Pat Buchanan, author of the important new book on Churchill, Hiter, and WWII, was on MSNBC’s Morning Joe, stealing scenes as usual. But today, retired Merchant of Death Jack Welch was praising Bush’s “stimulus.” “Isn’t that Keynesian economics?” said Pat. Does it really make sense to send out all those checks and spend even more in a recession? Welch looked shocked, then changed the subject. Later, Larry Kudlow was saying that happy days are almoset here again, and Pat wanted to know why the economy was so bad, given Republican dominance for almost eight years. Well, we’ve had a “great expansion,” said Larry, then along came the housing bust. But “that’s the fault of the Federal Reserve, isn’t it?” said Pat. Bush has appointed the whole board of governors. The Fed “created the real estate bubble and other bubbles with too much money creation, didn’t it?” Larry, a brilliant economist, looked down, and also changed the subject.

The Best of Llewellyn H. Rockwell, Jr.