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.