Everywhere we look, we see more evidence that post-Reagan Republicans and post-Thatcher Tories have given up on free enterprise. They have decided that the problems in the economy are too important to be left to business and Wall Street. Congress needs to intervene, say the meddlers, in order to guarantee the nation a smoothly-functioning financial system.
Everyone seems to feel the same way…the free marketers have had their chance. Now, it's time for a little "adult supervision." But adult supervision in this context - putting politicians in charge of the economy - is like adult entertainment; it is a salacious fantasy.
"When will oil prices go down?" President Bush was asked in his news conference yesterday. "I'm not an economist" President Bush responded. Maybe it's time to have someone who is an economist in the White House.
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