I have never enjoyed inaugurations, whether I voted for the guy or not. They have always seemed too much like coronations to me, neither fitting the role nor the country. We build 'em up to superhuman size...and then we tear 'em down. Our founders rightly feared that human nature would try to turn Presidents into kings. Yes, it is kinda cool that we elected a young black guy, but just to say that is not only racist but also rather adolescent.
Blame Bernie Madoff's parents
Two thirds of African-Americans believe King's vision has been fullfilled.
From The Day the Newspaper Died in The New Yorker:
Soon after Jefferson came to power, he, like Adams, developed doubts about the unbounded liberty of the press. Printers, Jefferson complained, just days after his election, “live by the zeal they can kindle, and the schisms they can create.” In his second Inaugural Address, Jefferson ranted against printers who had assaulted him with “the artillery of the press,” warning that he had given some thought to prosecuting them. During his beleaguered second term, Jefferson suggested that newspapers ought to be divided into four sections: Truths, Probabilities, Possibilities, and Lies. What Jefferson wanted for the nation under his governance was a “union of opinion.” But that, of course, can never be the aspiration of a democracy—a point that newspapers have been very good at making over the two centuries since.
A critical view of Bush's tenure, at Reason
Wanted: More Nazis
From Mark Levey Leave the New Deal in the history books:
By 1939 Roosevelt's own Treasury secretary, Henry Morgenthau, had realized that the New Deal economic policies had failed. "We have tried spending money," Morgenthau wrote in his diary. "We are spending more than we have ever spent before and it does not work. . . . After eight years of this Administration we have just as much unemployment as when we started. . . . And an enormous debt to boot!"
The problem was that neither Roosevelt nor President Herbert Hoover before him grasped the essential nature of the crisis, which was not the stock-market crash, but global deflation. At the end of the roaring '20s, an overhang of intergovernmental war debt from World War I, coupled with falling commodity prices and a currency crisis, had started the decline. Weak credit structures and European banks hurt by wartime inflation worsened it. When the Austrian Creditanstalt Bank failed, it ignited a global banking crisis that slashed across the international financial system cutting down everything in its path. Deflation went into full howl.
The same perils are now confronting President-elect Barack Obama, as the risk of deflation casts a long shadow over the economy. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson have been correctly focused on shoring up financial institutions to prevent a collapse of the financial system, and stave off a severe decline in the general price level. If that were to occur, the unspoken fear has been that the U.S. and global economy could go into a deflationary death spiral that would cause the collapse of the international financial system.
