A reader writes:

Hi John,

Long time reader, but this is the first time I’ve been compelled to write directly. I’ve just read the Obama statement on the economy and I just wanted to start beating my head into the nearest drywall. The tag line the Obama camp seems to be going with is ‘Failed Philosophy’. How does this come close to communicating what happened this morning? We’re not in this mess because of a high-level theoretical argument of regulation vs. deregulation. We’re here because the people in charge of overseeing and guiding the economy are grossly incompetent at their jobs. I’m sorry, but ‘Failed Philosophy’ strikes me as the weakest, most watered down angle on which to attack this.

-peter