"It is worth recalling what credit actually is, since so many people seem to have forgotten"

Another beaut from Martin Masse in the Financial Post.

If you ask me, the Austrians are coming out of this crisis looking and sounding smart (as are the Left Libertarians, whose contention that the interests of government and financial elites are practically indistinguishable can hardly be denied). On the other hand, those I would term the "mainstream" are either caught up in the latest medicinal marijuana and gay marriage initiatives or obsessing over whether to support the least rotten of Obama or McCain. Sure they can point at Fannie and Freddie or the Community Reinvestment Act, but they seem to be lacking the intellectual horsepower to keep up with the Krugmans and Greenspans.
# 10:20 AM