To a capitalist, the words “It’s different this time” are a notorious red flag.

They’re usually uttered in the midst of a speculative boom, to explain why this boom is different from the last one that went disastrously bust.

In a market driven by capitalist rules (supply & demand, creative destruction), they’re nearly always wrong.

But in a centrally-planned system, where the government picks winners and losers, where dinosaur businesses are too big to fail, where investment in capital-wasting non-economic ventures (read: “green jobs”) is actually encouraged, where labor unions are exalted and private property trod upon, where the government is expected to be the engine that drives job growth, and where John Maynard Keynes has been restored from the economic dustbin of history to be beatified, economic stagnation and high unemployment are to be expected.

Just ask any fiscal conservative.

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In the process of reading “Centrist Dems: Dogged If They Do, Dogged If They Don’t” by Froma Harrop (short version: pity the poor Blue Dog Democrats; the Left wants them to fall into line behind the progressives and the Right wants them to actually act as if fiscal conservatism meant something), I noticed this particular passage.

And Blue Dogs hold undisguised contempt for recent Republican conversions to fiscal rectitude. [Rep. Paul] Ryan’s appeal “to help us defeat this unprecedented taxing, borrowing and spending spree” drew a tart response from Louisiana Rep. Charlie Melancon.

“These statements come from the same individuals who wrote the president a blank check for eight years, driving spending to the highest levels in our country’s history,” said Melancon, a co-chair of the Democratic Blue Dog Coalition.

It struck me as an… odd reaction.

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