President Obama! Now What?

By Fouad Ajami (Wall Street Journal-Opinion Page)

The morning after the election, the disappointment will begin to settle upon the Obama crowd. Defeat — by now unthinkable to the devotees — will bring heartbreak. Victory will steadily deliver the sobering verdict that our troubles won’t be solved by a leader’s magic.

There is something odd — and dare I say novel — in American politics about the crowds that have been greeting Barack Obama on his campaign trail. Hitherto, crowds have not been a prominent feature of American politics. We associate them with the temper of Third World societies. We think of places like Argentina and Egypt and Iran, of multitudes brought together by their zeal for a Peron or a Nasser or a Khomeini. In these kinds of societies, the crowd comes forth to affirm its faith in a redeemer: a man who would set the world right.

As the late Nobel laureate Elias Canetti observes in his great book, “Crowds and Power” (first published in 1960), the crowd is based on an illusion of equality: Its quest is for that moment when “distinctions are thrown off and all become equal. It is for the sake of this blessed moment, when no one is greater or better than another, that people become a crowd.” These crowds, in the tens of thousands, who have been turning out for the Democratic standard-bearer in St. Louis and Denver and Portland, are a measure of American distress.

On the face of it, there is nothing overwhelmingly stirring about Sen. Obama. There is a cerebral quality to him, and an air of detachment. He has eloquence, but within bounds. After nearly two years on the trail, the audience can pretty much anticipate and recite his lines. The political genius of the man is that he is a blank slate. The devotees can project onto him what they wish. The coalition that has propelled his quest — African-Americans and affluent white liberals — has no economic coherence. But for the moment, there is the illusion of a common undertaking — Canetti’s feeling of equality within the crowd. The day after, the crowd will of course discover its own fissures. The affluent will have to pay for the programs promised the poor. The redistribution agenda that runs through Mr. Obama’s vision is anathema to the Silicon Valley entrepreneurs and the hedge-fund managers now smitten with him. Their ethos is one of competition and the justice of the rewards that come with risk and effort. All this is shelved, as the devotees sustain the candidacy of a man whose public career has been a steady advocacy of reining in the market and organizing those who believe in entitlement and redistribution.

A creature of universities and churches and nonprofit institutions, the Illinois senator, with the blessing and acquiescence of his upscale supporters, has glided past these hard distinctions. On the face of it, it must be surmised that his affluent devotees are ready to foot the bill for the new order, or are convinced that after victory the old ways will endure, and that Mr. Obama will govern from the center. Ambiguity has been a powerful weapon of this gifted candidate: He has been different things to different people, and he was under no obligation to tell this coalition of a thousand discontents, and a thousand visions, the details of his political programs: redistribution for the poor, post racial absolution and “modernity” for the upper end of the scale.

It was no accident that the white working class was >>>> Read the Full Article

Credible Worries: Fed Causing Next Depression

ALPINE, UT | 14 March 2008 | Everyone like to talk about the economy these days but very few people have the gravitas and credibility to send out warnings to the general public like those now rolling out almost daily. While wanna be experts and pundits through out casual references and sensational warnings about America’s current economic woes seldom have institutional voices been so dramatic in their assessments. That is until recently when Telegraph writer Abrose Evans-Pritchard has published a series of startling stories about the criticism and warnings now coming from inside “the close-knit world of central banking.” In a stunning interview with 92 year old Anna Schwartz the Telegraph probes the shocking revelation by a revered figure at the Fed that Read more