Washington Post

As Barack Obama looks back to Franklin Roosevelt's first inaugural address -- the only other such address that came smack in the middle of an economic meltdown -- I hope he pays special heed to Roosevelt's words on America's bankers, who then as now had plunged the nation into an economic abyss.

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As the nation navigates through the most perilous straits it has seen since the 1930s, policymakers are looking back to the '30s to see which of the paths that Depression-era America embarked upon actually led toward recovery. Well, some of our policymakers. Others, it seems, have seized upon the very policies that deepened the Depression and are repackaging them as solutions for our time.

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Two things we learned about our politics and our economy in 2008:

Lesson One: If it's big and you don't regulate it, you end up nationalizing it.

One of the major lessons of the year is that unregulated and underregulated capitalism ends up confronting democratic governments with a subprime choice: Either let a major institution go down and watch as chaos follows (the Lehman option) or funnel gobs of the public's money into such institutions to avoid such Lehman-like chaos.

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In 1949, a pamphlet was published that argued that the American auto industry should pursue a different direction. Titled "A Small Car Named Desire," the pamphlet suggested that Detroit not put all its bets on bigness, that a substantial share of American consumers would welcome smaller cars that cost less and burned fuel more efficiently.

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At moments like this, it's worth remembering that Illinois gave us both Abraham Lincoln and Al Capone. Plainly, some sort of karmic balance controls the destiny of that heartland state. For every inspiring leader that Illinois produces, it must also turn out a scoundrel or two -- petty thieves in governmental office, egomaniacal monsters in corporate suites -- who share an indifference to the idea of a public trust.

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