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I have been around the stock market and investing in stocks for over 60 years. I began my career in the investment business as a retail broker in 1970 with Kansas City based H. O. Peet. Peet was acquired in 1978 by Kidder, Peabody. With the merger I moved his business to the institutional ...more

An amazing prediction from 1796

Date: Saturday, November 3, 2018 12:01 PM EDT

"Let me now take a more comprehensive view, and warn you in the most solemn manner against the baneful effects of the spirit of party generally.

This spirit, unfortunately, is inseparable from our nature, having its root in the strongest passions of the human mind. It exists under different shapes in all governments, more or less stifled, controlled, or repressed; but, in those of the popular form, it is seen in its greatest rankness, and is truly their worst enemy.

The alternate domination of one faction over another, sharpened by the spirit of revenge, natural to party dissension, which in different ages and countries has perpetrated the most horrid enormities, is itself a frightful despotism. But this leads at length to a more formal and permanent despotism. The disorders and miseries which result gradually incline the minds of men to seek security and repose in the absolute power of an individual; and sooner or later the chief of some prevailing faction, more able or more fortunate than his competitors, turns this disposition to the purposes of his own elevation, on the ruins of public liberty.

Without looking forward to an extremity of this kind (which nevertheless ought not to be entirely out of sight), the common and continual mischiefs of the spirit of party are sufficient to make it the interest and duty of a wise people to discourage and restrain it.

It  (party) serves always to distract the public councils and enfeeble the public administration. It agitates the community with ill-founded jealousies and false alarms, kindles the animosity of one part against another, foments occasionally riot and insurrection. It opens the door to foreign influence andcorruption, which finds a facilitated access to the government itself through the channels of party passions. Thus the policy and the will of one country are subjected to the policy and will of another."

Does this look familiar?

George Washington was concerned about excessive partisanship  in his 1796 farewell address.

 

Have we and our elected officials become the Gilbert and Suliivan caricature below?

" I always voted at my party's call, And I never thought of thinking for myself at all.  I thought so little, they rewarded me By making me the Ruler of the Queen's Navee!" 

 

This time around let us make sure to Think for ourselves and Vote!

 

What's your take?

 

P.S. The above post is a departure from normal discourse on the market and the media. I believe it is a departure worth taking. I will return to my normal topics in my next article. 

 

 

 

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