President Bush who has overseen the largest government bailout in U.S. history admitted on CNN that he had to abandon free-market principles to save the free-market system and to make sure the economy didn’t collapse.

Yet according to a report from Celent, a Boston-based firm that provides information to the financial services industry the claims of a credit crisis by Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke had no basis in fact.

As a result of the abandonment of free-market principles the Bush administration has saddled the U.S. taxpayers with an unprecedented level of debt of up to $11 trillion by some estimates with no end in sight to the government’s willingness to fund future bailouts and turn our economy into a socialist system which it already resembles.

The president was admittedly battered and bruised over the last few years by a generally unpopular though mostly successful war, large losses in congressional and senate seats and a constant hammering by the liberal press.  But through it all Bush stayed the course economically and allowed the free-markets to operate and flourish.  Now even that is gone.

What is even more galling was when Bush told CNN that “I feel a sense of obligation to my successor to make sure there is not a, you know, a huge economic crisis. Look, we’re in a crisis now. I mean, this is — we’re in a huge recession, but I don’t want to make it even worse.”  Since when is the outgoing president obligated to help his successor especially when he is from the other party?

I don’t want to see this country suffer any more than we already have, but since Obama promised to fix our economic woes then Bush should let him do his “magic” and not give him a boost, especially since Bush’s help is a betrayal of conservative principles.

Later today I will be attending a speech being given by the president on building a foundation for the future.  The problem is that Bush’s recent policy moves have severely weakened the foundation of our economy and whatever he says is likely to ring hollow.

Oil prices have now dropped below $70 a barrel which is less than half of what they were in July and the silence from Congress and Fox News loudmouth Bill O’Reilly is deafening.

Back when oil prices were setting new records along with oil company profits the Democratically controlled congress wasted no time in calling oil company executives to testify as to why they were gouging the public.  The same goes for Bill O”Reilly who tried to ride some populist moral high horse and heaped scorn on more than one occasion as Exxon and other large oil companies wracked up horror of horror, record profits.  Imagine that, a business that is in business to make money actually practicing capitalism.

Now that oil prices have taken a nosedive and gas prices are dipping below $3 a gallon in many parts of the country, there is nary a peep from these dunderheads.  After all by their line of thinking if the oil companies can collude to forces prices up why can’t they put a floor on prices as well to prop up their profits?  Sounds criminal to me.

What the Democrats don’t understand and O’Reilly forgets is that this is the free market at work and we should leave it alone.  I own shares in Chevron and have watched as the stock zoomed to about $100 a share briefly this summer only to come crashing back down towards $60 as fears of a recession set in and the market panicked.  While I would rather recoup my lost paper profits I felt a great sense of satisfaction yesterday as I filled up the tank of my sedan yesterday and the total came to just under $40.  With the amount of driving that I do, this translates into a savings of several hundred dollars per year and I can take that to the bank.