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December 7-13, 2008 Issue |
Posted 12/2/08 at 8:00 AM
“Pride cometh before a fall.” It’s an Old Testament
proverb, it’s the classic theme of Greek tragedy, and it’s a lesson we observe
in our lives again and again. So how come we never seem to learn to avoid it —
or exploit it?
What’s
more, pride always seems to come before a fall in more or less the same way.
Take
the economy, for example, and consider three things pride does — and the havoc
that follows.
First,
pride makes us forget first principles. In the 21st century economy, we got so
used to having more and more money that we forgot that it’s necessary to save.
Your mortgage is supposed to be a certain percentage of your income. You aren’t
supposed to live beyond your means.
But
as the economy grew more and more, we began to say, “It’s a good thing we live
in a time when we don’t have to follow all those old rules.” When it turned out
we weren’t exempt after all, it was too late.
The
second thing pride does: It makes us lose our vigilance. We forget to be on the
lookout for the telltale signs of disaster ahead.
With
the economy, we saw the dot-com bubble burst and didn’t change our behavior. We
watched the housing market collapse and didn’t change our behavior. Then we saw
the mortgage crisis hit as gas prices skyrocketed and we started to sound the
alarm, but not loudly, and not in time.
A
third effect of pride: We use our imagination to show off instead of to build.
We stop elaborating big plans and start planning big elaborations.
Our
economy was built by entrepreneurial imagination. Bold businesses took risks to
create opportunities where none existed before. We created whole industries and
new streams for old industries.
But
with pride comes complacency, and complacency and imagination are a volatile
brew. Our best business minds still found great new opportunities and new
streams of revenue — but this time it was about maximizing and displaying
wealth instead of building industries and creating opportunities.
Whether
it’s the Lehman Brothers’ flashy Times Square Jumbotron that cost $500,000 to
run, the infamous AIG excesses, or the extravagant expenditures revealed in the
trials of CEOs, a lot of pride seemed to come before a lot of falls.
We
can see this same pattern in Washington, D.C.
The
GOP rose to power in Congress in 1994 on a set of principles enumerated in its
Contract With America. The Republicans ended perks for members of Congress and
their staffs. They enacted a balanced-budget amendment. They promoted the
line-item veto for the president to curb pork-barrel spending.
But
in the pride of their victory, they let those principles slip away, and they
became the epitome of the excesses they were elected to oppose.
In
the minority, the GOP had been vigilant about what people wanted and how they
were being perceived. They knew their weaknesses as well as their strengths,
and played a careful game.
But
in the thrill of power, they forgot their weaknesses — and soon forgot their
strengths, too.
In
the years leading up to their victory, the GOP crafted clever ideas to better
spend the nation’s welfare dollars, better structure the tax code to increase
savings and investment, and even tried to address systemic problems in
entitlements.
But
once ensconced in Washington offices, their new ideas were all about new
pork-barrel spending projects.
Today
we have new leaders in Washington, and they are certainly proud of their
accomplishments.
The
election of Barack Obama was historic — but it was historic as a beginning, not
as an end in itself. His supporters don’t seem to notice. The celebrations seem
to take it for granted that Obama will be successful, that he will turn the
economy around, that he will bring peace to our times.
Don’t
count on it. What’s most likely to happen is what has happened so often before.
When
John F. Kennedy won, there was a similar euphoria in the air — but the
disastrous Bay of Pigs invasion sucked away all the excitement that lingered
after Inauguration Day. And the same people who cheered Kennedy at the start of
his presidency were not long after protesting the Vietnam War he launched.
When
Bill Clinton was inaugurated, The
Washington Post’s headline read: “A
New Era.” But the new era didn’t last very long as Clinton’s fledgling administration
entered a bruising battle over homosexuals in the military. Two years later,
the GOP would sweep Congress.
It
all reminds one of the premature “Mission Accomplished” sign on the aircraft
carrier that George W. Bush visited.
What
of Barack Obama? His victory celebrations began over the summer when he created
his own presidential seal and held rock-concert-like appearances in Europe. He
appeared in a temple at his convention. The euphoria reached near pathological
intensity after his election.
What
cometh after pride this time?
Washington’s
new elite will surely push pro-abortion principles, hard. Let’s push back, even
harder, and wait for them to let up.
The
echo chamber of a Washington in which one party holds Congress and the White
House will make it easy for anti-family forces to let their guard down. Let’s
not let ours down.
And
when the imagination of the Washington elite turns to self-aggrandizement, as
it always does, let’s think of new ways to promote life.
In
the battle ahead, those who stay humble and hungry just might have a chance.
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