A Couple of Thoughts on a Strange Turn of Events
James Glassman’s fascinating article in the September issue of Commentary, “The Failure of the Liberal Econonic Experiment?”, is only partly about economics. The other part is about Jim Glassman’s sense of perplexed surprise.
From June 2008 to June 2009, Glassman notes, output suffered the worst decline since 1946, and from 2008 to 2010 unemployment doubled. The American people should have turned against the free-market policies that were then in place. They didn’t. Americans have instead turned against the interventionist policies the Obama administration has enacted. It’s as if a drowning man, thrown a life saver, spat at it.
When the financial meltdown occurred, it seemed almost certain that Americans would judge that the conservative economic experiment of 1981-2008 had failed. Instead, they seem to be leaning in the opposite direction—toward a conclusion that it was the liberal economic experiment of 2009-10 that has failed.
This conclusion is not being warmly embraced so much as reluctantly conceded….Still, when you consider that a repudiation of free-market capitalism…appeared almost certain when the crisis broke, we should be both humbled and thankful for this strange and constructive turn of events.
A strange turn of events indeed. Conservative policy wonks knew that the life saver Barack Obama insisted on throwing to the American people was a fake, of course, but how were the American people to know? No Republican of national standing decried Obama’s policies. For that matter, you could scarcely name a Republican of national standing in the first place—no counterpart to Ronald Reagan now exists. The mainstream press? The press supported Obama overwhelmingly. You have to give credit, I think, to Fox News and conservative talk radio—but only partial credit. The audience for those outlets numbers in the low double digit millions at the very most.
Which leaves whom? Which leaves the American people themselves.
During the economic expansion of the last quarter century, Americans have developed certain habits. They know how to start businesses and invest in mutual funds. They’ve lost their fear of changing jobs. They’ve learned that new technology makes us richer, not poorer. Whereas FDR presided over a population with large elements that Marx would have recognized as a proletariat—urban, uneducated, largely propertyless—Barack Obama presides over a nation of investors and homeowners. Obama and his economic advisers have their Keynesian theories, but that’s all they have. The American people have actual experience—a quarter of a century of life with free markets and limited government.
Maybe the rejection of Obama’s policies shouldn’t have surprised us conservatives nearly as much as it has. Maybe we lacked faith in our own tenets. Free markets don’t merely produce goods and services. They nurture freedom itself.
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Jul '10
Re: A Couple of Thoughts on a Strange Turn of Events
You have to give credit, I think, to Fox News and conservative talk radio—but only partial credit. The audience for those outlets numbers in the low double digit millions at the very most.
Which leaves whom? Which leaves the American people themselves.
YouTube. I don't think there's any way to over-state how YouTube has transformed American politics. For something that started out 5 years ago as a way to watch Chinese boys lip-sync pop songs, it has become a viral giant killer.,
That and compact video cameras.
These two innovations allowed Americans to see how vile and contemptible our leadership class can be, unfiltered by a fawning media. Without them, the Tea Parties never would have happened.
Jul '10
Re: A Couple of Thoughts on a Strange Turn of Events
Oh, sorry Peter...
A "YouTube" is a recent development in movie technology. Sort of like your Betamax videos at home, but instead of you having to go down to Blockbuster, it is "distributed" on something called the "Internet", which is sort of like a telephone line that can bring movies right into your house!
To a "computer". Which is essentially a typewriter with a movie screen. Without "White-out".
Compact video cameras are, um, modern doohickeys that are just a heck of a lot easier to use than your Super8.
So you can hook up your YouTube to your Internet to your typewriter-with-a-screen and actually watch movies right in your home.
Claire can show you how.
That's right - even a girl can do it!
Re: A Couple of Thoughts on a Strange Turn of Events
River: If we'd stopped there, about 1908, and perfected what we had then, we'd be vastly better off. Or failing that, preserved the policies of Calvin Coolidge's administration - 1923 - '29. Things could have been salvaged.
