in Morgoth's Ring Tolkien speculates that the Valar may have exhibited a lack
of faith when they retreated to Valinor. Whether or not that is the case,
Bombadil, I would say, is Tolkien's alternative to the path of the Valar.
Bombadil does not retreat to Valinor, but stays in Middle-earth, despite what
seems to be a long defeat.
He does not have to be anywhere near as powerful as the Valar to do so, and he
is not necessarily more faithful to Eru, but he does exhibit a different kind
of faith, a letting go, a surrender to Eru's will, even in the face of
Morgoth's taint. In that sense Bombadil is to the rest of the Ainur as
Frodo and the hobbits are to the rest of the Children of Iluvatar -- the
hobbits are not more wise or powerful than Elves, Men, or Dwarves, but they do
exhibit a strong and simple
faith.
“I dislike Allegory - the conscious and intentional allegory - yet any attempt to explain the purport of myth or fairytale must use allegorical language. (And, of course, the more 'life' a story has the more readily will it be susceptible of allegorical interpretations: while the better a deliberate allegory is made the more nearly will it be acceptable just as a story.)” (From Tolkien Letter # 131.)
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