One of the fervent beliefs that “Progressives” had during the so-called Progressive Era was that the economy could be run by “experts.” Indeed, we are seeing the bevy of “experts” being interviewed who are saying just how this latest bailout must be done, and all of the safeguards that will have to be in place to make it “work.”

Not surprisingly, the “experts” like Paul Krugman hold that there is an important role for people like him. After all, “experts” advised FDR when he and his New Dealers “remade” the financial system, the same system that Krugman claims worked so well — except, of course, that it didn’t and by 1980 had been exposed in yet another banking crisis.

Yes, the same “experts” with their Ph.D.s who did so well the first time now are demanding that they get to run things again. Don’t forget that the Russian five-year plans all were run by people with doctorates in economics from Moscow State University. From what I remember, they didn’t do so well, either.