An e-mail:

“Only a crisis, real or perceived, produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable.” – Milton Friedman
While reading through Capitalism and Freedom last night, I was further frustrated by lack of leadership taken by the administration. This real or perceived crisis was/is largely a consequence of Fannie and Freddie. Instead of placing blame where it belonged, Bush decided to increase the government’s responsibility in the fallout without framing the decision and subsequent discussion around the failure of Democratic lawmakers. Instead the narrative has become about the greed of Wall St. Had Bush led with the truth of the situation, and framed it so, the policy discussion could realistically be about the ideas that have been brought to the table by Newt Gingrich, Mike Pence, et al.
Instead the conversation is about how much government intervention will be taken. And to what degree Washington will choke off innovation through regulating the free market.
Thanks to you and all of NR for its continued effort to stand athwart history.