The media dislikes the Administration to say the least. And so it hypes the economy as being near depression or in a recession. As usual, Tom Sowell provides some needed perspective. Many point to Europe as a model, but Europe with its 9-10% unemployment would love to have our economy.
The solution here is to have people stay in the homes they are in. If we put thousands of anything on the market at once, the price collapses. Having two politicians running for President, each of which is trying to outdo the other in his declaration that
America is in crisis
The system is broke
Americans are having a disastrously hard time
is the absence or abdication of leadership, this is not leadership. This is particularly true as Biden and McCain for example have more than 50 years combined in Washington. Palin and Obama even in their 40s have been in some office for the last ten years or so. Of the group, only Palin can at least claim to be outside Washington.
Having said that, giving Congress another take or face disaster is reminiscent of the War with Iraq, even Hillary's suggestion to do nothing for three months on boting people out of houses has some merti in that we might calm down and consider alternatives. Finally this is hardly a model for the rest of the world…..
How about some FDR, the only thing we have to fear is fear itself. Or perhaps a Chruchill vision of our
'finest hour.' Massive finger pointing from politicians who have suported the exapansion of FNM into loans that should not have been made is hardly our finest hour.
We are experiencing interesting times. I wqould like to initiate a discussion site on WEB CT for each class. We will spotlight an issue each week and realte that to what we are studying. The discussion area was created for just this purpose. Your thoughts?
Professor Elam 
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