Last Oct. 13, in trying to explain why the market had sold off 30% in six weeks, we acknowledged that the freeze-up of the financial system was a big concern. But we cited three other factors as well:
- The imminent election of "the most anti-capitalist politician ever nominated by a major party."
- The possibility of "a filibuster-proof Congress led by politicians who are almost as liberal."
- A "media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises."
No wonder, we said then, that panic had set in.
Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But it still looks, as we said four months ago, "like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that
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