If you faint in the day of adversity, your strength is small.
Proverbs 24:10
Continuing to read about the history of the banking crisis in 1933 . . .

Everyday the crisis was allowed to run meant the closing of more banks, the flight of more gold, the loss of more tens of millions and hundreds of millions in savings, in values, in business losses. But Hoover was powerless to do anything effective without the concurrence of the new President because he lacked powers to act alone and he would nave to get the powers from Congress, or at least an assurance that Congress would validate his assumption of powers. Roosevelt had no wish to stem the panic. The onrushing tide of disaster was sweeping the slate clean for him – at the cost of billions to investors and depositors. The greater the catastrophe in which Hoover went out of power the greater would be the acclaim when Roosevelt assumed power.[1]

It is rather sobering to watch the current events unfolding around us and to see the similarities to the crisis our nation faced in the 1930s. As a freedom-loving, anti-socialism preaching policy analyst, I have often pointed to that period as an historic turning point where the claws of socialism crept out of the swamp and got its first grip on our nation. I have never truly understood how a free people could stand by and allow such a thing to happen.

Now, watching current events and with a better understanding of people, policies and politics, I see history better in light of those circumstances and the future better in light of history. And honestly, I don’t think I like what I see.

Our markets are in a crisis brought on by politicians who wanted to give all things to all people; by consumers with a buy now / pay later mentality; and by a market that overlooked fraud and poor management in its willingness to pocket a profit off the foolishness of the first two groups. The result is ( as any cat owner can picture), we have coughed up one big, fat, slimy fur ball.

I could focus on the solutions. Do we bail out, do we not? Who benefits if we bail out? Who loses? Is it a political ploy to shift the election? If so, by whom? What are the consequences if government fails to act? But, truth be told, I am lacking in mercy and inclined to believe that government gets what it subsidizes. I cannot see any path to solve the problem that does not lead more into socialism and loss of freedom for Americans.

BUT, it is safe and easy to say that sitting in my office where all I have to offer is an opinion. I thank God I am not in the position of offering an opinion on the record as to what action an elected official should take. Interestingly enough, the most important thing that we need at this time is a perception of security at the national level. We need to feel secure in our homes, our economy, and our health. But, security is just that – a perception. In reality we are secure only in our relationship with our Lord and Savior. Everything else is up for grabs.

Our leaders understand that in a way we cannot. One of the primary roles of a president (or elected officials) is to remain calm and champion a solution to such situations. Failure to do so will result in the public losing all faith in our nation’s economy and leadership, resulting in a stampede of fickle followers to the safety of the first person who will promise them prosperity. That’s how you get socialism and communism and dictators – when people perceive that anything would be better than what we currently have.

Today, I pray for our leaders - for our President and his advisors; for the leaders of both parties; and for the leaders in the business realm that they will not faint during this time of adversity. I pray that they will come together for the good of the country and craft a solution for our current economic troubles that will serve the nation and the world well. And, I pray for the people of this country, that they will recognize that the government we have is the one we have chosen. That these situations will continue as long as they believe that government “owes” them something they should be responsible for getting on their own. Finally, I pray for justice for those who have manipulated the politics or the economics of this situation at the expense of the security of their neighbors and the nation. May God have mercy on them.

[1] The Roosevelt Myth, Flynn, John T., Revised edition 1956, pgs. 20-21.