Michael Kinsley has started the public shouting match that will dominate the next ten years of economic theory in the United States. What if there's more to healthy markets besides loose cash? What if Europe & China aren't just money hating Commies? At the bottom of the article Kinsley peeks into solutions for the sub-prime train wreck, touching on the other function of government forgotten by Republicans: Regulation.
"...the government should go out and borrow even more money and pass it around for us to spend. The experts caution that for maximum stimulus effect, we must be sure to spend it immediately. No squirreling it away for a rainy day. In drinking circles, they call this hair of the dog: to cure a hangover, you have another drink. [more]"