I'd be happy to engage in a debate. But this forum is too small for that. · Aug 31 at 1:53pm
You won't find a debate about that from this guy, River. I'm old school. I'd vote for Calvin Coolidge again in a heartbeat.
But I hope Ricochet isn't too small for that debate. As Scott put it above, maybe we can amplify and spread some of that Coolidgian perspective....
Jul '10
Re: A Couple of Thoughts on a Strange Turn of Events
There is an old joke about a farmer who has a freind visit and while they are talking they are interrupted often by the farmer's dog yowling regularly.
The friend finally asks the farmer what's wrong with his dog?
The farmer answers, "He's sitting on a nail."
"Why doesn't he get up?" asks the friend.
"When it hurts enough, he will." the farmer answers.
I think it's finally hurting enough.
Jul '10
Re: A Couple of Thoughts on a Strange Turn of Events
Rob Long
River: If we'd stopped there, about 1908, and perfected what we had then, we'd be vastly better off. Or failing that, preserved the policies of Calvin Coolidge's administration - 1923 - '29. Things could have been salvaged.
I'd be happy to engage in a debate. But this forum is too small for that. · Aug 31 at 1:53pm
You won't find a debate about that from this guy, River. I'm old school. I'd vote for Calvin Coolidge again in a heartbeat.
But I hope Ricochet isn't too small for that debate. As Scott put it above, maybe we can amplify and spread some of that Coolidgian perspective.... · Aug 31 at 5:35pm
Coolidge may have been the wisest President since the Founding Fathers. (With a hat-tip to Reagan).
He realized that most times, the best thing to do is to do nothing.
Our supposedly "smart" Presidents - FDR, JFK, Carter, Obama - lacked wisdom, which, along with honor, are the qualities one desires in a true leader.
May '10
Re: A Couple of Thoughts on a Strange Turn of Events
Give Milton Friedman, Richard Epstein and the rest of that brilliant cluster of economic/legal/political/moral thinkers at the University of Chicago some credit. Some of that knowledge of the practical virtues of the market filtered down to the unwashed masses.
Give Ayn Rand some credit. Didactic understanding of the benefits of freedom is not sufficient to encourage individuals to fight for liberty and capitalism as moral ideals; for that, we needed Atlas Shrugged, which even prior to Great Recession had been read by millions of Americans. Lines from that novel regularly appear on signs at Tea Party rallies; nothing written by Rand's egalitarian counterpart John Rawls (or libertarian theorist Robert Nozick, for that matter) will ever appear on a placard or become a fighting creed.
Aug '10
Re: A Couple of Thoughts on a Strange Turn of Events
Thank you Peter, Dan, Rob, Kenneth. Jaydee, and Brian. Not exactly the firestorm of opprobrium I expected!
May '10
Re: A Couple of Thoughts on a Strange Turn of Events
There is hope that the vast majority of Americans are making a stand for liberty and the principles of true conservatism. My fear is that the one of the major reasons for the change in public opinion(aside from the incompetence and partisanship shown by the current swath of federal leaders) is simply "the economy, stupid!" We still need that strong leader to stand up and espouse these ideals. Given even a strong economy, are there enough citizens who actually pay taxes and create wealth who get it? I pray that the next election cycle will not be just about sweeping out unpopular leaders, but about protecting freedom and our founding principles.
Jun '10
Re: A Couple of Thoughts on a Strange Turn of Events
Stick that in your "Thatcher in 30 seconds or less" and smoke it!
Jun '10
Re: A Couple of Thoughts on a Strange Turn of Events
Kenneth: Oh, sorry Peter...
A "YouTube" is a recent development in movie technology. ...
So you can hook up your YouTube to your Internet to your typewriter-with-a-screen and actually watch movies right in your home.
Claire can show you how. That's right - even a girl can do it! · Aug 31 at 4:34pm
Now Ken, are you sure? I don't see any Claire videos on youtube... Ahem... Claire?
Maybe we could get an actual intellectually credible interview with her, say in 5 segments? Peter?