'Risk-takers' will fix economy, Bush says.

[rafterman]

Ha ha ha.

Who dug this giant shithole?

'Risk-takers' will fix economy, Bush says in Calgary Former president defends wars in Iraq and Afghanistan, thanks Canada for being 'major supplier' of energy to U.S. and recalls trying to rescue the economy in his last days in office: 'Wall Street got drunk and we got the hangover' March 18, 2009 By DAWN WALTON
CALGARY -- Calling it his "maiden voyage" into the post-presidential world, George W. Bush fittingly chose the comfy embrace of conservative Calgary yesterday, a city built on the same beef and oil foundation as his native Texas, for his first public address since leaving the White House.

The 43rd president of the United States was warmly received by more than 1,500 invited guests as he shared his hope that the free markets will salvage the economy, defended the war in Iraq, thanked Canada for being his country's "major supplier" of energy, and took time to wish his successor, Barack Obama, good luck.

"He was not my first choice for president, but, when he won, I thought it was good for the United States of America," Mr. Bush said.

"I want the President to succeed," he added, "I love my country a lot more than I love politics."

"I'm not going to spend my time criticizing him. There are plenty of critics in that arena," he continued.

Just this week, his former vice-president, Dick Cheney, took a swipe at Mr. Obama's national security policies, and one of the Republican Party's biggest boosters, radio host Rush Limbaugh, actually said he hoped Mr. Obama fails as leader.

"[Mr. Obama] deserves my silence and if he wants my help he can pick up the phone and call me," Mr. Bush said.

As those in attendance who made it through the security gauntlet and paid $4,000 a table to dine on spinach salad, chicken with roast potatoes, a light cake for dessert, and wine listened, Mr. Bush spent 43 minutes taking them through his eight years in the Oval Office, including his attempts in the waning days of his administration to fix an economy bound for what his advisers called a situation worse than the Great Depression.

"Oh man," he recalled thinking. "Wall Street got drunk and we got the hangover."

Mr. Bush reflected on the flailing U.S. economy and how he, a "free-market guy," had no choice but to "go against his nature" to step in with a bailout package.

He warned against policies

of protectionism. Government, he added, cannot act alone.

"It's the risk-takers, not the government, that is going to pull us out of this recession," he said to an appreciative collection of entrepreneurs, executives and politicians.

He did not shy away from what many consider a failed foray into Iraq, defending his decision to oust Saddam Hussein, something his father, George H.W. Bush, did not accomplish during the Desert Storm campaign of his presidency in 1991.

"The world is better off, and the Iraqis are better off with out Saddam Hussein, no ifs, ands or buts," he said.

During a 30-minute question and answer session, Frank McKenna, former New Brunswick premier and Canadian ambassador to the United States, pushed Mr. Bush on whether the war in Iraq has left efforts in Afghanistan - where Canada is heavily involved - in the lurch.

Mr. Bush disagreed, suggesting the situation in the Middle East would be much more tumultuous if not for the U.S.-led invasion.

"It's a spurious argument as far as I'm concerned," he said.

Mr. Bush thanked Canada for being a reliable supplier of energy and a friend to the United States.

"We need oil and gas, and it's politically incorrect to say these days, but it's the truth." Often animated and self-deprecating, Mr. Bush delighted the audience with stories about life as commander in chief and now as a civilian.

He joked about suddenly having a mortgage at a home in Dallas, but that he's "going to get used to this paid speech business."

He has a dozen or so lined up this year, and got in the neighbourhood of $200,000 to speak in Calgary, although organizers demurred when pressed for details about their coup.

 

[sailorsix]

"It's the risk-takers, not the government, that is going to pull us out of this recession,"

I am glad to see that his English is still not improving. It is surprising, seeing that he was in the heart of red-neck land, that he didn't say 'youse guys".

 

[oldjones]

Seeing as how it was the risk-takers that got us into it, why aren't they bailing us out?

 

[binderman]

Ha ha ha.

Who dug this giant shithole?

The government

http://online.wsj.com/article/SB123414310280561945.html

 

[y2kmark]

Calgary's a pretty big place ...

so 1500 "invited guests" is hardly representative. Still, I thought Canadians had more sense. It'll be harder to move forward in any meaningful way as long as people are giving blowhard assholes like Bush and Cheny any kind of a public forum.

