Along comes Tom Friedman with his stock clichés and the kinds of shibboleths that too often pass for serious analysis these days to tell us that we ought to (a) move up Inauguration Day or (b) make Tim Geithner Treasury Secretary right now. I love all of these pundits who seem to think that the market is an easily manipulable system or vehicle that only requires the right touch from the right personnel to make work again in short order. None of these people seem to have anything resembling a grasp of economics and yet, they are in a position to drive popular opinion and with it, policymaking.
I don’t fear a Great Depression. But we will be closer to one if people like Friedman and Collins continue to use the New York Times editorial pages to opine ignorantly about the need for immediate change–especially when there is no actual change in the offing.