“Optimism pays” are the concluding words of Bob Bartley’s going away speech, and it is certainly true he has just given us his own optimistic first take on his 30-year tenure as editor of the Wall Street Journal.
I’d like to be charitable towards this piece. All the evidence suggests that he is a genial and personable fellow, who has honorably served the Republican cause in the marketplace of ideas all these years.
But that does not mean that the ideas he fought for are any good. And sometimes, the battles he chose damaged the credibility of the Journal—as with the decade-long Whitewater/Foster conspiracy theorizing.
But nobody has a perfect track record in the harsh light of hindsight. This is why it would have been perfectly OK for his valedictory speech to have been more explicit about where he now thinks he was wrong.
Granted, on some issues it is possible to agree to disagree:
I am indifferent to the minutiae of the arms race in the 70s, and while I think mutually assured destruction worked just fine (unlike Bartley), it is not as if we had a controlled experiment to try other approaches.
Likewise about economic policy in the 80s: Supply-side economics came at the cost of unsustainably huge budget deficits that cost the Republicans a presidency. And it is a policy the republicans are not about to try again, eventhough they now have every opportunity.
But then, in the 90s, I think Bartley mishandled the entire Clinton Presidency. And he still doesn’t know it:
President Clinton’s sin was the same as President Nixon’s: not the burglary but the lies, not the sex but the lies.
Last I checked burglary was a crime but not sex, even the extramarital variety. It’s just outlandish to continue to suggest that Clinton’s crimes are anywhere near the severity of Nixon’s. And that is why the American people didn’t support Clinton’s ouster, not because
Without the public passion aroused by the [Vietnam] war, judges and journalists and opposition politicians would never have had the stomach to unseat a sitting president. In normal times, this is not something the electorate would allow. The electorate takes the optimistic view.
Then there is Whitewater. Bartley doesn’t mention Vincent Foster, and it is a telling ommission, because it was the recurring theme of the opinion page in the 90s, one that endeared it to the orthodox among the believers, but which lost it the middle ground (let’s call them the rational readers). Bartley’s speech would have been a good occasion to admit that yes, it was all tilting at windmills; and yes, had he jettisoned the Foster obsession early on he would have had more influence to bear on issues that matter more.
But he is absolutely right about one thing. Things today are better than they were 30 years ago. And you don’t have to be an optimist to see that. But I also believe that many of the problems in 1972 were self-inflicted (let’s say 3 out of 4: stagflation, Watergate and Vietnam, but not communism, which with hindsight was a paper tiger anyway). Today’s terrorism is not a self-inflicted problem. But pollution risks becoming one in the coming decades. And unless the journal changes its tune on this issue, it will make sure it does. When it comes to the environment, there is no reason to believe optimism pays.
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