Rich Lowry just reported at the Corner that a major conservative economist has told him that there really is a chance for this to turn into a major depression a la 1933. If so, it’s mostly psychology. Ninety-three percent of home loans are still good. There’s an incredible amount of cash floating around the world. It’s just that everybody is afraid to lend what they have. A government bailout will only exacerbate the bad psychology by undermining confidence in the markets’ ability to muddle through on their own — or at least without MAJOR government action. Yes, government can and ought to do some things right now to stabilize and re-start the markets. But all of this business of buying up non-performing assets is counterproductive. Conservatives like Hensarling and McCotter are right to press for alternatives, and right to vote against the package as it has been described.
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.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online