New York Federal Reserve
Source And now, back to the crisis that should be commanding our attention: Employment. American politics has virtually no tolerance for suggestions that we need more government and higher taxes. If you merely propose letting tax rates return to what they were during the Clinton era, Republicans and their allies will denounce you as a socialist job-killer. And they will inevitably do so by pointing to Europe, where much higher taxes and a far more generous welfare state have supposedly stifled economic growth and produced chronically high unemployment. But have they really had that effect?
Clay Risen is managing editor of Democracy: A Journal of Ideas and a contributing editor at World Trade. His first book, A Nation on Fire: America in the Wake of the King Assassination will appear in January. It's hard to say when, exactly, the demise of Lehman Brothers became inevitable. But it likely came around noon on Saturday.