U.S. ignores own advice in crisis

Throughout more than a decade of recurrent crises in nations such as Mexico, Russia and Thailand, the United States offered the same advice: Let the market solve the problem and get the government out of the way.

Even when the consequences of such economic "tough love" included widespread joblessness, soaring poverty and domestic turmoil, Washington insisted on the rule that the market knew best.

Now that it's the United States battling financial conflagration, it turns out there are exceptions to that rule. Such as Uncle Sam's takeover of AIG, the world's largest insurance company. Such as the quasi-nationalization of mortgage giants Fannie Mae and Freddie Mac. Such as putting $29 billion of taxpayer money at risk to facilitate JPMorgan Chase's acquisition of investment bank Bear Stearns.

"We're not doing what we preached," says economist Sung Won Sohn of California State University.

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going on right now. Too bad, he might advise against it.