Bush: Government owning businesses not good for the country

First he had lunch with local business owners and local bankers at Schnitz Delicatessen in Ada, Mich., outside of Grand Rapids.

After lunch, the president walked through Ada Bike Shop and spoke to reporters in a parking lot behind the restaurant.

Topic A: the economic crisis that sent stocks tumbling again Wednesday. George W. Bush said he told local business leaders why he felt the government's $700-billion rescue plan was necessary and why he hoped it would be temporary.

I explained to them that I was worried that if we did not do something about the financial situation, the economics would affect a lot of hard-working people all throughout our country, including right here in western Michigan. So we moved with a plan big enough to make a difference, a plan with features in it that will cause investments to be temporary, because I frankly don't want the government being involved with businesses, owning businesses -- it's not -- I don't think it's good for the country. It was necessary that the stock be purchased to help us through this financial crisis, but in the long run it's not good for the country.

Bush also suggested that the bailout could end up making money for taxpayers.

"The plan is structured to get government in a position where these investments will be returned to the taxpayers," he said. "And it's likely, by the way, that we'll not only get most of the money back but, in some cases, actually make a little money."

-- Johanna Neuman

Photo: Saul Loeb/AFP/Getty Images

Comments

[-bwg]

I presume that Mr Bush much prefers businesses owning government.

[Phrank]

So at least one economic idiot puppet of our plutiocratic ruling class doesn't "want the govenment being involved in business, owning businesses". Can't someone send him a DVD showing him that--despite the shibboleths he is spouting-- the Government (bogga, booga) ALREADY contols most of the mortgages, the largest insurance company and soon a major share of our largest banks in the country. Our children have already BOUGHT these businesses (on credit it's the American way) They should now be run for their benefit not in even if it's not in accordance with the theories of his FAILED ECONOMIC IDEOLOGY