"If one does not read enough economic illiteracy from Paul Krugman's Monday column in the New York Times, there always is David Brook's Tuesday column, which presents the neo-con (emphasis on 'con') view of the world. One must remember that the editorial writers at the Times actually believe that Brooks is a free-market guy."
-- Bill Anderson, LewRockwell.com OK, here he is, the useless idiot who needs no introduction, David Brooks:
Republicans have decided to demand a rigid fiscal straitjacket at the one moment in the past 70 years when it is completely inappropriate. . . .
The G.O.P. leaders have adopted a posture that allows the Democrats to make all the proposals while all the Republicans can say is "no."
Republicans could offer the public a realistic appraisal of the health of capitalism. Global capitalism is an innovative force, they could argue, but we have been reminded of its shortcomings. When exogenous forces like the rise of China and a flood of easy money hit the global marketplace, they can throw the entire system of out of whack, leading to a cascade of imbalances: higher debt, a grossly enlarged financial sector and unsustainable bubbles.
If the free market party doesn’t offer the public an honest appraisal of capitalism’s weaknesses, the public will never trust it to address them. Power will inevitably slide over to those who believe this crisis is a repudiation of global capitalism as a whole.
The "weaknesses" of capitalism are not what this crisis is about. Economies expand, economies contract. Old businesses go bankrupt, new businesses are launched. "Economic stability" is (a) an impossible Keynesian fantasy that can never be achieved, and (b) arguably a bad thing. We don't want "stability," we want dynamism -- innovation, creativity, new businesses being launched, new technologies developed, new markets emerging, etc.
A recession is when your neighbor loses his job. A depression is when you lose your job. And a recovery begins when David Brooks loses his job.
UPDATE II: Linked by Dave at Point of a Gun, by Jimmie Bise at Sundries Shack and by Dan Riehl at Riehl World Views. Everybody join in and let's give Brooks the vicious gang-fisking he deserves. UPDATE III: The question is asked, "What is an appropriate gift for David Brooks Fisking Day?" The answer, of course, is a Rule 2 FMJRA, such as this one from TrogloPundit.