Wednesday, September 24, 2008

That Was the Week that Was

Let's hope this article is right -- that economic events of the past week highlight McCain's totally wrong-headed history and current approach to the economy -- and turn a lot of voters to Obama:

This was the week McCain played ideological musical chairs. After years of boasting he was a deregulator and demonically voting like one, he angrily began calling for stiff regulation, railing against Wall Street greed like Lenin at the Finland Station.

He angrily denounced every lobbyist in Washington except the seven who run his campaign. He angrily denounced each bailout before it happened, then passionately embraced all.

His form of government is called Grouchy Marxism.

But he finally settled on the true cause of the economic collapse: Barack Obama.

Forget that McCain supported damaging deregulation for 23 years before the Democrat got to Washington.

Of course, that Democrat might just decide to propose a new Resolution Trust Corporation—as was set up following the savings-and-loan scandal of the ‘80s.

That might even bring up echoes of the Keating Five—the congressmen who tried to exonerate Charles Keating, the leading S&L crook, who was McCain’s major contributor and wife Cindy’s business associate.

McCain is the only surviving Fivester—the only senator whose peers officially denounced him for exercising bad judgment. But the way McCain attacks everything these days he’ll say it’s a badge of honor.

History may record last week as the election’s turning point: Seven days that shook the world.

That Was the Week that Was

Events moved at broadband speed last week (9/14–9/20) with the stock market plunging, bouncing back, plunging, then bouncing back again to finish with a narrow loss—while Barack Obama’s poll numbers went straight up, from minus 1.5 to plus 8 in some polls, averaging out around plus 3.

His turnaround, unlike the market’s, could remain for some time to come. At least until Friday’s great debate.

It was the week John McCain made what may be the ultimately fatal gaffe of the campaign, proclaiming the fundamentals of the economy are sound—just as the market was plunging 500 points and the entire system teetered on the brink of collapse.


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