How can you not feel that emptiness in the pit of your stomach as you watch our financial markets spin downward? The broad stock market indices are down well over 40 percent since the beginning of the year. Losses are somewhere in the neighborhood of $9 trillion.

The real economic realities behind these numbers are starting to show up. The only question at this point is how severe the recession we are now entering will be.

Maybe, when everyone is depressed I am supposed to write cheery things to encourage folks. But I can't, because I care about our country and what I see is not encouraging.

We just had a presidential election that in some circles produced a lot of euphoria. But I believe that at some point -- I hope sooner rather than later -- many Americans are going to wake up and realize that this election was not a cure for our problems but a symptom of the disease.

I think this is what our crashing financial markets are telling us.

There is a well-known quote from a less well-known philosopher -- George Santayana -- that those who don't remember history will repeat it.

The failure of communism and socialism is not that far behind us. Yet Americans cannot seem to recall that it happened -- and why it happened.

What characterizes these systems? Government control. Central planning. And Godlessness.

Let's consider the sad and pathetic state of our American automobile companies.

As the chairmen of GM, Ford, and Chrysler sat in Washington begging for public money to survive, Honda was celebrating the opening of a new non-union plant in Greensburg, Ind., which will produce 200,000 vehicles annually.

The starting hourly wage at this plant will be $18.41 per hour -- about $10 less than at the American companies. There were 33,000 applicants for 900 job openings.

Americans want to work, can work, and can compete with anyone. They just need to be free to do it.

In 1970, GM had 50 percent of the U.S. auto market. Today it has 20 percent. What happened? Continued...