April 20, 2009

IT'S NOT A PHILOSOPHY, IT'S A CONFORMITY:

Redefining Capitalism After the Fall (RICHARD W. STEVENSON, 4/20/09, NY Times)

The economic philosophy that Mr. Obama developed during the presidential campaign drew from across the ideological spectrum even as it remained rooted on the center-left. As that philosophy has been tested in practice through his early months in office, the president has if anything become more comfortable with an occasionally intrusive government as a counterweight to market forces that are now so powerful and fast-moving that they cannot be counted on to be self-correcting when things go wrong. He regularly rebuts conservative criticism on that score by pointing out that it was George W. Bush, just before he left the White House, who put the government in the business of deciding which financial institutions would fail and which would be allowed to survive.

Yet if Mr. Obama’s position brings the United States full circle from Ronald Reagan’s nostrum that government is the problem, it also stresses continuity and a commitment to the most basic conservative tenets: the power of markets as an engine of innovation and prosperity, and the necessity of economic growth for improving incomes and living standards.

“There is a vibrancy to our economic model, a durability to our political model and a set of ideals that has sustained us through even the most difficult times,” Mr. Obama said on his recent trip to Europe when asked about the decline of the American version of capitalism.


The Right's ravings about how he's a "Socialist!" can't help but ring hollow given the UR's burning need to fit the institutions within which he finds himself.

Posted by Orrin Judd at April 20, 2009 6:24 AM
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