Joe Doakes from Como Park emails:

Mark Steyn insight:
We speak of “credit bubbles” and “housing bubbles,” but the real bubble is America’s 1950 moment: a very precise set of post-war conditions that put the U.S. in a different league from other nation-states. Europe rebuilt, Asia got the hang of capitalism, and still America thought 1950 was forever. It’s not. It’s already fading.

The argument over unions is the perfect evidence of this.

In 1950, we were the only functional economy in the world.  This was when contracts like the UAW’s iron grip over the auto industry got started.

Which was great – while Germany and Japan were rebuilding, and China, Singapore, South Korea and India were still third-world hellholes.

Things have changed.

We – too many of us – haven’t.