" Overall, the past five decades have been an age of economic hubris. In the 1960s, we sought to end poverty through federal spending. By the late '70s, we thought that controlling the money supply could solve everything. In the '80s, tax incentives were seen as capable of dramatically increasing the rate at which people saved. By the '90s, it seemed to many that Alan Greenspan could fine-tune the business cycle out of existence by tinkering with the Federal Reserve's interest rates. Now comes Treasury Secretary Henry Paulson, offering a new taxpayer-funded bailout scheme nearly as often as he changes his shirt. Almost overnight, it seems, we have become convinced that massive infrastructure spending can save us."
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