“I’ve abandoned free-market principles to save the free-market system,” President Bush told CNN, defending his offer of $17 billion in loans to the Big Three “to make sure the economy doesn’t collapse.” Thus did Bush concede that protectionism, if a critical U.S. industry is in peril, must trump free-trade ideology. …
“GOP to Detroit: Drop Dead!” So may have read the headline Friday, had not President Bush stepped in to save GM, Ford and Chrysler, which Senate Republicans had just voted to send to the knacker’s yard. What are Republicans thinking of, pulling the plug, at Christmas, on GM, risking swift …
Who killed the U.S. auto industry? To hear the media tell it, arrogant corporate chiefs failed to foresee the demand for small, fuel-efficient cars and made gas-guzzling road-hog SUVs no one wanted, while the clever, far-sighted Japanese, Germans and Koreans prepared and built for the future. I dissent. What killed …
Understandably, Republicans are seething. When Hank Paulson demanded $700 billion to haul away the trash in the dumpsters of JPMorgan Chase and Goldman Sachs — assuring us we could hold a garage sale of the junk — they rebelled. They acted as the nation, by 100 to one, demanded. They …
“Laissez-faire is finished, the all-powerful market that is always right, that’s finished,” said Nicholas Sarkozy, speaking ex cathedra, last month. As a result, said the diminutive French president, it is “necessary to rebuild the entire global financial and monetary system from the bottom up, the way it was done at …
Across the Pacific, a nation that studied how America rose, and watched as America declined, chose a different path. China adopted and pursued a China First policy of economic nationalism. For decades, before a heedless congregation, some of us have preached the old Hamiltonian gospel. Great nations do not have …
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