Then, as in 2008, America's most prominent financial institutions collapsed or nearly failed under the weight of speculative promises. Yes, the devastation is remarkably similar, but so is the cure.
From the Panic of 1837 to the Great Depression of the 1930s to the difficulties of 1969 and '70 when the cost of living jumped 15 percent, American ingenuity has consistently beat back economic calamity.
In 1837, it was the individuals who cast their vision forward who succeeded. Tough times spur recovery.
The time is ripe for American genius to surge. We must shed the idea that our government can buy us out of a depression or somehow use a new tariff or tax to encourage growth.
Rather, we must turn to our ingenuity and the audacious independence unique to our nation – and change the course of America.
Thursday, October 8, 2009
Nathan Fisk in today's Christian Science Monitor: Why the US will survive this recession.