Are we living in an era that will see this latest economic meltdown simply as a precursor to a more devastating global economic collapse? If the authors of this piece about the economic doomsday cycle are correct, then that is exactly where we are at this time. Personally, I am not only haunted by the thought of how destructive such a collapse would be to our economic lives but, looking back at the political consequences of the Great Depression, I am even more concerned about the physical destruction that might follow in the wake of such a collapse. The authors of the piece call for much more stringent, global regulation of the financial system. I suspect that such regulation will not be forthcoming, at least not until the smoke clears from the next big collapse.

As President Obama pushes forward with another effort to pass health reform, Michael Gerson says Obama's efforts indicate a lack of judgement, Ruth Marcus says his audaciousness could backfire and Harold Meyerson, representing the thoughts of most liberals, urges the President to pass the bill by any means necessary.

I have said from the beginning that I did not believe any significant bill would ever pass. I believe it now more than ever. Even if they manage to get the Senate version, or the slightly modified version the President recently proposed, through the Senate via reconciliation (thus needing only a simple majority, rather than 60 votes), I suspect they will not have the votes in the House. There are simply too many Democrats representing districts that voted for Bush or McCain (or both) in 2004 and 2008 who realize they are already in trouble, and a vote for an unpopular health bill, especially one rammed through without any bipartisan support, would be a career ending vote.