How great to see the editor of Grant’s Interest Rate Observer as guest host on CNBC this morning. Mr. Liesman – a Dickensian name if I ever heard one – was as usual cheering the Fed and the Treasury no matter how they muck up. Jim patiently defended the Rothbardian view of the Great Depression, opposed bailouts and interventions, and championed the free market. Liesman smugly informed him that “our political leaders” have decided otherwise. Too right, and look at the wreckage. BTW, I just ordered Jim’s new book: Mr. Market Miscalcuates: the Bubble Years and Beyond.