Publication

Over the course of the 2008 election, the idea of fundamental change became the dominant theme of American politics, and to some degree the capacity to undertake it was displayed in response to a crisis of confidence in financial markets. When the flow of credit necessary to support normal economic activity virtually ceased in the final quarter of the year, prevailing ideology was abandoned and long-established policies radically altered in feats of reaction that would have been considered inconceivable just a few days before they actually occurred. The initial actions taken did not master the problem, and the process of doing so will apparently be lengthy and torturous.