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.

In Ronald Reagan's case, he always bore with him this extraordinary ability to radiate confidence, optimism, clarity, a blitheness of spirit, in what other people saw as chaos. And after the 1970s, that was catnip.

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.