Well, it may be Pat Buchanan saying it, but I still agree with him: Obama has a choice between the FDR approach to the Great Depression, policies that made it “greater”—that is, longer and more damaging—than it otherwise would have been; and the more successful Reagan approach to the recession of 1980.
But Buchanan ignores the one thing both FDR and Reagan had in common: an abiding optimism and the ability to convey it. They exuded confidence.
There is something very different and disturbing about Obama’s message, and that is his deep pessimism about America. Despite the lip service paid to the hope/change campaign message of uplift, his negativity comes through loud and clear.
Of course, Obama’s latest economic speech is being given in the context of trying to motivate legislation he will be proposing, especially his huge and controversial stimulus package, which jumps (rather than wades) into deep and uncharted waters. But if you read excerpts from his speech, you will see how extraordinarily gloomy it is, couched in the language of the dire consequences of what could happen if Obama’s plan isn’t realized.
The remedy? Why, big government, that’s what:
Mr. Obama insisted that only government could “break the vicious cycles that are crippling our economy,” prevent “the catastrophic failure of financial institutions,” restart the flow of credit and restore the regulations needed to prevent such a crisis in the future.
Not only is big government the one and only answer, according to Obama, but the changes he proposes have to occur as soon as possible:
For every day we wait or point fingers or drag our feet, more Americans will lose their jobs,” Mr. Obama warned. “More families will lose their savings. More dreams will be deferred and denied. And our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.”
For some contrast, let’s have the words of FDR in his First Inaugural, facing a situation far worse than that Obama faces today:
This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself””nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory…Yet our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply…
We can argue over the proper policy to institute in order to deal with the financial crisis, and the Left and Right certainly will do so. But I don’t think there’s any argument about the fact that Obama is striking exactly the wrong tone, if economic recovery is what he is really after.

