A crisis of faith in free market

Washington Post, September 12, 2008 page A4:
"It will be several years, and probably several more rescues and interventions, before the crisis has subsided. There is already talk of $26 billion to $50 billion in federal loans to the auto industry, along with an economic stimulus package chock full of public investments. Investment in the public sector is in evidence.
But even after the economy has recovered and financial markets return to normal, a generation of Americans that has lived through the savings and loan crisis of the '80s, the Internet bubble of the 90s,and the current credit crisis is likely to retain both a lingering suspicion of unregulated markets and a willingness to use the powers and resources of government to enhance economic stability.
My comment: Such is political economy in evidence as cited in "Keys for Economic Understanding." Cf. www.Amazon.com book catalog for reference.

Francis Shieh a.k.a. Xie Shihao, a lifelong learner of economics to compare Sino-American Economics. September 12, 2008 at 8.11 p.m.