The old broken clock bromide proves true again: Rush Limbaugh spent most of the first hour of his show applauding the lack of a government bailout of Lehman Brothers and denouncing the takeover of Fannie Mae and Freddie Mac, correctly diagnosing the problem not as too little regulation (as both McCain and Obama would have it) but as too much. He even tore into Sarah Palin pretty hard for going along with McCain's idea that the solution is more regulation (or even "reform" of existing regulation).
Limbaugh approvingly read most of this piece by Robert Higgs on the air, particularly praising the "Hotel of Impossible Promises" turn of phrase. He did try to soften the blows against democracy by stating that Higgs was referring to "mob rule, not a representative republic" and by skipping over the Mencken quote about the "impossible alternatives" of democracy. He also made it clear that he (Limbaugh) is "not advocating complete laissez faire," although he did allow that it would be preferable to the overregulated system under which we now suffer. Nevertheless, it was surely instructive for his listeners and generally a very good segment. Besides, anything that gets more readers for Higgs can't be all bad. [Non-text portions of this message have been removed]
