Tuesday, January 19, 2010

David Frum: Extraordinary Financial Innovation Has Led To Great Results!

Digby has a transcript up of former Bush speechwriter David Frum defending the financial system status quo:

FRUM: The United States government doesn't govern all that well. We'll concede that. But the American private sector does deliver unbelievable things.
And we're sitting here at the end of a period of extraordinary technical innovation. And not just -- I mean, the Internet, we're all familiar with. But all kinds of products, and products that people want.
The ability of people to tap the equity in their homes when they face a financial crisis, that is a good innovation. The availability of more than one -- lots of kinds of mortgage to people in different kinds of circumstances.

Sure, the government invented the internet. But look at these unbelievable things the private sector delivers. Ten percent unemployment. 45,000 people dead each year because they can't get health insurance. Record foreclosures. Systemic bank failure. Zero net job creation of the last 10 years.

He's right about one thing. These private sector accomplishments are unbelievable.

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