The decision by the Federal Reserve to loan insurance giant AIG $85 billion in return for as much as 80% ownership of the company is by any measure dramatic. The takeover early last week of Fannie Mae and Freddie Mac represented the culmination of years of intermingling of public and private interests. Even if the intervention was imperative, its scope is startling.
Read moreThank God for the Chinese Consumer
Don't count out the U.S. consumer. For the past decades, that has been a ready rebuttal against predictions of economic doom and gloom for America and the world. The average American's spending capacity has proven more resilient than anyone could have predicted. At various points over the last 60 years it has supplied the ballast for companies domestic and world-wide.
Read moreA Big Dig - and a New Course for Empire
Wall Street Journal Review of Parting The Desert.
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