The president wants the Congress to pass a massive economic stimulus package worth upwards of $850 billion. Don’t get me wrong. I think the government should step in when the times call for action. But that brings me to ask: Is now the time for action?

I mean, I’m no economist, but it seems me that the right time for action would be after banks stop lending, businesses close, and people lose their jobs. The right time for action would be after something bad happens. Yes, Wall Street is in a dark mood, but everyone knows the stock market isn’t the real economy. That Wall Street is in a dark mood is not sufficient reason for the government to take action. So what’s going on?

I’m going to explore this and other things in today’s edition. Today’s edition is going to be for subscribers only. If you’d like to support my work, please take a moment—right now—to become a paying subscriber to the Editorial Board. You’re too awesome!

—John Stoehr