When a Republican administration that claims to hate regulation and big government but loves free markets starts making it rain on the financial industry, it’s going to cause the world to look at the U.S. a little differently.
NYT: Is the United States no longer the global beacon of unfettered, free-market capitalism?
In extending a last-minute $85 billion lifeline to A.I.G., the troubled insurer, Washington has not only turned away from decades of rhetoric about the virtues of the free market and the dangers of government intervention, it has also likely undercut future American efforts to promote such policies abroad.
“I fear the government has passed the point of no return,” said Ron Chernow, a leading American financial historian. “We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.