[lbo-talk] Keeping perspective

[Marvin Gandall]

The shock, despair, recrimination, denial, and schadenfreude on today's left
lists is not surprising given the passions surrounding the election. But
it's worth keeping in mind that history continues to move, and economic
developments are its motor. In 1928 Herbert Hoover won 58% of the popular
vote to 40% for the Democratic candidate, Al Smith. Norman Thomas, that era’
s Ralph Nader, won less than 1%. Things never looked better for conservative
values and the free market and the poor benighted masses celebrating the
American dream. Four years later, the world was turned upside down, and a
new political era began. Today, there is widespread concern in financial
circles that the conditions which led to the Great Depression are
resurfacing. The dollar could collapse and a world depression could again
result, presided over by a conservative Republican president. Note I said
could, not will. The bankers may engineer an orderly and controlled dollar
devaluation. But it will be events which will mostly decide, not the various
perscriptions for reforming or outflanking or destroying the Democratic
party now on offer, and mass political psychology, which is not static, will
be affected accordingly.

MG