Fixing A Mistake
Many investors have had the experience of buying the stock
of a failing company and seeing the price decline. Such mistakes are common. The thing to do
after making one is to acknowledge one was wrong, cut one’s losses, try to learn from the experience, and move on
instead of riding the loser all the way into the ground. The same thing can apply in other areas of
life.
Republican voters made a bad mistake in 2016 during their
presidential primaries. The party was in a good position for success. Many
Americans wanted a change after Obama’s administration, and the Democrats were nominating
an especially unpopular and unlikeable candidate in Hillary Clinton. Besides Donald Trump there were sixteen or so
others seeking the nomination of the Republicans. An easy half dozen of them – say Cruz, Kasich, Rubio, Bush, Walker, and
Perry – had resumes and qualifications typical
of successful candidates for president. All of them were better qualified than Donald
Trump in terms of knowledge, experience, and temperament. (Carly Fiorina, for example, had the same
amount of experience in government as Trump, none, but was far better informed,
more thoughtful, and more decently behaved than he was. The same goes for Ben
Carson. Trump was not even the only
outsider for whom disgruntled Republicans could have voted.)
Yet the voters chose Trump.
Now they and their party are stuck with him and the results. Republicans got hammered in the midterm
elections of 2018, and are at risk of losing the senate this year. In Joe Biden
the Democrats have nominated a dull, uninspiring, political careerist who has
not campaigned much, who gives the
appearance of having lost at least a step or
two mentally, and who seems on
his way to trouncing an incumbent president
in next week’s election. That should tell Republicans something. They
need to recognize they made a mistake, accept the consequences, and try not to
repeat it. In the next few days they should focus on
holding the senate and let what happens to Trump happen.
Then, assuming Biden wins, they should rebuild as a party of limited government, free
international trade, lower spending and deficits, less rule by bureaucrats and
regulations, freedom of expression, strong national defense and alliances, economic
progress, limits on executive power, and
social tolerance and respect. They
should reject Trump and his brand and
style of ignorant, ultra-nationalist, xenophobic, yahoo populism. If so they
should have a good opportunity in 2022. The Dems are likely to overplay their
hands once they get in power, and the economic and social consequences of the
epidemic are unlikely to be done by
then.