Arnold’s latest post is spot-on.  I can’t resist turning it into an SAT analogy

Housing: Oil :: Today: the Seventies

In both cases, the public flipped out over the market outcome, government rushed to “do something,” and ended up creating a incoherent set of morbidly expensive regulations.  And in both cases, the solution is to pull the plug and let the market work.

Maybe in 2012, we’ll know the answer to:

Obama: Carter :: ??? : Reagan