The unwisdom of crowds

The Weekly Standard
by Christopher Caldwell

Neither Barack Obama nor John McCain had much of value to say about the financial crisis as it raged through the headlines this fall. Rather than shred their campaign strategies, they played it safe, as most politicians would have. But in the name of justice we ought to recall that there was one candidate who did foresee our predicament with considerable accuracy when it still lay far in the future. Ron Paul, in almost every speech he made during the Republican primaries, spoke of bubbles, reckless credit growth, and the ‘unsustainability’ of present policy. So why isn’t there more demand for the common-sense solutions he put forward? Because common sense is not much use in a financial panic... (for publication 12/22/08)

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Informant: Thomas L. Knapp



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