After this financial meltdown - today worse than ever - it is obvious that there is occurring a radical shift in American politics, including economic policy. Obama is leading by over 10 points - and the lead is growing. There have been several sea changes in American politics. The Republicans - antislavery, the party of progress - dominated from 1860 through 1932. The Depression came in 1929, FDR... [more]
After this financial meltdown - today worse than ever - it is obvious that there is occurring a radical shift in American politics, including economic policy. Obama is leading by over 10 points - and the lead is growing.
There have been several sea changes in American politics. The Republicans - antislavery, the party of progress - dominated from 1860 through 1932. The Depression came in 1929, FDR came to office in 1933, regulated Wall Street and essentially kept the Democrats in power from 1933 until George W., the first time Republicans controlled both houses of Congress and the presidency. Even when the Republicans held the White House during the Democratic years, the elected moderates (Eisenhower, Nixon). No Republican has won the White House without a Nixon or Bush on the ticket since 1928.
Then there was the "Reagan Revolution." Reaganomics have proved to be a dismal failure. Markets do not self-regulate in the short-term. This is news to Alan Greenspan. It wasn't news to Keynes.
But this brief backstep toward Herbert Hoover is now over. The Republicans will not regain power in the US I think in my lifetime. We are going to see a massive restructuring of our financial system, of the world economy. Yes - more toward the slow-growth socialist model, rather than the cowboy economy and diplomacy of the past 8 years.
The lesson is that the party of progress - call it liberal if you want - always comes out ahead.
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Response by serge07
over 17 years ago
Posts: 334
Member since: Aug 2008
Very sweeping conclusions there, Steve.
Looking around the world, whether it be the UK, EU, Switzerland, Argentina, Brazil, South Africa, Russia and so forth, they are not weathering this storm any better than we are and far worse in most cases. Our currency continues to strengthen and our government's cost of capital remains at historically low levels unlike the situation in many other countries with far more socialist policies.
As to the Dems, they will be in power as the American people look for different answers. Their ability to remain will rely on their achievements and not because of party affiliation.
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Response by stevejhx
over 17 years ago
Posts: 12656
Member since: Feb 2008
"with far more socialist policies."
Don't include Argentina, please: they still think they can stop the world from spinning with a thought. I am not advocating pre-Margaret Thatcher closed market policies. What Thatcher and Reagan did at first was necessary - but you can take it too far.
If you think the financial system is working, keep voting for the Republicans. If you think the health care system is working, keep voting for the Republicans. If you think hedge fund managers deserve to pay 15% income tax on "carry trade" when everybody else is paying 35%, keep voting for the Republicans. If you think that the patchwork of state-regulated insurance companies is working, keep voting for the Republicans. If you think that privatizing Social Security is a good idea, keep voting for the Republicans. If you think running up huge deficits is a good idea, keep voting for the Republicans.
I could go on. My point is that there are very few moments in history when there is a crisis large enough to cause a change in the collective psyche. The Civil War was one. The Great Depression was another. This is a third. I think history will look back on the "Reagan Revolution" as little more than a minor correction in the course of world history. It wasn't big enough, it didn't last long enough until it collapsed under its own weight. It wasn't the Protestant Reformation. It wasn't the Great Schism. It wasn't the Enlightenment. It was more like the Counter-Reformation.
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Response by lo888
over 17 years ago
Posts: 566
Member since: Jul 2008
Not all change is good.
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Response by lowery
over 17 years ago
Posts: 1415
Member since: Mar 2008
steve, I think the differences between Republicans and Democrats can only be observed with microscopes
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Response by waverly
over 17 years ago
Posts: 1638
Member since: Jul 2008
I close friend who was a long-time political activist once explained the difference between Democrats and Republicans this way:
Democrats would look at a piano in the room and say, "we like that, lets take it." Republicans would look at the piano and say, "we like that, lets come back tonight when it's dark and no one can see us and take it."
Very sweeping conclusions there, Steve.
Looking around the world, whether it be the UK, EU, Switzerland, Argentina, Brazil, South Africa, Russia and so forth, they are not weathering this storm any better than we are and far worse in most cases. Our currency continues to strengthen and our government's cost of capital remains at historically low levels unlike the situation in many other countries with far more socialist policies.
As to the Dems, they will be in power as the American people look for different answers. Their ability to remain will rely on their achievements and not because of party affiliation.
"with far more socialist policies."
Don't include Argentina, please: they still think they can stop the world from spinning with a thought. I am not advocating pre-Margaret Thatcher closed market policies. What Thatcher and Reagan did at first was necessary - but you can take it too far.
If you think the financial system is working, keep voting for the Republicans. If you think the health care system is working, keep voting for the Republicans. If you think hedge fund managers deserve to pay 15% income tax on "carry trade" when everybody else is paying 35%, keep voting for the Republicans. If you think that the patchwork of state-regulated insurance companies is working, keep voting for the Republicans. If you think that privatizing Social Security is a good idea, keep voting for the Republicans. If you think running up huge deficits is a good idea, keep voting for the Republicans.
I could go on. My point is that there are very few moments in history when there is a crisis large enough to cause a change in the collective psyche. The Civil War was one. The Great Depression was another. This is a third. I think history will look back on the "Reagan Revolution" as little more than a minor correction in the course of world history. It wasn't big enough, it didn't last long enough until it collapsed under its own weight. It wasn't the Protestant Reformation. It wasn't the Great Schism. It wasn't the Enlightenment. It was more like the Counter-Reformation.
Not all change is good.
steve, I think the differences between Republicans and Democrats can only be observed with microscopes
I close friend who was a long-time political activist once explained the difference between Democrats and Republicans this way:
Democrats would look at a piano in the room and say, "we like that, lets take it." Republicans would look at the piano and say, "we like that, lets come back tonight when it's dark and no one can see us and take it."