Black Monday

"Responding to the collapse of several major investment banks this week, John McCain reassured us, 'I think still--the fundamentals of our economy are strong.' That move comes from an old playbook: On Oct. 25, 1929, Herbert Hoover declared, 'The fundamental business of the country, that is the production and distribution of commodities, is on a sound and prosperous basis.'"

Eric Rauchway in The American Prospect explains how today's Republican policies are like those that led to the Great Depression.