So here we are today, following a week when the Dow Jones Industrials suffered its greatest weekly loss and AP is reporting Governor Sarah Palin “abused her power.” To this add the latest polling reports, new information regarding Obama ties to Kenyan strongman Odinga and a continuing flow of reports of ACORN voting fraud. Right now over at the “Daily Kos” the Kosmonauts are already doing victory dances, proclaiming that their next goal should be to “crush our spirits” and “eliminate conservatism altogether.” It would seem like a good time to turn off the TV, cancel Internet service, get a new hobby and pray for four years without a tax audit. God help us if we do. What is needed here is a little perspective.
First, let’s look at the market crash. Yes, on a percentage basis, it was the worst week in Dow history. Nevertheless, because of our experience with 1929, we are less likely to make the mistakes which drove our country into depression. For example, there is little chance Congress will pass anything resembling the Smoot-Hawley tariff. Efforts this weekend to stabilize the financial system would have been impossible in 1929. Following the 1987 stock market crash, predictions of economic disaster were everywhere. None of these transpired.
Second, let’s examine this fear that capitalism as we know it is about to end. Today on Fox News Steve Forbes made several observations. Regarding government involvement in the markets, he noted that government through Fannie Mae, Freddie Mac and the mark to market rule created this mess in the first place. Why shouldn’t government clean it up? Next he noted that the government was taking preferred share positions in companies it was helping to stabilize. The importance here is that preferred shares do not carry with them an ownership stake in a company. Put another way, the government will not be “owning” anything through these bailouts, but instead providing a form of bridge funding until they can right themselves. He further pointed out how the Resolution Trust Corporation, which was formed to clean up the savings and loan debacle, was liquidated in 1995. When programs are formulated properly, free market capitalism reemerges.
This finally brings us to Senator Obama. Yes, he scares us all. Nevertheless, we need to remember that Obama still has to operate within the confines of the Constitution. Should he try to pull some of the tactics which his blood brother, Odinga, has in Kenya it will not only be conservatives who try to stop him. It is very likely that an Obama administration would give us four years of economic and political decline a la Jimmy Carter. But remember what those Carter years gave us – Ronald Reagan.
For any wounded warrior there are often times when the luxury of leaving the field of battle to tend to those wounds cannot be afforded. This is one of those times. For the spiritually wounded political warrior who each day must decide whether it is worthwhile making a campaign contribution, volunteering at the local campaign office or even voting, historical perspective can be a salve on his wounds. This article offered perspective, and it is hoped some was provided. That said, let us all redouble our efforts to get McCain-Palin elected, knowing that regardless of who wins this election, freedom and liberty will win in the end so long as we never give up!