Economy could get much worse under Obama

Writing in The Washington Post, Amity Shlaes says economic policies supported by the Democratic Party and Sen. Barack Obama could lead to another depression.

Shlaes, a respected economist, knows what he's talking about. He is the author of "The Forgotten Man: A New History of the Great Depression."

Shlaes writes:

Perverse monetary policy was the greatest cause of the Great Depression. But five non-monetary missteps were important in making the Depression great, and the same missteps damaged the global economy as well. While many are thinking about the Depression, few seem concerned about replicating these Foolish Five today: 1) Giving in to protectionism; 2) Blaming the messenger (the stock market); 3) Increasing taxes in a downturn; 4) Assuming bigger government will bring back growth; 5)Ignoring the cost of inconsistency (FDR spoke of "bold persistent experimentation." Obama speaks of "change." Both can do damage.)

That sure sounds like the Barack Obama economic policy in a nutshell.

Read his column, "Five Ways to Wreck a Recovery," at the newspaper's Web site. For more on Shlaes book, visit the Harper Collins Web site.