Has Bush Admitted That His Presidency Is A Failure?

In a speech yesterday, Bush said,

Bush cautioned that it would take time to solve the financial crisis. However, he noted that actions taken, including massive government intervention, numerous reductions in interest rates, and continued liquidity injections "are having an impact."

"Credit markets are beginning to thaw. Businesses are gaining access to essential short-term financing. And a measure of stability is returning to financial systems around the world," he said.

Several reforms should be enacted, Bush said, including increasing transparency, ensuring that markets are properly regulated, enhancing financial market integrity, protecting against market manipulation and fraud, and increasing international cooperation by global financial authorities. Specifically, Bush called for an update of the structure of the World Bank and the International Monetary Fund.

Isn’t that the exact opposite of his eight years in office where he pushed deregulation, less government oversight, less transparency in government and less governmental intrusion in business? He also did a 180 deg. in a call for strengthening the SEC and more international cooperation. Now he is advocating government buying ownership in banks which is called Socialism.

However, one thing that Bush did say that will come true… he advocated for a smarter government and that will come true when Barack Obama takes office.