Silverbird
09-18-2008, 08:32 AM
By NELSON D. SCHWARTZ (http://topics.nytimes.com/top/reference/timestopics/people/s/nelson_d_schwartz/index.html?inline=nyt-per)
New York Times
PARIS — Is the United States no longer the global beacon of unfettered, free-market capitalism?
In extending a last-minute $85 billion lifeline to American International Group (http://topics.nytimes.com/top/news/business/companies/american_international_group/index.html?inline=nyt-org), 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, but it has also probably undercut future American efforts to promote such policies abroad.
“I fear the government has passed the point of no return,” said Ron Chernow (http://topics.nytimes.com/top/reference/timestopics/people/c/ron_chernow/index.html?inline=nyt-per), 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.”
The bailout package for A.I.G., on top of earlier government support for Bear Stearns (http://topics.nytimes.com/top/news/business/companies/bear_stearns_companies/index.html?inline=nyt-org), Fannie Mae (http://topics.nytimes.com/top/news/business/companies/fannie_mae/index.html?inline=nyt-org) and Freddie Mac (http://topics.nytimes.com/top/news/business/companies/freddie_mac/index.html?inline=nyt-org), has stunned even European policy makers accustomed to government intervention — even as they acknowledge the shock of the collapse of Lehman Brothers (http://topics.nytimes.com/top/news/business/companies/lehman_brothers_holdings_inc/index.html?inline=nyt-org).
“For opponents of free markets in Europe and elsewhere, this is a wonderful opportunity to invoke the American example,” said Mario Monti (http://topics.nytimes.com/top/reference/timestopics/people/m/mario_monti/index.html?inline=nyt-per), the former antitrust chief at the European Commission (http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_commission/index.html?inline=nyt-org). “They will say that even the standard-bearer of the market economy, the United States, negates its fundamental principles in its behavior.”.....
http://www.nytimes.com/2008/09/18/business/worldbusiness/18rescue.html?th&emc=th
New York Times
PARIS — Is the United States no longer the global beacon of unfettered, free-market capitalism?
In extending a last-minute $85 billion lifeline to American International Group (http://topics.nytimes.com/top/news/business/companies/american_international_group/index.html?inline=nyt-org), 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, but it has also probably undercut future American efforts to promote such policies abroad.
“I fear the government has passed the point of no return,” said Ron Chernow (http://topics.nytimes.com/top/reference/timestopics/people/c/ron_chernow/index.html?inline=nyt-per), 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.”
The bailout package for A.I.G., on top of earlier government support for Bear Stearns (http://topics.nytimes.com/top/news/business/companies/bear_stearns_companies/index.html?inline=nyt-org), Fannie Mae (http://topics.nytimes.com/top/news/business/companies/fannie_mae/index.html?inline=nyt-org) and Freddie Mac (http://topics.nytimes.com/top/news/business/companies/freddie_mac/index.html?inline=nyt-org), has stunned even European policy makers accustomed to government intervention — even as they acknowledge the shock of the collapse of Lehman Brothers (http://topics.nytimes.com/top/news/business/companies/lehman_brothers_holdings_inc/index.html?inline=nyt-org).
“For opponents of free markets in Europe and elsewhere, this is a wonderful opportunity to invoke the American example,” said Mario Monti (http://topics.nytimes.com/top/reference/timestopics/people/m/mario_monti/index.html?inline=nyt-per), the former antitrust chief at the European Commission (http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_commission/index.html?inline=nyt-org). “They will say that even the standard-bearer of the market economy, the United States, negates its fundamental principles in its behavior.”.....
http://www.nytimes.com/2008/09/18/business/worldbusiness/18rescue.html?th&emc=th