My Analysis Is...
Arnold wants me to explain why “two-thirds of the American people think they could do a better job on the economy than Congress.” My take is that a lot of Americans want an even more populist approach to the crisis. Yes, many Americans thankfully oppose spending trillions on “hope.” But at least as many probably favor a massive regulatory “solution.”
During the 2008 bail-out, many polls shows that a majority of Americans opposed it. But the better polls showed that the median respondent wanted to tinker with the bail-out; only a small minority just wanted to let the usual rules of bankruptcy takes their course. It would be nice if 2009 were a libertarian populist moment. But it’s not.