March 7th, Subject:  Hope

    Yesterday, as the news of more job losses and further deterioration in the economy came over my car radio, I became hopeful. Crazy, I know. Nothing in the dire financial news provided any reason for optimism. The anchors and experts served up a pervasive, unyielding barrage of bad economic news. So why hope? Let me try and explain.
    Arguably, we have had a good run. Like everyone else, I enjoyed the escalation of asset values that took place over the last couple of decades. Relying upon "equity" in our homes, we accumulated things; kids with hand-held video games, fancy cars, the latest Xbox or big-screen TV. Houses grew in size and so did mortgages. But somewhere deep inside me, I heard this faint, troubling voice questioning how this could be so. This run up in asset values seemed to defy simple economics, but I rationalized and figured that the world had become more efficient; there were new, emerging markets to sell to, and maybe an age of ease was truly upon us.
    Of course, we now know that the economic rules that applied to our parents and grandparents still apply to us; and when you spend more than you have, there is a price to pay. Like kids who eat too much candy, our stomach-ache has now begun.
    I think we all must share some small measure of blame. In laying blame at all of our doorsteps, I don't mean to overlook the conduct of those who should have known better. The legislators, ratings agencies, investments bankers, Fannie and Freddie bosses: They all should have known better. This collective lack of accountability and diligence points to a failure of ethics that seeped into our culture. We idolized those who accumulated vast wealth, rather than men and women who followed simple principles that allowed our parents and grandparents to build this country. In the debate over stimulus packages and credit loosening, I have heard little about this collective, societal departure from ethical behavior. In business and in government, there needs to be a re-education of our leaders that emphasizes each person's duty to their community and their country. We need to remind one another what it means to work with honor and to make decisions that consider the societal consequences of our actions.
    But I am meandering a bit.  I was speaking of hope. Our hope lies in our freedom. At our core, we love the liberty that has inspired much of the world to seek self-government. Living in a free society has its price, but it also leaves a deep, indelible impression on our souls. We grip our freedom tightly. Unfortunately, enjoying the right to decide how we conduct our lives and our society leaves us vulnerable when we go on the kind of tear that we did over the last two decades. But even when we stray into excess, this love of freedom burns like a small furnace deep within us. I would suggest that our collective conduct in recent years has walled up that furnace, so that its' warmth is difficult to perceive, and in some cases, forgotten.
    But crises like the one we must now overcome have a way of tearing down those walls. Facing the difficulties that a crisis brings compels us to return to those basic ideas and beliefs that matter most. People will work as hard as is needed to retain their liberty. Though things appear bleak, the people of this country have begun their awakening. The walls around their freedom furnaces an being torn down with each wave of bad news. In communities throughout our nation, we will remember how much we love our liberty. We will lace up our boots, strap on our helmets and begin the hard work of rebuilding our economy. Self-sacrifice must replace the self-indulgence that landed us here. In short, our economy will recover, because our freedom depends on it.