Quotes of the day

Enter the Fed, our new hedge fund of last resort.--Arnold Kling, commenting on the Fed bailout of Bear Stearns

Suppose that we define "Spitzer" as someone who believes in the aggressive use of political power. A Spitzer believes it is his mission to tell us what to do for own good. Is Barack Obama--who also comes from a Harvard Law School background, and who identifies the "audacity of hope" with government expansion--a Spitzer? Absolutely. Is Hillary Clinton--who sees the the state as a substitute for a village, making it also a substitute for the family--a Spitzer? Positively. Is John McCain--who Virginia Postrel describes as "an instinctive regulator who considers business a base pursuit"-- a Spitzer? Unfortunately, yes.--Arnold Kling