Cheer Up

The New York Times, in a front page article, discerns "a darkening of the country's mood," claiming voters in interviews feel powerless "to control their financial well-being, their safety, their environment, their health and the country's borders." America's richest man, William Gates III, "has grown impatient with the shortcomings of capitalism," reports the Wall Street Journal in a front page article the same day. Even the entrepreneurial and optimistic Mayor Bloomberg is sounding a bit glum these days, telling a Washington audience this week, "We've got a lot to be worried about: The stock market has already given up more than the entirety of the gains it made last year, in just three weeks."

Well, maybe it's a personality defect, but our mood is more upbeat. Think of the progress that has come in the last 20 years, and even the past seven. The Soviet Union has been vanquished. Apartheid in South Africa is a thing of the past. The Internet has made communication easier than ever. New drugs and medical technologies are making life better. China is moving toward capitalism, and wealth is being created in India, Brazil, and Russia, which were once mired in poverty. The terrorists haven't succeeded in striking us at home since September 11, 2001.

The average Wall Street bonus in 2007 was $180,420, and total pre-tax profits for the biggest seven banks in New York for 2007 were a similarly healthy $11 billion, according to the state comptroller. For all the fretting about real estate, one bedroom apartments in Manhattan are selling for more than $1 million. Crime here is at record lows. All the whinging about "the country's borders" is emblematic of the fact that individuals from around the world are eager for the chance to start new lives here. Dynamism may have uncertainty and risk associated with it. But nattering nabobs of negativity notwithstanding, we count ourselves blessed to be alive at this place and moment in history.