Harold Hutchison / April 1, 2020

This Is Not the Financial Crisis

There are valid comparisons with 2008, but there are some important distinctions.

Many Patriots worry (rightly, to some degree) about the $2.2 trillion relief bill passed to address some of the economic fallout from the Wuhan coronavirus. Some classify that aid package in the same vein as the bailout in the wake of the 2008 financial crisis. While the big money is something to be worried about, we should keep some important distinctions in mind.

First of all, unlike the financial crisis, the pandemic came about largely through the misconduct of a factor outside the United States — the ongoing cover-up from the “People’s Republic” of China. How bad was this cover-up? If China had acted more appropriately, one study says the severity of the COVID-19 outbreak could have been reduced by 95%.

Unfortunately, because of the cover-up, we have a pandemic on our hands, and to slow its spread, we have had to largely shut down the country for at least six weeks (to April 30), possibly longer in some places. These decisions are hurting millions of Americans through no fault of their own.

One can argue that we’re seeing the most massive and widespread regulatory “taking” in this country’s history, and under the Fifth Amendment, takings require “just compensation.” So, in one sense, Congress’s relief package was part of a constitutional duty to the American people.

Another point to keep in mind: Since this damage was caused by Beijing, it now becomes imperative that the costs of keeping Americans afloat come out of Beijing’s hide economically and geopolitically, but at a minimum in terms of public perception.

This is a crucial point. The financial crisis came about because of bad Democrat regulations followed by poor judgment on Wall Street. Thus, the Troubled Assets Relief Program was money changing hands among the very people who caused the problem in the first place. It was a moral hazard, and one from which the country is still struggling to recover.

The other big difference between 2008’s financial crisis and the COVID-19 pandemic is that in this case, we’re going to be making some long-lasting and long-needed adjustments. We will be reducing our dependence on China for a lot of things, from medical equipment and pharmaceuticals to manufactured goods. More Americans will also see more clearly the utter and total lack of reputability of the Beijing regime. We will also see regulations become less burdensome. The loosening that began as an emergency measure will not be easily reversed. Unfortunately, neither will some of the tightening.

The after-action will also require a plan to bolster our infrastructure — especially for medical treatment, but also for everything from the demands of more telecommuting to streaming entertainment at home. We also need to update it for the increased manufacturing that will come home and to rebuild stockpiles that were allowed to dwindle. What President Donald Trump started out of a desire to end America being screwed in trade deals is going to accelerate because restoring our manufacturing base has become a matter of life or death.

No, this will not be cheap. But the fact is, unlike the financial crisis, America seems to be willing to take the steps to fix the vulnerabilities and make the necessary changes to withstand the next outbreak. This will be a good thing over the long term.

Start a conversation using these share links:

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!

The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service, are proud sponsors of the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, Folds of Honor, Honoring the Sacrifice, Warrior Freedom Service Dogs, Officer Christian Fellowship, the Air University Foundation, the Naval War College Foundation, and the Naval Aviation Museum Foundation.


“Our cause is noble; it is the cause of mankind!” —George Washington

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2023 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.