Given that every single economic effort of the Federal government
has failed to achieve its objective (throughout our 200 plus years
history), why do we still think people who obtained degrees in
economics have the capacity to know what is reality?

I think it is time we realize that economics is an exercise in
fantasy thinking, regardless of which economic theory you favor,
and get the government permanently out of believing it has the
responsibility or the capacity to beneficially stimulate the
economy.

I realize this would take away much of the politicians' talking
points, but so be it. Time to be in reality.

I'm also a fan of Chuck Hagel, Steve. But, really, the notion of him running this year was far-fetched at best. He was smart to abandon the idea when looking at the political climate. There was no way for the GOP to nominate someone as critical of the war as Hagel is. And even if they did, as a GOP nominee, Hagel (especially because he is moderate on war policy) would have had no political arena to play against someone like Obama. He would have been nothing but a shadow of the Democratic candidate.

Hagel was smart not to run, and as a result he is retiring from the Senate with a lot of dignity. He also has the political capital now to claim a leadership role in the next administration. State could use his, sure, but so could an ambassadorship.

Look for a Hagel endorsement coupled with a Powell endorsement in the next couple of weeks. Much like the primaries, Obama seems to have some "superdelegates" lined up in his back pocket to use as a final punch. I would enjoy watching a rally with Hagel and Powell standing next to Obama.

Frankly, I'm not that big an admirer of Sen. Hagel.

You don't win battles in politics if you don't fight them; sometimes you don't win them if you don't start out pretty sure you're going to lose. Hagel didn't think he could win a Presidential race, or emerge as a leading voice in his party on foreign policy if he didn't run for President but did seek reelection to the Senate. Odds are he was right on both counts, and Hagel bailed out.

That is what it is. I'm sure he's a nice guy, and his advice on some policy questions may well be perfectly sound. However, a guy who was upset enough to retire because he felt isolated within his party is an unlikely candidate to run foreign policy in an administration of the other party, in which he would also be isolated as a Republican. I've written here before that I could see Hagel in charge of an embassy somewhere, Tokyo perhaps -- an important post, but not one central to the overall policy of a new administration. For that, a President Obama will want Democrats, just as Bill Clinton did when his administration began.

When you mentioned a possible Secretary of State that should have for President, I thought you were going to mention Wes Clark. It is interesting to note that substantive people exist in the background of government and your readers thirst for a discussion of them.

Always spot on--I avoid right on since it is loaded--with the
guests and the questions, Steve. TRUST. Linking the meltdown in
the financial system to the foreign policy meltdown is a brilliant
stroke. Well done and rare at the same time!

One thing that can be counted on with your blog, Steve, and one reason I keep returning is that there is actual intelligent discussion about policy issues. How refreshing! Thank you and keep it coming!
I'm assuming you are one of those rare and disappearing breeds, Steve, the moderate Republican. Today David Brooks stinging rebuke of the Sarah Palin Republican Party, the rebirth of the "Know-nothings" of the 19th century was noted. She is as Brooks says, "a fatal cancer" for the worship of ignorance. Fatal means fatal, as in dead, finito! As a person who grew up in a state (Oregon) where intelligent Republicans ruled for decades, people like Mark Hatfield, and Tom McCall I confess a longing for an opposition party that is intelligent, humane, and wise. But I see no evidence of such a possibility. Progressive Rockefeller Republicanism is dead!

Steve, I, too, admire Chuck Hagel, for...as one of the top Republicans in the Senate, how he, early on, and consistently, spoke intelligently against the Bush policies and especially against the war in Iraq. I thought he would be a great VP selection for Barack Obama, although I guess it is pretty far-fetched for a Democrat to pick a Republican (the party elite would throw a hairy fit!).

On another note: the McCain/Palin folks are starting to get crucified for stirring up hatred in their political rallies of 'kill him' 'terrorist' 'off with his head' (referring to Barack Obama). The McCain campaign is taking serious hits in highly visible press reporting, e.g., Washington Post, AP, Good Morning America, etc. for not attempting to stop such viciousness within their rallies.

Sarah pulled that down here in my home state - Florida - and someone at the rally yelled "Kill him." I'm a 66-year-old southerner. I remember all too well where this really can lead. And last week, when I was up in Hendersonville, North Carolina, on the weekend Obama spoke in Asheville (to 22,000 in the Asheville High School stadium, with 6,000 who could not get in continuing to stand outside), a realty in Hendersonville, Land and Sky Realty, had on one side of their sign out front "Osama/Obama/Not Welcome/Not American."

As Chris Matthews correctly observed, that sort of demogoguery by a high-profile political figure brings nutcases out of the woodwork and increases the personal danger to Obama. For those who consider her their leader, she legitimizes very dark impulses. And if he's linked to terrorists, especially Osama, he deserves to die. It is extremely dangerous demagoguery for which John McCain bears full responsibility. It is his campaign. Secret service personnel should rightly be furious over the dangers the McCain/Palin campaign is exacerbating with such wreckless abandon.

That's what happens, David, when the only people left listening to you with any seriousness are your brown shirt base,

Amen, arthurdecco.