Bush makes case for free-market’s role in crisis

[Amerigo Vespucci]

Source: MSNBC

NEW YORK - President George W. Bush asserted Thursday that the global financial crisis is “not a failure of the free market” and urged world leaders to adopt modest financial reforms that stop short of the tighter regulations Europeans favor.

“Our aim should not be more government. It should be smarter government,” Bush said during a speech in New York, a day before about two dozen world leaders converge on Washington for a weekend summit he is hosting.

Bush called on the leaders to embrace “reasonable” reforms, saying changes won’t work if they shun the free market system or restrict trade.

The president delivered a vigorous defense of free-market capitalism and easier global trade to frame his approach to the high-level gathering. Bush invited representatives of some of the world’s biggest industrial democracies, emerging nations and international bodies to Washington to start developing a more coordinated world response to the economic woes that have millions of people struggling to keep their jobs, their homes and their hopes.

Read more: http://www.msnbc.msn.com/id/27698354/