This article originally appeared in the October 8, 2008 issue of The Spectator

“Entire economy is in danger,” read the front page of the Seattle Post-Intelligencer Sept. 25, quoting George W. Bush. Five days later the headline read “Economy in shock,” in response to the 700 point drop in the DOW Jones Industrial Average that occurred the day before. The next day, a headline in the Wall Street Journal referred to this meltdown as “the worst financial crisis since the Great Depression,” and the United States government began talking about using 700 billion dollars of the taxpayers’ money to “fix” the problem.

But what is the problem, exactly?

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