Excerpt:
"American University historian Allan J. Lichtman notes that the U.S. has endured comparable periods and worse, including the economic stagflation (stagnant growth combined with inflation) and Iran hostage crisis of 1980; the dawn of the Cold War, the Korean War and the hysterical hunts for domestic Communists in the late 1940s and early 1950s; and the Depression of the 1930s.
'All those periods were followed by much more optimistic periods in which the American people had their confidence restored,' he said. 'Of course, that doesn't mean it will happen again.'
Each period also was followed by a change in the party controlling the White House."
And, as Ed Driscoll comments:
"Remember when AP helped its readers make sense of the news, instead of describing life as one long unfathomable horror? Of course, that was when AP was actually in business to report, instead of "changing the world", or these days, sending dunning notices to bloggers."Also, I love this piece he quoted from Lileks:
"Previous generations rolled up their sleeves and swam out there and saved those polar bears. As for “abysmal” home values, it depends where you are; I’ll admit that people who sank everything in Miami condo markets are finding their psyches chipped and dinged, but A) lower home prices mean people who want to buy one but couldn’t afford it now are sitting better – B) the authors can take heart in this story about San Francisco being unaffordable for the middle class. Thank God! There’s hope!"
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