It’s hard to believe that another year has come and gone, and that Voices of Reason has now reached the half-decade mark.
When the website began in April 2004, the incompetence and danger posed by the Bush Administration were plainly visible. I supported John Kerry for president and argued that it was the rational thing to do: the Administration had no regard for the rule of law or truly free markets, and was dominated by foreign policy extremists and religious fundamentalists.
We will never know what would’ve happened if Bush had lost in 2004, but it is hard to imagine that things wouldn’t have turned out better. We went on to the Katrina disaster, the further unfolding of a failed strategy in Iraq, a completely failed strategy in Afghanistan, and ultimately the financial meltdown that now ripples through the world economy.
But now, five years later, we have a president committed to open debate and rational arguments. We have a chance to renew America and our relations with the world. So far I have been immensely impressed with Barack Obama, and it’s been a pleasure to wake up every morning knowing he is at the helm.
But it is not the time to get complacent.
While there is significant debate over the bank bailout plan put forth by Geithner and the Obama Administration, there is no doubt that many banks are getting away with robbery. They’re getting billions upon billions with few strings attached, and with little concern over the moral hazards of so much government aid. What’s to stop the banks from doing this all over again?
Even more important, will any of this work? Paul Krugman doesn’t think so, and neither do numerous other prominent economists, e.g., Joseph Stiglitz. They believe there’s too much emphasis on making insolvent banks appear solvent, which will put even more taxpayer money on the line and ultimately lead to greater bailouts. I am still unsure why the Administration has shied away from nationalizing some of the largest institutions and perhaps breaking them up.
Instead the opposite has happened, with banks using government money to buy other banks (e.g., Chase buying Washington Mutual). If one of the root causes of this crisis is not letting banks become “too big to fail,” this is hardly the direction we should be taking.
And there have been some alarming developments with respect to state secrets and terrorist detainees, with the Obama Administration invoking the same arguments as the Bush Administration with respect to indefinitely detaining Guantanamo prisoners. The issue is complex, and part of the reason Obama has his hands tied is because our European allies refuse to accept any prisoners; even so, it’s disturbing and disappointing to see Bush-era arguments invoked once again to restrict detainee rights.
Perhaps most controversial is Obama’s commitment to increase American troop levels and escalate our military involvement in Afghanistan. While this is consistent with his campaign promises, and he has made clear that progress in Afghanistan requires more than simply an increased military effort, we must watch this issue closely. This part of the world has a long history of becoming a graveyard for foreign occupants (even if the U.S. goal in the country is benign).
We must not forget that power corrupts, and that no one is immune from the pressures that come with so much responsibility. For those of us committed to reason it is truly a great time, but we must always remain vigilant and hold our elected officials to the highest possible standards.
Jason Scorse