A somewhat disingenuous aside by the president in his first presser referred to those who believe that government should do nothing to counteract this sudden downdraft in demand. Sadly, many of those making that argument are not exactly impressive. And they are not really present. But the depression does indeed revive first principle questions about the roots of our current crisis. The Austrian school is being looked at seriously again. Was this bust really a function of a phony boom created ultimately by the Federal Reserve? And is printing and borrowing money really a long-term way out of these problems? Thomas E Woods Jr examines how less and less marginal Ron Paul seems to be.

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