HISTORY REPEATS ITSELF

Think about today's "financial crisis" on Wall Street. Now consider this quote from a French workers' pamphlet dated November 1842:

"Are you not afraid that the poor man put into the dock for snatching a piece of bread from a baker's stall will not, one day, become so enraged that stone by stone he will demolish the Stock Exchange, a wild den where the treasure of the State and the fortune of families are stolen with impunity?"

Today, we are paying the price for tolerating the "wild den" of Wall Street. Yet it is doubtful that we will ever see the "wild animals" punished for their recklessness. Politicians and pundits will continue playing the blame game about the credit crunch. Some will blame the borrowers for "living beyond their means." Others will blame the bankers for "predatory lending." No matter where we point the finger, chances are our society will not take action against criminal bankers. It will take strong action against petty street thieves, but it will not dethrone the financial barons. There are two species of crime at work here, but the law will only address one.

From what I understand, the "bailout plan" essentially invokes the sentiments expressed in the 1842 quote. Those who populate the "wild den" of the Stock Exchange will get away scot free. Indeed, the Federal government is paying to cover their own foolish extravagance. But what about the common man who suffered from that extravagance? He is forgotten. It is "his responsibility" to deal with the crisis. He is not getting any bailout money. He will go homeless, and no one really cares.

There is a fundamental injustice at work in this crisis. Both rich and poor have erred, but only the poor will bear the consequences. Will that not inspire rage? Yes--I think it already has generated some genuine discontent. But will it be enough to cause people to "demolish the Stock Exchange stone for stone?" Probably not. It should, but probably not. Why?

There will be no armed revolts in this country for the same reason this country is safe from revolution: There are not enough truly dissatisfied people suffering truly unbearable circumstances. Just as important, there are enough sufficiently satisfied people who believe that, even though things are bad, they prefer the status quo and their material advantages to risking all for an uncertain new system. Revolutions only happen when a "critical mass" of people truly feel that their way of life is threatened. That has not happened yet.

Now, if more and more crises befall us and more and more people truly feel desperate, I might alter my prognosis. Still, without massive pressures such as invasion, war, pestilence or egregious State violence, armed revolt is unlikely. Historically, economic turmoil commonly accompanies revolutionary spirit, but it is rarely sufficient to bring about actual revolt. In Weimar Germany, the Depression was coupled with massive material and human loss from a devastating war, as well as fallout from an unfair peace treaty. In revolutionary France, economic hardship was coupled with grotesque governmental excesses and pressure from foreign interventions. In revolutionary Russia, economic ruin was coupled with mass starvation, invasion and millions of war dead.

We only face a temporary economic panic. We have not met the dramatic preconditions for rebellion. Too many people are still too satisfied with their lives.

POLITICAL PARTIES FOR A CHANGING WORLD

Free Traders’ Association to Abolish the SEC and Prosecute its Current and Former Employees as Enemies of Commerce

By: Mr. James Garfield Bollingbrooke, Jr., Executive Officer

In these dark economic times, this Nation needs clear guidance. American consumers face unprecedented dangers from predatory lenders, failed mortgage houses, unemployment, inflationary currency policies and rising interest rates. Why has this come to pass? The answer is simple: Federal regulation of the securities markets. Since 1933, the Federal government has incessantly meddled in private commercial affairs. It has created monolithic bureaus that harass business with burdensome paperwork requirements and picayune micromanagement. Rather than protect the public from fraud, these Federal bureaus have dramatically increased the costs of doing business, crippling the spirit of free enterprise that drives this Nation. It is time to reverse the tide. It is time to abolish the SEC and every other bureau that interferes with the securities markets. If elected, we promise not only to abolish antiquated Federal programs like the Securities Exchange Act of 1934, but also to prosecute every current and former employee of the SEC for actively undermining commerce in this country. By criminalizing interference with commerce, we will send a clear message that our citizens do not tolerate vexatious governmental meddling in their business affairs. We promise a return to prosperity. We promise a business environment where every man can bargain as he wishes, without having to file thousands of documents and report private economic data. What is freedom, after all, if not liberty from governmental restraint? Vote for privacy. Vote for opportunity. And vote for a vibrant economic future in which America leads the global economy.

