is collapsing. So the government is working to bail out the big investment firms that have made easy credit possible. It seems that everyone is a free market capitalist during good times, but once a downturn happens, everybody wants to state to intervene into the economy after all.
Perhaps these interventions are necessary. (We need our resident economist, EconJeff, to advise us.) But I worry that this is just the beginning of a turn back to a state run economy.
I sense that liberalism is rising from the dead, that a Democratic president and a Democratic Congress will re-regulate the whole economy and utterly undo the Reagan revolution.