“What do you mean ‘we,’ white man?”

Krugman has a good column today on learning the lessons of the past and applying them to the current financial crisis. I agree with him, that it probably won't happen or at least all those who are being bailed out and made all the big bucks before the bubble burst will be lobbying hard against regulation once the crisis is over and they're making money again.

I'm not an economist, hell I'm barely math literate, suffering from severe mind glaze when the subject of numbers comes up, but I was calling the housing bubble a Ponzi scheme for years, for which I endured much ridicule from the educated class who pointed to the wealth on paper as evidence I was wrong. I only wish I had been.

Krugman is right to call for reforms now to prevent future crises. I only hope President Obama is listening.

[More posts daily at The Newshoggers and The Detroit News.]