By DEREK P. GILBERT
September 19, 2008
This has been a bizarre year, bizarre in historic measure, and we’re still only in the third quarter.
For instance, the two men voted least likely by their parties just two years ago are vying for the White House, the Chicago Cubs are on the verge of making a run for the World Series, and the United States government has become, in one fell swoop, the world’s largest mortgage bank and the world’s biggest insurance company.
Net public sector debt ballooned from 44% to 83% of Gross Domestic Product overnight, putting the United States in the same league as the chronically dysfunctional economies of Italy and Japan.
I’m not sure whether the government has nationalized the financial services industry or Wall Street has privatized Washington.