"May You Live in Interesting Times": The US and global economy - A Watershed for the Free Markets; the Beginning of a New Phase ?

The economy continues to roll on a rocky road. Economic surges on world stock markets. Russian stock market suspended due to market turmoil. US and London markets rebound based on promise of US intervention. How temporary, remains to be seen. It appears that the free market vision of the last two decades is now over as the role of government, whether short-term or long-term, appears to be a given. Now that the wisdom of de-regulation is suspect, will the US economy evolve into a more regulated, managed version of itself, to avoid going over the cliff ? Clearly, at this stage of advanced capitalism, something's gotta give. Will we evolve into a more European style of managed economy, or will the American cowboy version of capitalism continue to hold sway, where growth is the only thing that matters ? How will the economy and the government address the fact that bailouts are fine for corporations and the wealthy but not for the working folks ? What impact will this have on the upcoming election ? As the Chinese curse (or blessing) states, "May you live in interesting times."


Krugman on Federal Bailouts -- Done Right; Brooklyn's Own Senator Chuck Schumer and Sen. Hillary Clinton on likely next steps:
http://www.nytimes.com/2008/09/19/opinion/19krugman.html


Freakonomics: The Two Steves on the Crisis
http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/?em