To CNN's "Lou Dobbs Tonight" host, we live in a world of absolutes - because the potential of a government bailout of two publicly traded government-sponsored enterprises condemns the entire concept of free market capitalism.
On the July 22 broadcast of Dobbs' show, he attacked proponents of free-market capitalism because of the potential trouble of the two government-sponsored enterprises (GSEs) Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).
"Well the - it's a, it's quite a mess, quite a mess indeed," Dobbs said. "And I love the idea that all these free traders, free marketeers now got to have the government to, to bail them out. If I hear one of these ignorant, hypocritical, sanctimonious free traders ever talk about free markets again, they should be pilloried. I mean they are absolutely - this is an administration of jerks and cowards and fools. I mean it's unbelievable."
Dobbs would have proponents of free markets and fair trade shackled in stocks for public humiliation.
Dobbs blamed the Bush administration for the struggles of the housing market, insisting the administration could have in some way acted to cool off a housing market that allowed people to borrow more than they could afford.
"We've been reporting for months on this broadcast about the Bush administration's failure to address adequately the housing crisis," Dobbs said. "As millions of middle class Americans have been hurt by foreclosures the White House has consistently denied the problem. As [CNN correspondent] Kitty Pilgrim reports, this month alone, the administration has contradicted itself many times about the state and health of our economy."
Pilgrim added her own comment about the legislative process concerning President George W. Bush and a housing bill that recently made it through Congress.
"It is inconceivable that it has taken this long to get this legislation together," Pilgrim added.
