Are liberal remedies or conservative remedies keeping the next Great Depression at arm's length? Ed Yardeni says the answer is "yes."

Unholy Alliance? We are all Keynesians and Friedmanites now! The two camps of macroeconomists were once hostile rivals. No more. They are working together to avert a depression by widening the federal deficit and pumping up the monetary base in an unprecedented fashion. Their efforts seem to be working just as K&F predicted.

J.M. Keynes advocated deficit government spending to save the economy from the worst. Friedmanite monetarists blame depressions on money-supply shrinkage and support goosing the money supply when deflation and depression threaten. The Bush/Obama response to last year's crash has been to apply both remedies. So no matter what the outcome, the argument will continue.