This is what I get for talking to too many lefty partisans - “liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.”

The bailout died . The lefties I correspond with all detested the bailout last week, this week they detest Nancy Pelosi - bizarrely if encouragingly, for being too partisan if I read them right - and lament the bill’s failure to pass. Last week, they and a libertarian actually convinced me to oppose said bailout  too despite my initial inclination to dismiss them as merely Andrew Mellon imparting Herbert Hoover with his (apparently apocryphal ) advice to “[ l]iquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate ” - which set back our understanding of political economy until the New Deal itself ran out of steam despite the unfairness of Mellon’s bad rap . Hmmm .. maybe, as I already intimated last week , I was off my rocker and the failure to get this thing passed spells disaster, politically and economically . It seems   a new bill is on the horizon , so this may not matter. Perhaps I was too clever by half,...