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Bush warns of 'global meltdown'
George Bush, the US president, has warned of a "global meltdown" in the world economy unless action is taken, while defending the unregulated, free-market capitalism that many critics and world leaders have blamed for the crisis.Bush insisted that the current turmoil was "not a failure of the free market" and said an upcoming meeting of the G20 nations should aim to implement "specific actions". "Capitalism is not perfect, it can be subject to excesses and abuse, but it's the most efficient way of structuring the economy," he said in a speech to the Manhattan Institute in New York on Thursday. "History has shown that the greater threat to prosperity is not too little government involvement, it's too much government involvement in the market." Posted by: Fred 2008-11-14 |
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