The editors of The New Republic on Bush abandoning his free market "principles" for political gain and to help big business fatcats.
The New Republic Online: Making Hay
These recent deviations from free-market orthodoxy have been dramatic enough that it's tempting to conclude the president has no coherent economic philosophy at all. But that isn't quite true. A clear pattern has lately emerged: When intervention in the market would benefit a wide range of Americans--say, a substantive patients' bill of rights or a prescription-drug plan--Bush opposes it. Ditto for an intervention that would actually make the economy run more smoothly--as in the case of reforms to the accounting industry. Indeed, it seems only when a market intervention lacks a compelling economic rationale and helps the few at the expense of the many--as in the steel, energy, and agriculture decisions--that the president sets aside his free-market principles. Call it "uncompassionate unconservatism."
The reason is that while only intermittently pro-market, Bush is steadfastly pro-business. Just how far the president is willing to bend the former principle in service of the latter can be seen in the farm bill he is preparing to sign into law.