hid no WMDs and had nothing to do with 9/11) screwed up the war in Afghanistan, the man who drove our economy to near ruin, and who divided our citizens as never before - wants us to listen to another of his excuses/opinions? Horrors!
Posted by: Cassandra | Nov 12, 2009 5:50:51 PM
Its kind of Pathetic to listen to Bush advise against Big Govt. - When he doubled the size of Govt. and tripled the National debt in 8 years- Took the highest surplus in History and squandered it on two Unnecessary wars for Corporate profit-- But then again he did give tax breaks to the upper 3% -- Thanks George for leaving the country the worst financial crises since the Great Depression-- And your decisions that left hundreds of Innocent Iraqi's dead and wounded. Mission Accomplished--- Now go back to Crawford in denial!!!
Posted by: brian | Nov 12, 2009 5:55:27 PM
After the way he ran the country into the ground for eight years I am shocked that Bush has the gall to even show his face let alone criticize the Obama administration.
The Bush years mark the celebration of mediocrity and the embracing of ignorance, arrogance, greed and incivility.
Posted by: Marlene | Nov 12, 2009 6:02:32 PM
I spent most of the Bush years being appalled and aghast at everything they did. George however did do a couple of things that partially redeemed him - a smooth and helpful transition on the way out, and keeping out of the media for Obama's first year. Cheney on the other hand has no redeeming qualities.
Posted by: factscount | Nov 12, 2009 6:02:50 PM
The former President has lost touch with reality. Does he think I have lost my memory? He is backing away from the bailout but he was the one on TV pushing for the bailout!
Posted by: lovebugs | Nov 12, 2009 6:08:48 PM
Yeah right-- as if he had any say in the matter.
Posted by: JDouglas | Nov 12, 2009 6:09:01 PM
Unfortunately, George Bush has no idea as to whether a "free market" would solve this problem. It is just a guess. Most professional economists agree that intervention was necessary. So he made the right decision. What did Republicans really want to do? Destroy the economy.
Posted by: Ray Floyd | Nov 12, 2009 6:11:21 PM
I'm dying laughing here because HE admitted that HE signed the Wall Street bailout and the auto industry bailout. Something that Obmama-haters just love to forget (and pretend that Obama was responsible for instead).
Posted by: JaylahPriest | Nov 12, 2009 6:12:25 PM
I always laugh when I hear the term " war monger" applied to Bush. How long did he wait for approval from the UN, senate, congress and virtually the whole free world to go in? Something Libs either choose to forget or they just parrot their Lib venues. Bush, however did disappoint me in that I thought I was voting for a conservative But when he put the likes of Kennedy in charge of various aspects of education, I knew I voted for a bit of a woos. However, what we have now is considerably worse.
Posted by: Kathy | Nov 12, 2009 6:13:13 PM
Sometimes I come on here and can't even believe what I read. Brian, Cassandra, Really? Is it even worth going over these things again? It is apparent that by now you have locked your thoughts in and can't be told otherwise. Let's try anyway.
"who ruined our reputation in the world, who (by getting us into a war with a country that hid no WMDs and had nothing to do with 9/11) screwed up the war in Afghanistan, the man who drove our economy to near ruin, and who divided our citizens as never before"
Gee I thought that both dems and repubs voted for those wars, I guess I could be wrong, and was it not both dems and repubs that pushed legislation like the CRA and dereg?
"When he doubled the size of Govt. and tripled the National debt in 8 years- Took the highest surplus in History and squandered it on two Unnecessary wars for Corporate profit-- But then again he did give tax breaks to the upper 3%"
Well you must really be angry about the spending now then huh? Barry makes Bush look like he was spending an allowance. Oh yes and the big bad corporate war.... I don't even know what to say to that one. About that big bad evil tax cut, you may want to look it up becasue when it expires guess who else will have a tax increase? That's right YOU. But you probably never looked that up though and if you did you are probably part of the bottom 40% of this horrible, healthcareless, evil, greedy, does no good country that pays NO taxes right?
Posted by: stickman | Nov 12, 2009 6:14:24 PM
Uh...no. I remember a bunch (140 or so) of the country's top economists signing a letter stating that they did not support the bailout and that it was unwise to intervene. This number included nobel prize winners and professors at major universities. The only people who thought it would work were directly connected to the industry.
