True North

Most of us haven't lived through a panic before. It's been nearly 80 years since the Crash of 1929 and the actors who brought us that particular drama been gone for a long time. You don't always notice it as it's happening to you, but I'd be willing to wager that the past 2-3 weeks will turn out to be one of the most momentous periods in the history of this nation.

Back in February I wrote this post. I used Carole King's song "It's Too Late" as a jumping off point to talk about something I couldn't quite explain. I had a sense that something pretty big was up, but I wasn't sure what it was. Here is what I wrote back then:

 

So here's my weird thought - I hear the song and it makes me think of what's happening right now, and not only in this election cycle. I've done my fair share of alternately mocking and cringing at the Obama campaign in recent days. But it's becoming increasingly evident that there's something else in the air, something that's only tangentially related to Obama, his campaign or even what his adminstration would look like should he ultimately prevail in November. I'm not sure what's happening, but whatever is happening is bigger and more momentous than all that. My sense is that there are forces at play right now that are a lot more powerful than anything else that we've experienced in my lifetime. I think that the next 4-8 years are going to be transformative regardless of the occupant of the Oval Office. Something very new and potentially quite strange is on the horizon. I'm not worried or fearful about it, because there's no use in worrying about things you cannot control. But my sense is that we're in for a hell of a ride, and soon.

What's happened, it would seem, is a panic that stems from a systemic crisis of confidence in many institutions, but primarily the financial industry and the government. We have seen a Treasury Secretary who has feet very much in both worlds essentially demand that the taxpayers save Wall Street. The apparatus of government has complied. And the markets have sent an unmistakable message about the efficacy this unprecedented government intervention, with one of the largest drops in the Dow Jones average in history.

And what now seems likely to happen is that the American people are going to turn the government over to the Party of Government. Barring something really unforeseen, John McCain is not going to win the election. There's an excellent chance that he might lose in an electoral landslide. And at a time where we need an experienced hand at the tiller, it looks likely that we will be sending an inexperienced product of the Chicago political machine to become Leader of the Free World. It also appears quite possible that the citizens of this state are prepared to toss aside a reasonable senator for a guy who began his political career by writing ad hominem screeds.

It's possible that this may turn out well. My social betters in the East Coast commentariat have lately been trying to reassure us that the Senator from ACORN has a first-class intellect and a first-class temperament, and that Obama surely won't do what it would seem he plans to do, because if he did, "he will almost certainly reap a whirlwind that will make Katrina look like a balmy summer zephyr."

Just a guess - if this doesn't turn out well, Barack Obama won't be the only one reaping a whirlwind.

 

Cross-posted at Mr.Dilettante -- comments always welcome!