Wall Street and Washington: How the Rules of the Game Have Changed
thirst for leadership, vision, someone who can speak to us in a way that refuses to avert its eyes from the crisis but shines a light of truth upon the problem, then offers hope and possible solutions.
If this is indeed an economic 9/11, as some have suggested, we need that voice now. Right now. And so far it has yet to be heard. Not from McCain, or Obama, or President Bush.
After September 11, 2001, the President stood on a pile of debris with a megaphone and said that the whole world could hear the rescue workers and shared their grief. Soon, words of sorrow degenerated into bumper sticker rhetoric: Axis of Evil, Wanted Dead or Alive, Mission Accomplished. Nor, at a time when people were ready to do whatever needed to be done, was there a call for national sacrifice. Instead, the President invoked not poets or statesman past but variations on a tee-shirt slogan: when the going gets tough, the tough go shopping.
Over the last two weeks, he has been seen infrequently and when he has spoken his words have rung false. This Harvard MBA speaks Economics as though he were phonetically reading a foreign language.
The President has seemed under-informed, disconnected and not, you should excuse the word, invested. In his address to the nation Wednesday evening, he said that the government was blameless for the financial crisis; it had done what it was supposed to do but had been victimized by overseas lenders, greedy banks and Americans taking on more credit than they could carry. And as he has done too often before, he tried to make us afraid.
"The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold." President Bush said. "More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically. And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs."
Contrast what he had to say with President Franklin Delano Roosevelt when he was sworn into office for the first time, in 1933, during the Great Depression. Rather than foster anxiety and panic, FDR proclaimed, "The only thing we have to fear is fear itself," despite the fact that thirteen million were unemployed, nine million had lost their savings and a quarter of the banks had closed. Wages had plummeted sixty percent.
"The only thing we have to fear is fear itself" is the phrase that everyone remembers, but here's a little more of what FDR had to say:
"This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure, as it has endured, will revive and will prosper...
"In such a spirit on my part and on yours we face our common difficulties. They concern, thank God, only material things. Values have shrunk to fantastic levels; taxes have risen; our ability to pay has fallen; government of all kinds is faced by serious curtailment of income... More important, a host of unemployed citizens face the grim problem of existence and an equally great number toil with little return. Only a foolish optimist can deny the dark realities of the moment.
"The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of that restoration lies in the extent to which we apply social values more noble than mere monetary profit... If I read the temper of our people correctly, we now realize, as we have never realized before, our interdependence on each other; that we cannot merely take, but we must give as well."
Idealism and truth-telling intersected in FDR's speech. There was no equivocation, no pass-the-buck. But as decades passed, the belief in government as an instrument to advance the common good was rejected. Ronald Reagan became President, proclaimed that government was not the solution but the problem, and joked that, "The ten most dangerous words in the English language are, 'Hi, I'm from the Government, and I'm here to help.'"
Now, like a last-minute, battlefield conversion, the White House has rediscovered the value of government as backstop -- not to relieve the misery of the people but the agonized indigestion of financial institutions suffering morbid obesity because they ate too much at the big shot banquet.
In these bailouts, there is no altruism but cynicism, the same attitude that scorns the Constitution and tramples civil liberties, that uses national tragedy to advance an unrelated global agenda, that doesn't give a damn as it tries to game and subvert the electoral process because deep down it fundamentally disdains democracy. Winning isn't everything; it's the only thing.
We need solutions, not sound bites or pandering. We need inspiration and hope, not spin or cant. The way things are going we may have to find it within ourselves. But in the next five weeks, if one of the candidates can discover how to articulate that hope without pandering, can define our national trauma and tell us how to try to make it better without terrifying us, can give us something to believe in without false expectations, he will be our next President.
© 2008 Messenger Post Newspapers
Writers Guild of America Award winner Michael Winship is senior writer of the weekly public affairs program Bill Moyers Journal, which airs Friday night on PBS (check local airtimes or comment at The Moyers Blog at pbs.org/moyers) and writes for the Messenger Post Newspapers in upstate New York
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Albion Monitor September
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