'THE PRIVATE SECTOR got us into this mess. The government has to get us out of it."
That's Barney Frank's story, and he's sticking to it. As the Massachusetts Democrat has explained it in recent days, the current financial crisis is the spawn of the free market run amok, with the political class guilty only of failing to rein the capitalists in. The Wall Street meltdown was caused by "bad decisions that were made by people in the private sector," Frank said; the country is in dire straits today "thanks to a conservative philosophy that says the market knows best." And that philosophy goes "back to Ronald Reagan, when at his inauguration he said, 'Government is not the answer to our problems; government is the problem.' "
In fact, that isn't what Reagan said. His actual words were: "In this present crisis, government is not the solution to our problem; government is the problem." Were he president today, he would be saying much the same thing.
Never trust a Leftist quoting Reagan. Really, never trust a Leftist anyway. Because what are Leftists saying today? Former Clintonite, current quasi-Communist, Brad DeLong:
Bring Congress Back into Session After the Election...
...and go for the Swedish plan: nationalize the insolvent large financial institutions: dare Bush to veto that after the election.
Socialist Sweden, which is poorer than Mississippi, is what they hope to get past a Republican president. Please try to imagine what they will go for if Obama wins for them "the battle of democracy". Please do not wait until after the election to ponder.