Mass. Senate race's lesson for Obama

By E.J. Dionne Jr.
Monday, January 18, 2010; A17

In June 2008, a few months before the financial implosions began, I asked two smart financiers who happened to be Republican about the future of the seemingly shaky American economy.

Defying the moment's conventional predictions that we would somehow muddle through, one offered a dire and uncannily accurate forecast. He explained why banks would blow up, investments would crash and the federal government would have to spend "at least $300 billion" to bail out financial institutions.

The other financial expert listened closely, took a sip from his drink, and smiled. "This," he said, "would seem like an excellent time for the Democrats to take power."