Taxes in the midst of a recession, right after a stock market bubble. Does this sound familiar?

In Washington, some legislators, including House Appropriations Chairwoman Helen Sommers, D-Seattle, have said taxes will have to be part of the eventual solution.

From my recollections of reading John Kenneth Galbraith he would consider this a failure.

Regardless of what I think about GWB, he only recently tried to expand trade with both Singapore and Chile (and here). Were these steps ment to communicate to the World that we learned our lesson in the 1930's not to engage in protectionism when times get tough?

I hope GWB understands just one more thing that Galbraith also points out, even the rich know that they need consumers with good wages.

UPDATE_DEC26: Washington Post has a Seriies on the Roots of the Bubble.