Posted by: lovebugs | Nov 12, 2009 6:20:23 PM
How long did Bush take for approval from the UN? Oh Puuulease.. He decided to invade Iraq in January 01. The top secret plans were released proving this. As for President Obama.. your wonderful 'conservative' war mongering president left an unholy mess for Dems to clean up again.
Posted by: Kristin | Nov 12, 2009 6:23:27 PM
And, on a side note, I'm pretty sure all of George W. Bush's "free-market instincts" begin and end with "call Daddy, have him save me."
Posted by: whatchanged? | Nov 12, 2009 6:27:56 PM
It is so easy to blame one person for the down hill spiral the US has taken a part of these past decades (not just 8 years). There are very difficult decisions that need to be made by the president, thats why we have one. The public is not always informed of every bit of information. Get over hating ex President Bush, he is finished. I'm sure you'll be saying very similar things about current "hope holding" President Obama in a few years. It's a much tougher job than you're giving credit for.
Posted by: SV | Nov 12, 2009 6:43:10 PM
The free market instincts of Reaganomics is the problem. It has been eating away at the economic viability of our society since the 80's with off-shoring, hostile corporate takeovers and raping of companies. It has encouraged state and local governments to rebate excess taxes revenues rather than build up funds for economic downturns, it has force companies to run on debt to keep out raiders, and it has encouraged an environment of high speculation and financial manipulation to please stock analysts with quarterly profit short term lack of vision. It has also fostered high corporate salaries, benefits, and bonuses and force high salaries all the way doen the system to be competitive while regular workers are being paid less and less to do more and more work.
That isn't free amrket it is free-for-all market and it allows giant corporations to drive out and bury small business entirely. It is not business friendly, it is multi-national monopoly friendly.
Posted by: Wildthing | Nov 12, 2009 7:15:31 PM
Why does GWB feel the need to make a "public policy institute?" I don't remember any great public policy arising from his presidency. Maybe he should just occupy his time and money with chopping wood or clearing trails or something.
Posted by: Bob z | Nov 12, 2009 7:19:53 PM
The House and the Senate run this country...and without a doubt for three years now the DEMS have run us into the ground. It's getting worse now and we must stop the bleeding. It is time for us as a nation to wake up and realize WE have the ability to grow our economy through private enterprise not huge waste in GOV spending.
Posted by: Jerry | Nov 12, 2009 7:21:09 PM
My 8 year old son could have come up with better domestic and foreign policy than this goof from Texas. Bush hit the trifecta...greatest terrorist attack on US soil, worst response to greatest natural catastrophie in US history (Katrina), and worst foreign policy disaster since 1812(Iraq). All on this man's watch. Thank you. Mr. President...and Goodbye!
Posted by: A.Lincoln | Nov 12, 2009 7:29:33 PM
Basically, with Bush, the presidency became a license to torture, kill and steal, and NEVER be prosecuted for it.
Basically for the past 3 terms, including Obama's we have been 'electing' the equivalent of Caligula or Henry VIII.
Moral of the story is, if you're a drunken, corrupt sod you should aspire to 'the highest office in the land'... because for the term of your presidency, and ever after you will be immune to prosecution.
Posted by: drunken economist | Nov 12, 2009 7:29:34 PM
I can't wait until the George Walker Bush Presidential Library is completed. I hear there will only be three books in this library though. The Bible, My Pet Goat, and some book George hasn't finished coloring yet.
Stay tuned.......
Posted by: A.Lincoln | Nov 12, 2009 7:36:00 PM
Post a comment
MY MUST-READS
- Talking Points Memo
- ABC News' The Note
- Jake Tapper's Political Punch
- ABC News' The Numbers
- Mark Halperin's The Page
- The American Prospect
- The Chicago Sun-Times -- Lynn Sweet
- The Huffington Post -- Politics
- Drudge Report
- FiveThirtyEight: Politics Done Right
- National Review -- The Corner
- New York Times -- David Brooks
- The New York Times -- The Caucus
- The New Majority
- Paul Krugman -- The Conscience of a Liberal
- Politico -- Ben Smith
- Politico -- Mike Allen’s Playbook
- Powerline Blog
- Real Clear Politics
- The Washington Post -- The Fix
- Los Angeles Times - Top of the Ticket

