Sadly, while I hope that it would be different this time, it's likely not to be. Lots of fantastic comments about possible scenarios already so I'll try and focus on what an average consumer in the US might think about (or, more interestingly, not think about).
I think what astounds me the most is what I consider to be the greatest con perpetrated against the people, that is: government is always somehow the hero and the solution, not the perpetrator and the villain.
Like the highly publicized regional bank implosion this past summer. It's clear to us that these banks failed because of bad policy at the highest levels. But Congress' natural response is to say we need MOAR regulation. And the American public seems to buy that.
I've been reading Thomas Sowell's A Conflict of Visions to try and better understand why there seems to be such a gulf between people's thought patterns, namely those who have opted out of the Matrix (see the government for what it is) and those who haven't (see the government as something being perfected as if perfect regulation/laws could be achieved).
I'm not too much of an armchair philosopher to ruminate about the very core of each position, but it seems obvious to me that if the same party turns up time and time again at the heart of core issues, maybe they should be looked at with more scrutiny?
Curious for anyone's thoughts on the above, thanks.
In short, I view statism through the same lens as any other cult. You can't expect cult members to blame the leadership, no matter how obvious that conclusion is from the outside, because they have Stockholm Syndrome.
That manifests in an interesting way in representative governments though. It isn't the particular politicians who occupy the position of cult leaders, rather it's the offices they hold. When things go wrong people are willing to blame individual politicians, but it won't occur to them that the power exercised by that office is the problem.
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No surprise, we agree completely on that. I've found it particularly amusing to go through the exercise of asking statists why their favorite ABC XYZ federal department should be given expanded power or the benefit of the doubt when it's clear their policies have been ineffective. The contortions, mental gymnastics, and straw manning that ensues is hilarious.
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Reason just isn't the right approach. My wife and I actually have close friends who were in a normal cult. There's really not much you can do until they're open to thinking outside of the cult, which usually requires something internal to shake their faith a little.
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