I am sure I don't have to tell any of you just what a critical time it is in our economic history. Where we wind up will depend crucially on what policies we pursue. Read this short piece from the Wall Street Journal written by my friend Lee Ohanian:
http://online.wsj.com/article/SB122342618776613613.html
Dumb things got us into this. Dumb things will make it much worse. Ask yourself if higher taxes and autarky are the right paths to go down at this particular time. If your answer is "yes" then congratulations, we are now on the fast track down the road to serfdom as Hayek coined it.
And what's this business about the Fed doing too much or over stepping their bounds? Eh?
Let me disabuse you of the notion that Ben Bernanke is going to throw up his arms, give up and
quit when he still has bullets in his gun. He fired off some more rounds yesterday. It ain't happening dude. The picture on the upper left is the U.S.S. Wisconsin firing off her 16 inch guns at night. Cool huh? Think in these terms. Or alternatively, watch the video below of the poor schmuck who brought a rifle to a tank fight.
This thing is not going over the edge as long as there is anything the Fed can do about it. You can cash that ticket pard. You hit it with everything you got like that poor schmuck on the receiving end in the video.
Read this short blurb about who we have in the driver's seat (thanks Phil):
http://economix.blogs.nytimes.com/2008/10/08/in-praise-of-bernanke/
He knows what to do, and he is doing it.
Now, do you suppose that poor schmuck ever heard about camouflage?
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