"There may be a backlash against markets at the moment," acknowledged Kevin A. Hassett, economic studies director at the American Enterprise Institute in Washington and an advisor to presumed Republican presidential nominee John McCain. "But the backlash doesn't seem to be informed by any alternative view of how the world works."
True that. Boom and bust is a cycle here, and unless you're willing to settle for the stagnancy of a European socialist economy, I suggest riding this storm out--with apologies to REO Speedwagon.
Update: Here's an alternate view:
Two major related threats loom over the world economy: credit crises and rising inflation. What do these two menaces have in common? Bankers, hedge-fund managers, speculators and capitalism in general have been taking the hit for the economic turmoil, both for credit risk and inflation. But the looming collapse of Fannie Mae and Freddie Macin the United States should help change the focus a little. We are now getting down to the heart of the matter, which turns out not to be rampant capitalism but out of control back-door socialism.
There is nothing free market about the two American mortgage backers, hybrid institutions created by the U.S. government to support mortgages and make home buying easier and more affordable for Americans.