Anyone over the age of 50 knows the name Robert Bartley. He ran the editorial pages of the Wall St. Journal for decades and can, with authority and panache evidence his influence in positioning America favorably in its grapple with Soviet Marxism. Bartley, along with a handful of others (George Melloan comes to mind), are responsible for vanquishing the allure of the collective.
Because Bartley was born in the heartland, is can safely be said that his turn of mind and mores were never influenced by secular convictions. Bartley and Volcker are perhaps the only master degree conferees who saved the American Imperium. Everyone else was busy polishing a dissertation. Bartley and his elk (read Volcker & Charles Wolf at RAND et al) were too busy working, earning a living on how best to defeat Mother Russia. They did just that.
They knew that human dignity requires free markets. You read that right. To use the nomenclature of the professoriate, productivity gains happen with surging private investment, that’s what drives innovation. Want better paying jobs, higher incomes? Well then, policy matters.
That means a growth surge will require a deferential look at what fortified the Reagan revolution. It means putting forth and defending economic, monetary policies that eliminate uncertainty and give businesses more confidence for capital investments. It means tax reform, elimination of regulatory tyranny, dumping the ACA; it means a rules based monetary policy eliminating overt accommodation.
Their’s a sad truth that many administrators at Dow Jones are relearning; its an identical truth most Congressional members of the GOP caucus worry over; how to do it again.
I miss the man.