Paul Krugman listened to McCain’s speech yesterday morning and thought, hey, McCain’s channeling Herbert Hoover. So did I. Only Krugman got to say it first, because he got to say it on TV. Stupid old-media scoop.

Of course, Krugman also had better lines than I: “Ben Bernanke and (I think) Hank Paulson understand we could have another Great Depression if we work at it hard enough. I think Phil Gramm might be just the guy to do it.”

And just as a note with respect to our earlier discussion of such matters, notice the backdrop behind Krugman.