In the excitement and decisiveness of Barack Obama's victory, we forget that in the first weeks of September, John McCain was actually ahead. Then Lehman collapsed, and the financial system went off a cliff.
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We don't yet appreciate how unprecedented were the events of September and October. We have never had a full-fledged financial panic in the middle of a presidential campaign. Consider. If the S&P were to close at the end of the year where it did on Election Day, it will have suffered this year its steepest drop since 1937. That is 71 years.
At the same time, the economy had suffered nine consecutive months of job losses. Considering the carnage to both capital and labor (which covers just about everybody), even a Ronald Reagan could not have survived. The fact that John McCain got 46 percent of the electorate when 75 percent said the country was going in the wrong direction is quite remarkable.
Senator McCain might as well have had one of those “Born to Lose” tats on his shoulder after the financial meltdown. As Krauthammer notes, even Reagan couldn’t have pulled this one off after the financial system…not just “the market”… tanked. Mr. Krauthammer has more and it’s good stuff… as usual.
Reading Krauthammer makes one think “How now, Brown Cow?” Well… Investor’s Business Daily has a few answers in its op-ed “Road Still Leads Back to Reagan in Republicans’ Latest Soul Search.” (via Real Clear Politics) Excerpts:
Few will claim that "big government Republicanism" — or, as Goldwater referred to it, a "Dime Store New Deal" — is the wave of the future. Conservatives know that competing for the affection of voters by leasing their souls to corrupt lobbyists has been a fool's errand. Within days will come a restatement of minimalist government principles, especially by the economic right.
This will resonate immediately as President-elect Obama has espoused the most collectivist philosophy of any presidential candidate since George McGovern in 1972. As the newspapers are filled each day with articles detailing the failures and corruption of government at every level, it will be easy to hang the Democrats with this issue.
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The social right will have a more difficult time putting the genie back in the bottle after eight years of being promised that the national government could achieve what they had been working for years to achieve at the state level. Yet again, since the national levers of power are now gone, practicality will force the social conservatives to go back to basics, and win the war for the culture at the local level.
From a practical standpoint, the results of the Nov. 4 election should not be disheartening for the Right. When Obama stuck to his teleprompter, he talked about tax cuts, family values, the Second Amendment and strong national defense. Without his teleprompter, he talked about a national police force, overturning state conceal carry laws, how health care is a "right" while his supporters salivate at the prospects of censoring, smearing and criminalizing conservatism.
Unlike Republicans, the Democratic leadership of Nancy Pelosi, Chuck Schumer and Harry Reid understand power. Liberals will move to shut down talk radio, dressed up in the nicest of language of course. Only a few days ago, Schumer equated Rush Limbaugh with pornography.
I agree with nearly all of what the IBD has to say in this space, particularly with its view on the social conservatives’ agenda. State and local gub’mint is the place to go for this sort of stuff, not the federal gub’mint. But then again I’ve always thought this way… when I think about a “social agenda” at all, which is rare, indeed. I’ve never taken the trouble to lay out my political beliefs in detail (who the Hell cares, anyway?), so I’ll just repeat what’s in my Blogger profile: “Politically moderate, I'm conservative on foreign policy and national defense issues (surprise!) and liberal on social issues.” It all comes back to that ol’ saw: “You can’t legislate morality.” You shouldn’t even try. My mini-rant aside… there’s much to like in the IBD op-ed.
And finally... something for us 27-percenters: “Why I'll Miss President Bush,” in today's WSJ. Excerpt:
President Bush will soon be heading home and for many that day cannot come soon enough. Count me among those who will miss him and his bedrock decency.
He had a rough road from day one. His first inauguration struck me as a portent. I was there, shivering in the grandstands on Pennsylvania Avenue. At the exact moment the president heard "Hail to the Chief" for the first time and was announced to the audience, a sleet storm descended from the skies.
It has never let up.
Through it all Mr. Bush kept his head up and soldiered on. He took the criticism in stride.
All too true, dat. And you know there's more...
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