Repeating History

Today through a completely unrelated Google search I came across this piece written by author and hedge fund manager Andy Kessler. I have no idea if I like whatever else he writes, but I know I like this piece on Walter Cronkite, the doldrums that were the 1970's, and how history loves to repeat itself.

"Sadly, the old mentality is back. Citibank is too big to fail. That's the way it is. The government needs to bail out the automakers. That's the way it is. Taxes are going up. That's the way it is. Carbon dioxide will boil the oceans so we need to live in cities and walk to work. That's the way it is. Elites like Robert Reich and Paul Krugman and Al Gore will tell you what you'll be paid, how much health care you'll get, how much risk you can take, what kind of car you can drive, how much water you can use to flush your toilet, because … That's The Way It Is. He may have passed away last week, but Walter Cronkite will never die."