The '00s: Goodbye (at Last) to the Decade from Hell

Bookended by 9/11 and a financial wipeout, the first 10 years of the century will likely go down as the most dispiriting decade Americans have lived through since World War II. Can the next one be better?

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Finlay MacKay / Pier 59 Studios for TIME

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• Deferral of responsibility. Our power grid needs an upgrade and our bridges are falling down because we have not mustered the political and popular willpower to fix them. New Orleans drowned because authorities failed to act before Katrina busted the inadequate levees.

It was almost as if we as a nation said in previous decades, "Why do today what we can put off until the first decade of the 21st century?" But we didn't rise to those challenges. What we just lived through, then, was the chickens coming home to roost.

Take the vexing and costly war we are waging against al-Qaeda and its ilk. This is a conflict that was barely on the radar in the 1990s--which is exactly the problem. By most accounts, Osama bin Laden founded his organization sometime between 1988 and 1990. The U.S., in part, helped create this loathsome band itself by funding the mujahedin, who fought the Soviets in Afghanistan in the 1980s and provided much of the training for bin Laden's foot soldiers. But our friendly freedom fighters turned into foes. In 1992 al-Qaeda bombed a hotel in Yemen, hoping to kill American Marines bound for Somalia. Then came the first World Trade Center bombing, in 1993. Three years later, the Khobar Towers bombing in Saudi Arabia killed 19 U.S. Air Force personnel. In 1996 and 1998, bin Laden issued fatwas calling for Muslims to rise up and kill Americans. Making good on bin Laden's word, al-Qaeda blew up U.S. embassies in Kenya and Tanzania in synchronized attacks on Aug. 7, 1998, killing almost 300, including 12 Americans. In October 2000, terrorists struck again, bombing the destroyer U.S.S. Cole in Yemen and killing 17 service members.

After all that, should 9/11 have been a surprise? There were those who saw what was coming, most notably FBI agent John O'Neill, who perished during the attack on the World Trade Center and whose story is eloquently told in Lawrence Wright's masterly book The Looming Tower: Al-Qaeda and the Road to 9/11. Time and time again O'Neill warned his superiors that al-Qaeda was readying a big strike, only to be marginalized, causing him to leave the bureau. Another prescient voice was that of Harvard professor Samuel Huntington, whose book The Clash of Civilizations and the Remaking of World Order suggested that culture and religion would be the sources of conflict in the post--Cold War world. Huntington didn't limit this to war between the West and Islam, though he did single out "Islamic civilization" as potentially having significant friction points with the West because of its population explosion and the rise of religious fundamentalism.

Our economic narcissism was certainly the culprit in the devastation wrought by financial markets, which have subjected us to an increasingly frequent series of crashes, frauds and recessions. To a great degree, this was brought about by a lethal combination of irresponsible deregulation and accommodating monetary policies instituted by the Federal Reserve. Bankers and financial engineers had an unsupervised free-market free-for-all just as the increased complexity of financial products--e.g., derivatives--screamed out for greater regulation or at least supervision. Enron, for instance, was a bastard child of a deregulated utilities industry and a mind-bending financial alchemy.

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