| reason: Do you see or anticipate Obama’s reactions being sufficient to turn this downturn into another lengthy depression?
Sowell: I
hope not, but what we’ve seen in these past few months is an exercise
in unprecedented powers. I mean, to fire the chairman of General
Motors, to tell credit card companies how they should run their
business, tell GM what kind of cars it should be making, and there’s no
sign of an end in sight yet. Obama’s policies are a work in progress.
So a lot depends on how far he will push, but I see no signs of him
turning back. I see no substantial resistance in Congress. But you
never know, as things start to unfold voices of sanity may prevail.
reason: What is the most dangerous sign you’ve seen so far in terms of policy reaction to the housing bust?
Sowell: The
presumption that Obama knows how all these industries ought to be
operating better than people who have spent lives in those industries,
and a general cockiness going back till before he was president, and
the fact that he has no experience whatever in managing anything. Only
someone who has never had the responsibility for managing anything
could believe he could manage just about everything. [read on]
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