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The Great Money Binge: Spending Our Way to Socialism ReviewThose trying to understand how we got into the financial crisis and how we might get out of it have no shortage of books to choose from as we head into the holiday season, but one fine place to start would be with the new offering by a veteran of the Wall Street Journal editorial page, George Melloan, issued under the title, "The Great Money Binge: Spending Our Way to Socialism."Amity Shlaes gets things rolling with an introduction making the point that Republicans and Democrats alike are capable of economic policy errors, noting that at the Camp David retreat at which President Nixon closed the gold window and imposed wage and price controls, Milton Friedman himself was in attendance. Mr. Melloan doesn't flinch from this conclusion in his own text, either. "What transpired under a Republican administration, albeit with a Democratic Congress, in the second half of 2008 will discredit Republican claims to be for small government for years to come," he writes. That sentence alone is worth the price of the book.
So are Mr. Melloan's insights into the inner workings of the Wall Street Journal. The editor, Robert Bartley, was the son of a professor of veterinary medicine at Iowa State. Mr. Melloan was an Indiana farm boy. Their colleague Jude Wanniski was the son of a coal miner. As Mr. Melloan memorably puts it, "We Journal editors were a rather proletarian lot to be promoting capitalism." They did a pretty good job of it, though, and so does Mr. Melloan in this book.The Great Money Binge: Spending Our Way to Socialism Overview
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