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Washington
Mica in iThe Hilli Doomsayers ignore history
WASHINGTON (4/4/08)—The country learned a lot about addressing economic woes as a result of the Great Depression that followed World War I and its aftermath and those lessons put the country in better stead each time it has faced such troubles, wrote Credit Union National Association (CUNA) President/CEO Dan Mica in his latest column for the Washington, D.C. publication The Hill . Mica, writing his now-monthly "K Street Insiders" column, advised readers to remember that “the worst almost never happens.” He said that is likely to be the case for the country’s current economic downturn. The CUNA leader acknowledged that there is cause for concern, but cautioned the Washington lobbying community not to overreact. "This is the time for thoughtful leaders in all sectors to reach out, be creative and meet needs that address concerns of our clients, customers and constituents, while meeting the test of good public policy that helps resolve the issues at hand," he said. A key to success in these times, he added, is "acting quickly when necessary, but also knowing when the problem will be solved not by legislation, but by American resilience." “(W)e need to remember that the worst of the worst almost never happens. We have had only one Great Depression since World War I, and we have learned a lot since then about not letting things get that out of hand again,” Mica said. Since 1929, he reminded, the country has seen “a dozen recessions” and in each of these recessions, most Americans kept their jobs, Congress continued its work, the stock market remained open, the production of food, clothing, consumables and daily goods did not stop, and the regulators did not cease to regulate. “There is much more reason to expect that this latest slowdown will be another recession rather than the second Great Depression. “While doomsayers talk about a catastrophic meltdown or an economic disaster about to befall our country, if not the world, those of us on K Street need to take a deep breath and take stock of reality,” Mica said. Mica appears regularly as a guest columnist for The Hill’s K Street Insiders feature. "K Street" refers to an area in Washington, D.C. known as a base for influential lobbyists, think tanks and advocacy groups stationed in the nation's capital.
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