The Obama administration's zeal to not 'waste a good crisis,' as Secretary of State Hillary Clinton put it, has been stunning even for Washington insiders to behold.

European-style interventions to which the Obama administration is inclined will not make America more competitive in the world-wide economy. Such policies will not increase growth, will not decrease unemployment, and will not increase wages for workers.

The Democratic Party's governing elite has long believed there is no problem that European-style policies cannot cure.

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