Contented Network of Employed Persons Without a Shred of Compassion for Unemployed Persons

By : Joshua A. Parker, Insurance Adjuster and Employed-Person-in-Charge (EPIC)

In our country, employment is not a right. One must earn employment; it does not magically appear in one’s lap. To find employment is to fulfill the American dream. We are living the dream because we work. Yet all too many lollygaggers sit around all day without a job, blaming the “system” for their own listlessness. We, the Contented Network of Employed Persons, have a message for these sluggards: It’s not our problem that you aren’t employed. We are getting our paychecks, how about you? Nope! And like we care. You complain that the “economy is bad” or you “don’t have a parent who can get you a job.” Again, how is that our problem? We have jobs because we got an education and knew someone who was hiring. Sure, we might have been hired during better times, but what can we say? That’s the way the cookie crumbles, compadre. You tell us that you have an education, too, but can’t find work to save your life because companies aren’t hiring in a recession. Well, maybe it’s time to start lowering your expectations a little bit. You can’t start at the top, after all. Not only that, why should we care about you? It’s not our problem that you are living with your parents or can’t pay your medical bills. I have a job. You, on the other hand, are a complaining loser and you deserve exactly what you’re getting. You’re worried that you don’t have health insurance because you’re unemployed and you don’t have any money to pay for it yourself. Hello! If you just applied yourself and got a job like the rest of us, you wouldn’t be whining anymore. Who really cares about your problems, anyway? I show up at my job every morning and go home every night. I get paid on Friday and drink on the weekends. I am happy. What possible difference does it make to me whether you have a job or not? This Election Day, vote for people like us who actually work for a living. Who cares about unemployment? Let’s focus on questions that actually matter. We have no time as a Nation to worry about people who don’t matter.

BEATING THE WALL STREET CRISIS

By : Kent J. Oversoone, Former Chief Financial Officer and Portfolio Supervisor, Treasure Island Funds Management Co., Inc., New York (died September 21, 2008)

Does market volatility have you down? Are you anxious? Is your hard-earned money flitting away as the Dow plunges and politicians bicker? "How much longer can these losses continue?" you wonder. It is true: Since the Lehmann Bros. collapse last week, the U.S. financial markets have descended into chaos. Fortunes are disappearing. Brokers with lucrative portfolios on Friday wake up with worthless portfolios on Monday. Homeowners owe more money on their mortgages than their homes are worth. Mortgage lenders are going belly-up in droves. Employers are losing their income-bearing assets, requiring them to cut jobs. College graduates cannot find employment. Gas prices are rising again. And on it goes. There is no end in sight.

This is not the American dream. This is the American nightmare. We are all losing money. We are losing everything we worked a lifetime for. We are failing. Despite our best efforts to work, manage a portfolio, save and watch our investments, the market is destroying us. We followed the rules; we did what we were told. Now we are suffering for it.

Market volatility has made our lives a living hell. From hour to hour, we live in suspense. Our stomach knots as we watch the industrial averages slowly sink all day. We think about our children's educations, our wives, our homes, our vacations. We think about all the things we worked so hard for and realize that they will soon be gone. We are losing all our money. We are losing, losing, losing. We even pray--even though we never did before.

But there is a way out from this misery. There is a way to solve your financial woes and escape this volatile market once and for all: Get yourself a pistol and shoot yourself in the head. It is not as difficult as you may think. In an instant, you can free yourself from the anticipation, worry, anxiety, fear and depression that will plague you for the rest of your days. In one, painless instant, you will free yourself from thinking about finances, interest rates, loans, puts, calls, mortgages and short-sells. No more will you fear failure or feel the sting of defeat. Once the bullet passes through your skull, Wall Street will no longer dictate how you feel. In fact, nothing will dictate how you feel: No more bitter relationships; no more disappointing children; no more illnesses; no more regrets; no more mistreatment from employers; no more passing over for promotions; no more collection calls; no more caustic disputes over money; no more unfair parking tickets; no more taxes; in fact, no more anixety about anything at all. You will be out of the game for good.

Admit it. You failed. You did not succeed, you worthless, unimaginative loser. You could not stay ahead of the curve, my friend, and you did not think out of the box. You did not choose the right stocks and you sold when you should have bought. You are to blame...do you like the way this makes you feel? Of course not. Do something about it. Think about yourself for once. Get out of the race; you will feel much better for it. Would you rather go on living in uncertainty? Would you rather get up in terror every morning, knowing that your precious life savings are going down the drain? How about all the investors who depend on you? Do you want to lose all their money, too? What about your wife? Do you want to see her reduced to poverty? Do you want to file for welfare after living your whole life in a beautiful one-family home?

Do yourself a favor: Get a pistol and shoot yourself in the head. Refuse to live in financial terror. Beat the Wall Street Crisis. Tell the world that you refuse to live in fear any more. I did; and you can, too.