Rick Perlstein

History does not repeat itself. Nor does it unfold in cycles. The real future is contingent, rich beyond imagining, a perennial gobsmack, tragic and glorious in equal measure; the pundits' future, spun of 'conventional wisdom,' is only a sucker punch to that common-sense fact.

Ronald Reagan knew audiences. It was a key element of his political genius. One of the things at which brilliant politicians are better than mediocre ones is smelling new public concerns over the horizon before they are picked up by polls - before the public even knows to call them 'issues' at all.

It is understandable that the Fed injects cash to avoid the collapse of the stock market, but basically it is bad policy for monetary authorities to intervene to save speculators from bankruptcy. This is not their role.