Or so Tom Tomorrow would have us think.
Shame. I used to enjoy reading This Modern World. But, sadly, Tom has succumbed to the same misunderstanding that a lot of Americans do regarding the free market. The conditions which precipitated the housing calamity were not the doing of the free market. It was all due to the Fed. Indeed, the free market could not have allowed banksters to loan indefinitely or even to a point of overextending credit to an unworthy debtor. But this “fear of the unknown” will rule the voters for the forseeable future and they’ll simply ask for it all over again. As Mencken said (paraphrase), the American people know what they want and deserve to get it…good and hard.
