Paul Krugman: The Texas Strategy

Hundreds of news articles and opinion pieces have described President Bush’s decision to escalate the Iraq war as a “Hail Mary pass.”

But that’s the wrong metaphor.

Mr. Bush isn’t Roger Staubach, trying to pull out a win for the Dallas Cowboys. He’s Charles Keating, using other people’s money to keep Lincoln Savings going long after it should have been shut down — and squandering the life savings of thousands of investors, not to mention billions in taxpayer dollars, along the way.