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| Does Cheney contradict himself on fiscal matters? Posted: 28 May 2009 12:25 PM PDT CNBC money man, Larry Kudlow, sat down with Dick Cheney and asked him some tough questions on the economy. Though Cheney offered criticism of Obama’s massive spending and unprecedented government intervention in the free market, Kudlow confronted him about some of the huge expenditures, large-scale government bailouts, and unforseen consequences of the Bush administration’s fiscal policies. Read more Cheney: “And what we've been seeing, though, and what's been advocated by the president and what looks to be in store if he's successful is that we're seeing a vast expansion, not only the power of the federal government over the private sector, but also in terms of spending…And I do think it's a more liberal agenda, if you will, than any in recent memory.“ Kudlow: “But, in truth, isn't it fair to say that many of these policies, central planning policies, command and control interference policies, whether it's socialism-light or European market social kinds of policies, they really began under the Bush-Cheney administration, did they not?..At what point President Bush, I believe, said we have to — we have to stop — we have to suspend free market capitalism in order to save free market capitalism.” Cheney: “I think there's no question but what the tail end of the Bush administration, Bush-Cheney administration, that we took steps specifically geared to try and free up the financial sector…when you get into that kind of situation, the government is the only area of last resort with respect to trying to deal with those issues. You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government..If it's not working, then the federal government has to deal with it.” Kudlow: “But did you anticipate the degree of government control over the banks?” Cheney: “No, I don't believe we did. I don't recall any debate within the administration.” Kudlow: “But what would you be doing differently right now?” Cheney: “Well, I think the budgets he submitted are way out of whack. I think what it does not only to the short-term deficit but long-term debt situation is very objectionable.” Kudlow: “Some people are worried the United States is going to lose its AAA credit rating.” Cheney: “Well, that's got to be of concern…So I don't hear anybody in the administration expressing concern over that massive growth in the national debt and what's that going to mean long-term in terms of our currency, in terms of inflation.” The interview goes on and on to discuss a variety of other topics. Throughout Cheney’s and Kudlow’s interview, it appears as if Cheney supports free market capitalism and fiscal responsibility. Kudlow attempts to nail him down on the Bush administration’s majority ownership of Fannie Mae and Freddie Mac, the $700 billion bank bailout, the AIG bailout, the first GM loan, etc. But, Cheney seems to be justifying these actions taken by the Federal Government under his watch. In addition, while Cheney criticizes the budget deficits, national debt, and inflation potential under Obama, he doesn’t even mention (nor does Kudlow) that Bush-Cheney never balanced the budget, doubled the national debt, and that the US Dollar lost about 25-30% of its value. He (Cheney) does acknowledge, however, that the Bush-Cheney administration failed to predict the extent to which the Federal Government would utilize TARP and other bailout packages to expand its power and influence over the private sector. What do you think? Is Cheney trying to have it both ways? Read the interview here.
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