"IT'S 1925...AND WE'RE HEADED FOR 1929"

David Broder issues a warning of another impending disaster:

For all the deserved criticism the Bush administration has received for its tardy and ragged response to the storm's ravages on New Orleans and the Gulf Coast, the long-term costs to the nation of the reckless disregard both the president and Congress have shown toward paying the nation's bills may be even greater.
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The warning signs of impending economic calamity are every bit as evident as the forecasts of ruin for New Orleans when a major hurricane hit.
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At a private dinner the other evening where many of the men and women who have steered economic and fiscal policy during the past two decades were expressing their alarm about this situation, one speaker summarized the feelings of the group:

"I think it's 1925," he said, "and we're headed for 1929."