Ever notice how the wingnuts all clutch their pearls and collapse on the fainting couches whenever President Obama talks about the miserable failure that has been conservative rule?

Of course, they really don't want to own up to this failure, because otherwise their fading movement will collapse altogether. But the harsh fact is that we can't solve the problems, and prevent their repeat, without understanding the nature of the mistakes that caused them.

Obama gets this, of course. So today in his speech on the economy, he tackled it head on:

It is simply not sustainable to have a 21st-century financial system that is governed by 20th-century rules and regulations that allowed the recklessness of a few to threaten the entire economy. It is not sustainable to have an economy where in one year, 40 percent of our corporate profits came from a financial sector that was based on inflated home prices, maxed-out credit cards, over-leveraged banks and overvalued assets. It's not sustainable to have an economy where the incomes of the top 1 percent has skyrocketed while the typical working household has seen their incomes decline by nearly $2,000. That's just not a sustainable model for long-term prosperity.

For even as too many were out there chasing ever-bigger bonuses and short-term profits over the last decade, we continued to neglect the long-term threats to our prosperity: the crushing burden that the rising cost of health care is placing on families and businesses; the failure of our education system to prepare our workers for a new age; the progress that other nations are making on clean energy industries and technologies while we -- we remain addicted to foreign oil; the growing debt that we're passing on to our children. Even after we emerge from the current recession, these challenges will still represent major obstacles that stand in the way of our success in the 21st century. So we've got a lot of work to do.

Now, there's a parable at the end of the Sermon on the Mount that tells the story of two men. The first built his house on a pile of sand, and it was soon destroyed when a storm hit. But the second is known as the wise man, for when "the rain descended, and the floods came, and the winds blew, and beat upon that house, it fell not: for it was founded upon a rock."

It was founded upon a rock. We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock. We must lay a new foundation for growth and prosperity -- a foundation that will move us from an era of borrow and spend to one where we save and invest; where we consume less at home and send more exports abroad.

It's a foundation built upon five pillars that will grow our economy and make this new century another American century: Number one, new rules for Wall Street that will reward drive and innovation, not reckless risk-taking -- (applause); number two, new investments in education that will make our workforce more skilled and competitive -- (applause); number three, new investments in renewable energy and technology that will create new jobs and new industries -- (applause); number four, new investments in health care that will cut costs for families and businesses; and number five, new savings in our federal budget that will bring down the debt for future generations. (Applause.)

That's the new foundation we must build. That's our house built upon a rock. That must be our future -- and my administration's policies are designed to achieve that future.

I love it when Obama pulls out the biblical references, because it makes the wingnuts triply apoplectic.

Almost as much as being reminded of how "conservative ideology" now equals "economic disaster."