President George W. Bush was hoping to calm financial markets and the American people when he addressed the U.S. Chamber of Commerce early Friday morning, yet he still felt compelled to express discomfort with his own administration’s Wall Street bailout.
“I know many Americans have reservations about the government’s approach, especially about allowing the government to hold shares in private banks,” Bush said. “As a strong believer in free markets, I would oppose such measures under ordinary circumstances. But these are not ordinary circumstances. We took this measure as a last resort.
Author: Colleen A. Dunlavy teaches the history of capitalism at the University of Wisconsin-Madison.