I know this is a short post, but Sowell is a true genius when it comes to plain talk on just about anything - but especially in his subject area of economics.
He does an excellent job of showing the parallels between Bush-Obama & Hoover-FDR. Unfortunately, the parallels don't bode well for conservatives OR for the nation as a whole.
He points out that the unemployment levels stayed relatively low after the crash of 1929, but that in the immediate aftermath of the Smoot-Hawley Tariffs - passed by congress & signed into law by President Hoover - unemployment skyrocketd. FDR further continued to intervene and the recession became the Great Depression.
As bad as the economy was for the nation, the fact that FDR was "doing something" was great for him politically.
Based on history, it appears that we are in for a rough 8 years - not just 4. The only hope for our nation is for conservatives to stay on message - and be vocal about it - at the local, state and national level. If anything, liberals are good at being vocal. We have the right message, we just need to make sure it is heard.