Crises create opportunities for political realignment. After years of chasing the New New Thing, we now need, in the phrase of the moment, a New New Deal. We have had our decades of celebrating financial deregulation and a Federal Reserve chairman, Alan Greenspan, who genuflected at the altar of the free market. But now Big Government has rushed to bail out banks and investment institutions. Free-market ideology is in the process of imploding. Liberals have longed for an opening to roll back what political scientist Jacob Hacker has called the "great risk shift."
~ Jesse Eisinger, "It's (Really) the Economy, Stupid," Portfolio, May 2008
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