As Mr. Botstein frames the question, "We are in a recession. Some people consider it a contained depression, perhaps the worst economic period since the Great Depression. And we don't really know what to do about it." Mr. Buckley thinks he does: "Bring back full employment by getting government out of the way." After all, "A lot of people say they can't build houses; they can't afford the interest. Why is interest so high? Because of inflation. Who causes inflation? Only the government can cause inflation. The private sector has never discovered how to do it." Mr. McGovern is equally sure that, say, the savings-and-loan crisis "is not the result of too much government intervention ... Rather it is the opposite: the result of too little regulation and monitoring that permitted irresponsible S&L managers to rob that industry and the American public." Mrs. Schlafly takes up the cudgels against overreaching legislation such as the Americans with Disabilities Act and the latest Clean Air Act, and we're off on a vigorous exploration of what government can and can't reasonably do.
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