Somewhat in the spirit of some of Orin’s posts, I agree with Frank at CoOp that “this is a president who takes his words seriously, and whose oratory deserves attention for its deep substance.” Although, curiously, Frank zeroes in on language in the inaugural address in which the new President says that “the market can spin out of control” and “a nation cannot prosper long when it favors only the prosperous.” That was nice, I guess, but I was more moved by these words: “Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched.” And also his blunt statement that failing government programs “will end.” I guess the mark of a great inaugural address is that there’s something in it for everyone! Although I’m not sure I understand why Frank has “some faith that figures like Rubin, Geithner, and Summers have learned the error of their ways.” I should think that Rubin et al. heard the same words I did and feel pretty good right now.
Posted by Paul Horwitz on January 21, 2009 at 09:42 AM
Comments
I meant “address expressed.”
Posted by: Oops | Jan 22, 2009 3:23:21 PM
re Litowitz’s point: I think James K. Galbraith’s book The Predator State is a very good expose of the type of rhetorical emptiness of “market” and “anti-market” discourse.
re Paul’s point: Under a principle of hermeneutical generosity, I have interpreted Obama’s bow to the market as ritualistic, and the egalitarian themes of the speech (echoed in the inaugural poet’s work, and the benediction) to be substantive. 🙂
Consider this counterpoint (in the NYT today) on the attitude the addressed expressed toward the last administration:
“Mr. Obama never directly mentioned Mr. Bush’s name after the ritual thank you at the beginning of his Inaugural Address but the context of some of his remarks was lost on no one. He criticized “our collective failure to make hard choices and prepare the nation for a new age.” He promised to “restore science to its rightful place.” He rejected “as false the choice between our safety and our ideals.” He assured the rest of the world “that we are ready to lead once more.””
Posted by: Frank | Jan 22, 2009 3:22:38 PM
When a person simultaneously says ‘the market can spin out of control’ and ‘the market is a force for good’ — they have set the goalposts so wide that any degree of market regulation is consistent with it. It’s like saying nothing.
Posted by: Litowitz | Jan 22, 2009 9:18:04 AM
I read the language you highlight as part of a series of points designed to get us off the Manichean view of public policy–Free market v. Total Government control, Big Government v. Small Government, Freedom/Liberty v. Security–and to recognize the need for balance between the poles.
Posted by: Howard Wasserman | Jan 21, 2009 10:04:55 AM