"We don't have a prayer of defeating the Red Threat of our generation without a long boom of almost unprecedented duration"

This quote by Mitch Daniels is referring to the requirement for a long period of financial development in order to defeat the Red Threat of our generation. The Red Threat is most likely referring to the threat of communism, which was a significant issue during the Cold War. The quote implies that without an extended period of economic growth, it will be challenging to beat the Red Threat. This is due to the fact that financial development is required to fund military operations and other procedures needed to combat the risk. In addition, financial development can help to improve living standards, which can help to decrease the appeal of communism. Therefore, an extended period of financial development is important for defeating the Red Threat of our generation.