 

[onthebottom]

He's right.... the risk takers are those who build the economy.... their called small business owners.

OTB

 

[danmand]

He's right.... the risk takers are those who build the economy.... their called small business owners.

So, AIG Financial Services Unit did not take any risk??? I cannot quite
remember if it was $3 trillions or $60 trillions they risked..

In any event, that is a lot of pizza stores.

 

[onthebottom]

So, AIG Financial Services Unit did not take any risk??? I cannot quite
remember if it was $3 trillions or $60 trillions they risked..

In any event, that is a lot of pizza stores.

60 trillion is closer to the number.... what's you point?

OTB

 

[danmand]

60 trillion is closer to the number.... what's you point?

If you don't get the point, it is because you don't want to gwet it.

 

[onthebottom]

If you don't get the point, it is because you don't want to gwet it.

If your point is that not all risk is good, that's too obvious to be a point wouldn't you say?

OTB

 

[danmand]

If your point is that not all risk is good, that's too obvious to be a point wouldn't you say?

OTB

OK, for old times sake: You said "He's right.... the risk takers are those who build the economy.... their called small business owners."

How can that be true, when AIG's financial services unit risked $60 Trillion,
which is equivalent to the GPD of the entire World?

 

[onthebottom]

OK, for old times sake: You said "He's right.... the risk takers are those who build the economy.... their called small business owners."

How can that be true, when AIG's financial services unit risked $60 Trillion,
which is equivalent to the GPD of the entire World?

That's like saying that because my ex wife's lawyer is a dick all lawyers are dicks (OK bad example because this conclusion would have legs...) because one set of risk takers (I think that's generous) made a huge mistake that risk taking is no longer the path to success?

OTB

 

[danmand]

That's like saying that because my ex wife's lawyer is a dick all lawyers are dicks (OK bad example because this conclusion would have legs...) because one set of risk takers (I think that's generous) made a huge mistake that risk taking is no longer the path to success?

No, it is not. It is repudiating your claim that risk takers are small business owners.

My friend, because small business owners are risk takers, it does not
follow that risk takers are small business owners.

 

[onthebottom]

No, it is not. It is repudiating your claim that risk takers are small business owners.

My friend, because small business owners are risk takers, it does not
follow that risk takers are small business owners.

Clearly, but with all the headlines focused on 20 or so institutions that did things they should not have (and were smart enough to know better) I think that has very little to do with what will "fix" the economy, which is small business.

OTB

 

[WoodPeckr]

He's right.... the risk takers are those who build the economy.... their called small business owners.

OTB

...and they along with Team 'w' 'did a heck-of-a-job' the last 8 yrs, eh bottie!...

 

[fuji]

Danmand and woody, the counter claim is ridiculous: Would either of you seriously argue that we will get out of the recession without anyone taking any business risks?

Seriously?

Maybe AIG took some inappropriate risks, but that doesn't change the reality that it is risk taking businesses that drive economic growth.

It seems to me the two of you are taking potshots but that you have NO viable alternative. The government is not going to grow the economy that's for sure--the best it can do is provide a stimulus so that the risk takers return to the field and start trying to make some businesses work.

For example, the government is hoping that lenders will take additional risks by making more loans to people, that is one of the goals of the whole stimulus programme.

 

[WoodPeckr]

Maybe AIG took some inappropriate risks, but that doesn't change the reality that it is risk taking businesses that drive economic growth.

It seems to me the two of you are taking potshots but that you have NO viable alternative.

How about instead of listening to a ex-POTUS Texas cowpoke, with a very bad track record in BOTH risk taking and running businesses, we just go by the textbook models and follow 'sound, tried and true business practices'.

This seems like a fine viable alternative to what Team 'w' put us through...

 

[*d*]

For example, the government is hoping that lenders will take additional risks by making more loans to people, that is one of the goals of the whole stimulus programme.

Didn't risky credit and loans get us into this mess?

 

[elmo]

Didn't risky credit and loans get us into this mess?

Not entirely, these high risk papers were then packaged and resold as good investments to the entire world...that really got the ball rolling.

BTW, I don't see the correlation between AIG and the small business...AIG is big business folks!

 

[WoodPeckr]

AIG is big business folks!

and Big AIG seemed to be doing all the risk taking.