There have been a lot of dumb things said about the $700B bailout package that failed yesterday. What's astounding is how much intellectual trash has become accepted wisdom. Listen to this gem from the nytimes' Brooks (the one who is supposed to be the token conservative at the times):
"Now they have once again confused talk radio with reality. If this economy slides, they will go down in history as the Smoot-Hawleys of the 21st century."
The Smoot-Hawley act instituted a tariff, which cooled an already weak economy. Notice this is unnecessary government intrusion. How exactly is this the same as rejecting a hastily drafted bill? It's much easier to explain why they are exact opposites.
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