Thursday, September 25, 2008

Brand new chestnut

Two headlines from my morning reading belong together. From the WSJ: "Crisis Stirs Critics of Free Markets ... Around the World, Calls to Reconsider U.S.-Style Policies." And from the LA Times: "California Elections ... Prop. 10 would benefit key backer ... Billionaire T. Boone Pickens wants California to invest $5 billion to promote a plan with limited consumer benefits."

A favorite cliche among many groups is that U.S. economic problems illustrate unregulated capitalism running amok. That is how many continue to characterize the Great Depression and they now have a brand new chestnut.