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The biggest political story of 2008 is getting little coverage. It involves the collapse of assumptions that have dominated our economic debate for three decades. Since the Reagan years, free-market clichés have passed for sophisticated economic analysis. But in the current crisis, these ideas are falling, one by one, as even conservatives recognize that capitalism is ailing. You know the talking points: Regulation is the problem and deregulation is the solution. The distribution of income and wealth doesn't matter. Providing incentives for the investors of capital to "grow the pie" is the only policy that counts. Free trade produces well-distributed economic growth, and any dissent from this orthodoxy is "protectionism."

According to the latest data, the U.S. "adoption rate" for mobile phones stands at 85 percent. That's higher than the percentage of Americans who have DVD players (84 percent), home PCs (80 percent), digital cameras (69 percent) or MP3 players (40 percent), according to the Nielsen Co. "The concept that within my lifetime we'd have the kind of penetration we have today is unimaginable," says Martin Cooper, 79, the former Motorola researcher who invented the portable cell phone in 1973.