Most voters of our generation don’t remember what a recession is like, or understand that we’ve so far avoided one. To them, a glitch in an otherwise never ending cycle of prosperity seems like the world has stopped turning. Panic seems to be the result. People shout that high energy prices will cripple us all, that the economy will buckle, and look for scapegoats faster than they can find proof to back it up. Politicians jump on board, attacking speculators.
The truth is, we’re the ones who’ve been speculating. It was we who fell into a culture of debt, bought ludicrously inefficient SUVs, and were so greedy with the housing bubble that there is actually a show called “Flip this House” on A&E. The government is no less guilty.
What we need now is the freedom to learn our lesson, not more government intervention to soften the blow. Prosperity doesn’t breed wisdom, it’s the other way around, and the American notion of us being captains of our fate, masters of our destiny, is appealing mostly in times of upswing. But when we’re scared, giving up control seems the easiest thing to do. So we allow wire-tapping, government buyouts for Bear Stearns and bailouts for supposedly independent housing lenders – things that would never fly in better times.
