The Great Depression Online




Great Depression Online Archive Issue:

Entering the Inferno

Great Depression Online
Long Beach, CA
April 17, 2009

Inside This Issue You Will Discover…

*** In the Flesh
*** Signs from Across the Nation
*** Entering the Inferno
*** And More

“Abandon hope, all ye who enter here.” – Dante

In the Flesh

On Tuesday President Obama momentarily acknowledged his earthly inhibitions and humbled himself before his creator.  Closing his eyes and gazing up to the heavens he channeled first a ‘glimmer’…then a ‘vision’ from the heavens.

“There is no doubt that times are still tough,” Obama said.  “But from where we stand, for the very first time, we are beginning to see glimmers of hope.  And beyond that, way off in the distance, we can see a vision of an America’s future that is far different than our troubled economic past.”

We presumed Obama was channeling these ‘glimmers’ and ‘visions’ from God himself…but then suddenly, and without warning, something mystical happened.  For, before the speech, Obama had required the name Jesus Christ to be covered over in Gaston Hall (Covering the name Jesus Christ).  And standing there in Gaston Hall, at Georgetown University, with his feet rooted firmly in the soil and his head rooted firmly in the rapture, he was not summoning visions from God at all. 

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He didn’t have to.  He was God in the flesh…the son of God.  And he was delivering the Sermon on the Mount…

“We cannot rebuild this economy on the same pile of sand,” he preached.  “We must build our house upon a rock.  We must lay a new foundation for growth and prosperity a foundation that will move us from an era of borrow and spend to one where we save and invest, where we consume less at home and send more exports abroad.”

Next, as if to negate the whole Biblical invocation, in holy Keynesian orthodoxy, Obama bestowed the benediction: “The last thing a government should do in the middle of a recession is to cut back on spending.”

Signs from Across the Nation

Alas for Reverend Obama, the believers in attendance were few.  When the basket was passed on Wednesday he didn’t get a thankful offering; rather he got a tax day tea party.  Here are some signs from across the nation…

“No more spending,” Alaska.

“I’m mad as hell,” Iowa.

In Boston: “Barney Frank, Bernie Madoff: And the Difference Is?” and “D.C.: District of Communism.”

One word from Texas: “Secede!”

“Hey Obama you can keep the change,” was the southern wit from Atlanta.

Up in Michigan there was “Stop the Fiscal Madness,” “Read My Lipstick!  No More Bailouts,” and “The Pirates Are in D.C.”

And Utah even cut loose with a crude sign that read “Pin the Tail on the Jacka$$,” picturing Obama on a Democratic donkey.

Entering the Inferno

What does it all mean?  Here’s our elaboration…

The quickest way to instigate a revolution is to take away a man’s livelihood…and creature comforts.

The average man will accept a little Presidential hanky-panky with the intern if his stock portfolio’s going up 30-percent a year.  So, too, the average man will accept a clownish buffoon with a lone star belt buckle stammering about with embarrassing bluster if he can extract a little equity from his home’s rising value each year to put a polished slab of granite on his kitchen countertop and a shiny new SUV in his driveway.

But when the average man watches his retirement account crash in half – his home’s value too – then loses his job, he’ll demand answers.  Suddenly his armchair recliner isn’t so soft and his coffee’s a tad cold and a tad bitter.

What’s more, when he sits up and looks around, he does so just in time to witness the government spending trillions of the public’s money to bailout the fat cat bankers who – along with the government – created the mess.  Thus his anger rightly sparks.  And with a little prompting he’s taking to the streets – first waving a sign…later hurling a brick.

“Tax Revolution is Brewing, ‘Tea Party’ Protesters Say,” was a headline from the Kansas City Star.

Charles Dickens, in his French Revolution period classic, A Tale of Two Cities, put the affair in its proper context on the opening page:

France ... rolled with exceeding smoothness down hill, making paper money and spending it.”

And later Dickens added, “The transition to the sport of window-breaking, and thence to the plundering of public-houses, was easy and natural.”

The populace voted for Obama in the hopes of change…and they’re having some buyer’s remorse.  For what they’re getting is a massive experiment in big government spending and meddling that makes George W. Bush seem quaint and miserly. 

But what comes next…after the ‘brewing’ revolution?

Rare is the revolution that brings a George Washington to power.  More commonly it ushers in a Joseph Stalin or a Napoleon Bonaparte.  Things go from bad to worse.

Is this a one time demonstration of discontent or is it a harbinger of bigger more forceful protests to come?

We’ll find out the answer when hope is abandoned and we enter into Dante’s Inferno.

Sincerely,

M.N. Gordon
Great Depression Online

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