The Economy

Nobel Prize winner Paul Krugman on the bailout. He says Britain's Gordon Brown is leading the way. Our Secretary Paulson is starting to follow because he really did not have a plan. Why, You say.

It’s hard to avoid the sense that Mr. Paulson’s initial response was distorted by ideology. Remember, he works for an administration whose philosophy of government can be summed up as “private good, public bad,” which must have made it hard to face up to the need for partial government ownership of the financial sector.

I also wonder how much the Femafication of government under President Bush contributed to Mr. Paulson’s fumble. All across the executive branch, knowledgeable professionals have been driven out; there may not have been anyone left at Treasury with the stature and background to tell Mr. Paulson that he wasn’t making sense.

Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis.

I want to re spell Femafication so that it makes more sense. FEMA-fication. As in FEMA, all the cronies were put in place.