In his column this morning, David Brooks, of The New York Times took a provocative stance: "What we need in this situation is authority," he wrote. "Not heavy-handed government regulation, but the steady and powerful hand of some public institutions that can guard against the corrupting influences of sloppy money and then prevent destructive contagions when the credit dries up." That statement won't carry favor with many Republicans, no doubt. What about the free market? It's the beau ideal of the conservative movement, isn't it?
Or is it?
Peter Goodman, who covers the national economy for The New York Times will join us, to talk about the free market. What is it? Has it existed? Could it? Does anyone want it to?
Forget that last question. Of course there are people who want an economy devoid of regulation. Devin Foley, who works at the Center of the American Experiment, is one of them. He'll tell us how Americans would benefit from a free market, and why regulation isn't the solution to this crisis.
Dean Baker, who was supposed to be on our program yesterday (we ran out of time!), runs the Center for Economic and Policy Research, a think tank here, in Washington, and he is no fan of free-market economics.
What do you think? In this financial crisis -- or, if you're more optimistic, economic turmoil --, do you think more regulation would help us? Or hurt us?
The Congressional plan was nobody's darling, but it was an effort to assert some authority. It was an effort to alter the psychology of the markets.
