Breaking News! Phil Gramm still believes in capitalism!

I've been down in DC today, mainly to watch Phil Gramm defend himself against the charge that the current financial crisis is all his fault. It was very entertaining. There should be an article about it on TIME.com later this evening, and I'll probably blog some later too. But right now I've got a train to catch, so I'll leave you with this little exchange:

“Why are you just so afraid to say this whole system is bankrupt and the whole thing should just be reorganized?” a somewhat wild-eyed young man in the audience asked. “Why don't you just let it go?”

“First of all I think that's a good question,” Gramm responded. Then he said, “I would be a little concerned about letting capitalism go, because it made me prosperous and free and it made my country prosperous and free.”