Things Could Be Worse

Japan and the United States both had real estate bubbles that burst and led to crisis. Both responded with half-measures. What happens now, especially if Republicans win big in November?

"So I find myself almost envying the Japanese. Yes, their performance has been disappointing. But things could have been worse. And the case Democrats now need to make — the case the president finally began to make in Cleveland this week — is that if Republicans regain power, things will indeed be worse. Americans, understandably, are disappointed over, frustrated with and angry about the state of the economy; but disappointment is better than disaster."

I sorrow that it is the case. What can we do but hope for better policy.