Now don’t get too excited! You may think things are beginning to head in the right direction, and this may give you a great reason to celebrate and rejoice, but don’t cook your eggs before the chicken lays them! The phrase “IRRATIONAL EXUBERANCE” became well known when in 1996 Alan Greenspan, then chairman of the Federal Reserve Board, gave a speech at the American Enterprise Institute during the dot-com bubble of the 1990’s. “The phrase was interpreted as a warning that the stock market might be overvalued.” (Wikipedia.) “Irrational exuberance is a state of mania. In the stock market, it’s when investors are so confident that the price of an asset will keep going up, they lose sight of its underlying value.” (thebalancemoney.com; Kimberly Amadeo; April 27, 2022). The rapid technological expansion, and the inflation of assets beyond their intrinsic value led to the inevitable plunge. The “bubble” eventually burst, crashing down from a peak of 5,048.62 on March 10, 2000, to 1,139.90 on October 4, 2002, a 76.81% drop! (finbol.com; Diana Paluteder; October 10, 2022.) If you invested during that time in the Stock Market, we are sure you saw your portfolio take a financial hit. So, that’s a wonderful historical review, but what does this have to do with me now? We want to use this phrase, “IRRATIONAL EXUBERANCE”, to warn of becoming too optimistic about the possibility of turning our Nation around and heading it into a saner direction.
We hear a lot these days from those in the opposition party to those currently in power in our Nation’s Capital, that “When we take power due to the anticipated gains in the House of Representatives, and potentially in the Senate as well, we will hold hearings to get to the bottom of all that has gone wrong in our Nation in the last two years and hold people accountable.” We need to be a voice of reason here and tell everyone to take a deep breath and realize that there will still be limits to what can be done to return our Nation to its once great status under the last administration. It’s time for a quick review.
Let’s first realize that our Founding Fathers established this great Republic in a manner that makes it very difficult for one established group of elected or appointed individuals from running roughshod over any other. Our Nation was founded with separate and distinct controlling bodies. We have the Executive Branch, known more widely as the President (elected position) with his cabinet, which includes the Attorney General. We have the Judicial Branch, known more widely as the branch that resolves legal issues, and includes the Supreme Court and lower courts (being appointed positions). Finally, we have the Legislative Branch, consisting of the Senate and House of Representatives (both consisting of those serving in elected positions). The Legislative Branch makes the law, the Executive Branch “executes” the laws established by the Legislative Branch, and the Judicial Branch resolves issues concerning the application of the established laws. At least this is the way it is supposed to work. Because it is so difficult to make laws of late, it has become in vogue for the Executive Branch to make its own “laws” which do not carry the same weight as those established by the Legislative Branch, as they by-pass the normal established methods of creating laws. These “Executive Orders” are frequently challenged, and even over-turned, by the Judicial Branch as over-stepping the authority of Legislative Branch, being outside the framework established by the Constitution and its Amendments.
With the review of the Founding Father’s framework for our Republic now behind us, let’s now see how “IRRATIONAL EXUBERANCE” should be tempered. We are currently on the doorstep of a series of elections to elect new Senators and House Representatives to serve on our behalf to make laws for us. This is the heart of what it means to be a “Republic”, to elect people to make choices about laws for us, rather than for us to make those choices about laws ourselves. Many seem to be very excited about being able to take control by majority in both the House of Representatives and the Senate. Great plans are being made for multiple committees to have hearings to resolve issues that have gone unattended under the current leadership. We have heard statements like “We are going to get to the bottom of this issue and hold people accountable.” Those who may find themselves back in leadership positions, may indeed hold multiple hearings, may ask heads of departments and other individuals to appear before them, and may even Sopena some and require they be under oath. However, getting to the truth, when there is no enforcement authority to require such attendance, and even if appearance before any committee is made, a claim of the Fifth Amendment, or “To take the Fifth”, make such appearance of little value. Even further, if facts are forthcoming making clear violations of set procedures or even laws, The Senate and House of Representatives are NOT the Judicial Branch and have no authority to bring accusations to Grand Juries and ultimately to juries through court action potentially leading to conviction and incarceration. For those who are experiencing “IRRATIONAL EXUBERANCE”, we need to warn that being in the leadership in either the Senate or the House of Representatives will not lead to holding anyone “accountable” for either immoral or unethical activities, or even for those who have acted in direct conflict to established laws or procedures. The ONLY way that will ever happen is if those currently in control of the Executive Branch are replace, allowing the appointment of an Attorney General who is willing and able to prosecute offending parties.
We do not mean to throw a wet blanket over those who may be experiencing “IRRATIONAL EXUBERANCE”, but we do mean to bring reality into focus. Not only will many who have taken advantage through nefarious activities avoid prosecution, but it is highly likely that the statute of limitations will make such prosecution impossible. The only way to reclaim and maintain our FREEDOM and LIBERTY is to be persistent in establishing policies and procedures making it extremely difficult, or even impossible, for individuals to avoid prosecution for activities outside the scope of law. We must be patient and allow the proper procedures to be used, however long it may take, to get to the truth, no matter which way Lady Justice may favor. We must be willing to accept that many who have thrived and profited through illegal and unjust activities may never be held accountable. Finally, we must never resort to violence or any form of intimidation to exact retribution. We live in a lawful land, and as law-abiding individuals, we will ensure the continuation of our great Nation, preserve its historical significance, and leave a wonderful heritage to our offspring, and to all who aspire to enjoy the FREEDOM and LIBERTY offered to all citizens of The United States of America.