What More People Should Read

This article really hammers the Obama administration on their handling of the economic crisis so far. They really point out some major flaws in how the current administration is handling things.

The part I like best:

"Indeed we should do something—but, as usual, it’s exactly the opposite of what the federal government intends to do. We should cut the government’s budget as drastically as possible, thereby releasing resources for use by the productive sector. (That worked pretty well in stopping the terrible depression of 1920–21.) We should stop the Fed from interfering in the recovery process. We should let the private economy sort out which activities undertaken during the artificial Greenspan boom are genuine wealth-generating activities and which are wealth-destroying bubble activities. The latter should be promptly liquidated so their resources can be better employed by the former.

Meanwhile, we still have some conservatives, frozen in the 1980s, calling for reductions in marginal income tax rates, among other feckless suggestions. Tax reductions are desirable, to be sure, but the crisis we are facing is a systemic one that is not going to be fixed by marginal changes here and there. We need to start talking big changes. We need to open up questions the regime has long since considered closed. We need to talk about the monetary system, the Fed, entitlements, and much else.

In other words, if the Left can advocate $1 trillion-plus annual deficits as far as the eye can see, why can’t supporters of the free market be equally bold in the opposite direction?"

It's worth reading the whole thing, so go read the whole article.