Paul Krugman, not surprisingly, compares the current financial crisis to the Great Depression. Gosh, if I had a dime for every time a liberal commentator invokes the Depression, I could probably afford Bear Stearns myself. Krugman perpetuates the canard that the “banking crisis of the 1930s showed that unregulated, unsupervised financial markets can all too easily suffer catastrophic failure” and that’s what turned an ordinary recession into a Depression. But in reality, what worsened and prolonged the Depression was government interference in the economy through regulation, protectionist trade policies, higher taxes, and mismanagement by a Federal Reserve Board that actually contracted the money supply in the early years of the crisis (see Milton Friedman’s Monetary History of the United States and Amity Shlaes’s The Forgotten Man for more). With all of that said, as I wrote on Tuesday, the fact that the Fed rescued Bear Stearns ultimately with taxpayer money, makes it easier for Krugman to argue that we need preemptive regulations.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?