Monday, February 22, 2010

We Told You So ?

My friend and fellow controller, Chuck Adams, posted a a quote yesterday that got me thinking. It might become famous. It should become famous. But first, let me “bookend” it with another quote that is famous -- and should become infamous:

”In this present crisis, government is not the solution to our problems; government is the problem."

Ronald Reagan
Washington, DC
January. 20, 1981

So began the era of Reaganism. Down with government, up with business and let the “Free Market” reign. Admittedly, it was a heck of a ride. The Cold War ended. Even the Democrats -- under Bill Clinton -- mouthed the words that the era of “Big Government” was dead. Wall Street threw a heck of a party. A lot of people got rich. But Reaganism -- and the party -- ended in 2008. By December of 2008, even the Cheerleader-in-Chief had to capitulate.

"I've abandoned free market principles to save the free market system."

George W. Bush
Washington, D.C.
Dec. 16, 2008

When you review the record of deregulation, I can’t figure out where all the Depression-era wisdom was hiding. Is there no one left that is old enough to say, “We told you so” ? “We tried to warn you” ?

The Warning on Frontline piqued my curiosity. I bet there were others. I think we need to figure out a way -- an effective way -- to warn the next generation. Greed never goes out of style. If we could forget the lessons of The Great Depression it will be that much easier for our children to forget the lessons of The Great Recession.

Don Brown
February 22, 2010

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