I agree that the language could be less joyous about the coming hardships. But I think it is an excellent point that this is the time to start talking about what comes next. The system has failed, and whatever comes next we are witnessing the death throes of a social system that we have lived under for the last thirty years. With a Democratic trifecta likely in November we have the opportunity to reshape things so that those "weakest" aren't again thrown to the wolves -- but it's not going to happen if we don't start looking at the silver lining of this disaster.

Crisitunity, dude! Go read Ian Walsh, you'll feel better. $150B now, better bill later. But as always it all depends on how active we on the ground are willing to be.

Wrong link - that one will make you feel much worse. This is Ian.

"...depressions have some salutary effects ..."

Hah! So do suicides. If you pull the trigger, you don't have to pay for the bullets you bought on credit.

Yes, we need to think of the up-sides!

The 'rescue' bill (bailout!) was a very poor way of dealing with the economic problems (even if credit availability is a crisis, which it probably is, but wasn't addressed in the bill except with a hope/prayer that if banks could dump their trash loans they MIGHT loan again). The bill was a whitewash of the real problems underlying the credit crisis.

On balance, I'm glad the bill failed, but I expect a resurrection by Thurs/Fri. It still won't work, so we should plan for what needs to be done, and start selling that plan pronto - far more effectively than Obama has done to date.

Obama has some real work ahead, both before and after the election he's going to win. His current economic plans simply don't far enough and deep enough to reverse the inevitable long-lasting effects of globalization of jobs and products, excess credit loaned that can't be paid back, and major/major issues of getting the middle class and american productive businesses back into sustainable, and necessary growth mode.

We need a better New Deal, not a Bum Deal. But a middle of road Obama program that licks at the problems instead of biting and swallowing won't hack it.

How will we pay for what needs to be done? Americans need to get back to saving, and that requires wage growth, a bigger safety net, and strong incentives to stop unneeded spending and start saving.

I'm kinda thinking of the War Bonds we were using in WWI and WWII as a partial model. Make it a patriotic duty.

And, we need to moderate and cut back on defense spending that consumes unproductively much too large a portion of our national income.

Nobody's going to invade the USA (we are too crazy and too gun-equipped to make that sensible).

This kind of mind-boggling fanaticism has infected the debate since the Paulson plan was proposed. It's the crazy "let it crash" left-wing version of the right-wing's fiscal train wreck, "shock treatment" extremism.

It is deeply ignorant and irresponsible. Apparently there are a lot of left-wingers who don't care whether they are laid off, whether their kids go to college, whether their small businesses collapses or whether they can get a loan. As long as they can gloat over the carcasses of the dead fat cats in the gutter with them, they will be happy.

I would like to add to your earlier comment, Ezra, about a failure of our political system that there has been a systematic failure too of the left blogosphere as a system. Led by a certain bunch of demagogic railers, who are little more socially useful now than the right-wing talk radio jocks they mirror, they have helped accelerate a raging, web-based viral infection of nitwit, economically illiterate populism.

Let the whole damned system burn to the ground. Whatever their ideological leanings, left or right or in between, the elites of our society have proven themselves corrupt, craven, foolish, brutal, heartless, anti-democratic, and anti-human. Yes, let the whole damned society burn to the ground, sweep away the pathetic ashes of the malevolent, disgusting, warped edifice the elites have erected to imprison the people, and build a new, better America atop the grave.

Hey, Dan Kervick, you slipped in ahead of me as I was crafting my incisive contribution. If you don't join the party of movement out on the barricades, you will be reckoned an enemy of the people.

Uh, Woody, do you really think that it's the elites who will die of smoke inhalation when society gets burned to the ground?

Maybe Bob and Markos and the rest of these idiots, including many of your commenters, can hold hands and skip down the street and into the path of a semi.

Then maybe the rest of us can raid their kitchens to feed our families this winter.

Hey Woody,

If you are "the people", I'm happy to be on the other side. But I actually don't think you are the people. You're just a wingnut.

Let the whole damned system burn to the ground. Whatever their ideological leanings, left or right or in between, the elites of our society have proven themselves corrupt, craven, foolish, brutal, heartless, anti-democratic, and anti-human. Yes, let the whole damned society burn to the ground, sweep away the pathetic ashes of the malevolent, disgusting, warped edifice the elites have erected to imprison the people, and build a new, better America atop the grave.

Wow, Ra's al Ghul reads Ezra's blog!

As I was watching the price of crude oil fall I realized that there could indeed be an upside to a global depression - radical slow down in production and consumption, fewer u.s. and euro buyers for chinese goods, fewer coal plants, less toxic waste, less greenhouse gases, an opening to develop alternative energy sources and conservation, etc.

It wouldn't be quite so terrifying if we had a decent social safety net in place. We still can, but it's going to be harder.

The Iraq war must end NOW. Not in 16 months, Barack, but the minute you get in office.

And cancel the stupid Apollo mission too.

The "greatest generation" often cites their experiencing the Depression as a character building event. That it made them the greatest. Well, I want to be great, too, so bring it on! I want my depression!

The "greatest generation" often cites their experiencing the Depression as a character building event.

Oh great. So you're telling me that in sixty years I'm going to be one of those annoying old fucks?!? I hope I die before I get old!

Posting among those showbiz airheads at HuffPo must have taken a toll on Bob B, who used to be sensible. Crisis brings out the worst in people. Any collapse of the scale that looms will hurt some people you dislike, so it's easy to work up a head of let-it-burn schadenfreude.

I'll gladly play my role in the unfolding of these world-historical events but will allow the people to vent their wrath on all the keyboard heroes of the phony left. Justice will prevail regardless of who attempts to thwart the onrushing movement. Sure, many of us will perish in the flames, but our bodies will feed the furnace that will immolate this rotten society and all who support it. Decide now whether you will acquiesce and jump in or whether you must be pushed.

the poor already no how to survive being poor

The bleating is coming from the rich social liberals who are afraid they will have to revert to a paltry upper middle class lifestyle

Looking forward to meeting Ezra and his commenters out on the make work projects.

I second JimPortlandOr on the changes needed -- and agree that 'woody' is in need of serious help.

But remember, when you worry about Obama's 'moderation' that he is a Rooseveltian pragmatist. One of FDR's campaigning points against Hoover was that HH had failed to balance the budget, but once he got into office we know what he did.

Give Obama credit for the same ability to learn from events. This is why Obama is the first Democratic candidate I've been voting for in a long time, rather than merely voting against the Republican.

And, OT, why is it that the blogs by 'commercial enterprises' like TAP and WashMon have such a problem getting such simple things as 'remember personal info' boxes to work. But at least you don't look as ugly as "Political Animal."

Leave it to a bunch of do-nothing, snide liberal pukes like yourself and the rest of your coffee drinking ilk to watch this nation fall apart, no thanks to the douchebags like Barknee Frank, Chris Dudd, and Granny Rictus. These traitors have set fire to the traditional systems with the mindless phrases like "Oooh, it's about giving the poor people (who really cannot afford these loans) a good "quality" life.

Trust me. This is not over.

The only depression is the one you and your dungeon pirates of slackness will encounter when your Wholly One bombs big time in November.

Then, it's back to mom and dad's basement, where you will live out the rest of your existense watching reruns of Olbermann's whining while eating talcum powder.

Cowards.