Game Changer
This week, historians will record, was a game-changer in two key respects.
First, the free-market chickens finally came home to roost.
Treasury Secretary Hank Paulson, who came to Washington from Wall Street with an elaborate agenda of further deregulation the better to enable firms like his own Goldman Sachs to operate ever more baroque casinos, was seen flitting from ad hoc bailout to ad hoc bailout. Not long ago, conservatives were whacking progressives who wanted more investment in public infrastructure, or solar technology, as presuming to "pick winners and losers." But there was Paulson, with no shred of a transparent process, deciding, "Lehman, I think not...A.I.G., maybe no, oops, maybe yes." Talk about picking losers. It wasn't just Lehman Brothers that was revealed as bankrupt, but the whole ultra market formula.
And this was the week when Barack Obama recovered that voice that gave so many of us so much hope. As readers of this blog will know, I have been very harsh on Obama and his handlers lately for sticking to a stale script of wanting to "move beyond left and right", and blaming "Washington" generally, and using rather tame and generic criticisms of McCain as insider. As the Palin surge showed, it wasn't working. Even something as superficial as a celebrity Moose-mom being added to the Republican ticket was enough to shift momentum to McCain. But Palin, who doesn't know her Fannie from her Freddie, now becomes a liability in a financial crisis.
McCain began the week with a big stumble -- his Hooveresque howler about the fundamentals being sound and his not terribly credible attempt to recover by explaining that he was talking about workers. Even less credible was McCain's makeover as a born-again Teddy Roosevelt-style regulator.
But it wasn't so much McCain's stumbles that began the turnaround. It was Obama sounding like a compelling leader, and connecting the dots between Republican ideology, Republican policy, carnage on Wall Street, and wreckage on Main Street--and taking it directly to McCain. And just in time. Here's the voice we've been waiting for, as heard in Obama's speech yesterday in Elko, Nevada.
The events of this week have shown that the stakes in this election couldn't be clearer.
We are in the midst of the most serious financial crisis in generations. Three of America's five largest investment banks have failed or been sold off in distress. Our housing market is in shambles, and Monday brought the worst losses on Wall Street since the day after September 11th. Monday brought the worst losses on Wall Street since the day after September 11th, and today we learned that the Fed had to take unprecedented action to prevent the failure of one of the largest insurance companies in the world from causing an even larger crisis.
While we do not know all the details of the arrangement with AIG, the Federal Reserve must ensure that the plan protects the families that count on insurance. It should bolster our economy's ability to create good-paying jobs and help working Americans pay their bills and save their money. It must not bail out the shareholders or management of AIG.
Everywhere you look, the economic news is troubling. But for so many Americans, it isn't really news at all.
600,000 workers have lost their jobs since January. Home values are falling. Your paycheck doesn't go as far as it used to. It's never been harder to save or retire; to buy gas or groceries; and if you put it on a credit card, they've probably raised your rates. In so many cities and towns across America, it feels as if the dream that so many generations have fought for is slowly slipping away.
I have every confidence that we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans.
But the one thing I do know is this--we can't steer ourselves out of this crisis by heading in the same, disastrous direction. And that's what this election is about.
It's been an interesting week for John McCain. It's been really interesting to watch him respond to this economic news. His first reaction to this crisis on Monday was to stand up and repeat the line he's said over and over and over again throughout this campaign--quote--"the fundamentals of our economy are strong."
Now, his campaign must've realized that probably wasn't a smart thing to say on the day of a financial meltdown, so they sent him back out a few hours later to clean up his remarks.
But it sounds like he got a little carried away, because yesterday, John McCain actually said that if he's president, he'll take on the -- quote -- "ol' boys network" in Washington. I am not making this up. This is someone who's been in Congress for twenty-six years -- who put seven of the most powerful Washington lobbyists in charge of his campaign -- and now he tells us that he's the one who will take on the ol' boy network. The ol' boy network? In the McCain campaign, that's called a staff meeting.
Amen!
I have a sense that hearing himself speak in a stronger voice, and watching his standing recover in the polls, will be a real tonic for the candidate, his campaign, his supporters, and the late deciders. And not a moment too soon.
---
Robert Kuttner, co-editor of The American Prospect and Distinguished Senior Fellow at Demos, has just published Obama's Challenge: America's Economic Crisis and the Power of a Transformative Presidency (Chelsea Green). He is blogging daily about the election and the economic crisis at www.obamaschallenge.com.
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Amen is right!
YES WE CAN !
Its great to see Obama being Obama again. Still I think this country is doomed. The electorate are sheep. They are more comfortable with an old white man than a young black man. They are not even really being knowingly racist, they are just going with their comfort level.
I hope that my bleak feelings on the electorate are wrong, I really do -- but still in my mind, I think we are doomed.
If you are so afraid, then do something to help him out.
I'm not saying this to be mean or sarcastic.
Remember, he is a constitutional lawyer so he knows what he's talking about.
Just saw a special report from some steel town in Pennsylvania on Danish TV2. Maybe because they were talking to a foreign journalist, the out-of-work people in the bankrupt steel town - former Hillary supporters all, had no problem talking about why they were switching to McCain. "We don't want no black president.
It is the elephant in the room. That's why Obama's lead isn't bigger and that's why he may not win this time around.
Changing the game -convincing these people to vote for Obama requires one of their own come to town and say in language they can understand, Vote for the N...., he's on our side. (Btw, I am black)
"Changing the game -convincing these people to vote for Obama requires one of their own come to town and say in language they can understand, Vote for the N...., he's on our side."
Absolutely CORRECT. This may sound crass, but it is spot on and will allow the racist to save face and vote for Obama - period.
Look, those people weren't gonna vote for a black man no matter what. Hillary was their excuse...a
So...let them vote for McPalin - they are only voting against their own interests.
There are latinos, asians, blacks and many other whites who DO get it.
Bush 44 is doomed! Obama/Obiden/O8!
Personally, I do not find O's comments compelling or reassuring. He's lying about too much on this topic. Mac did present a bill in 2005 to tighten the oversight of Freddie and Fannie, and it was the Dems who shot it down. So they aren't convincing this stockholder/voter.
I thought Mac did what you should do on melt-downs
That said, I'm not crazy about Mac's response, either. He made much more sense to me right out the shoot on this than his recent ads do.
And frankly, Washington really doesn't much get Wall St. Or vice versa.
Pointing the finger doesn't help me, voter/stockholder one iota.
And I know it, and so does everyone else.
I do agree with Mac's solution more than O. We need a commission and a recommendation as to how to update the regulatory groups. Enough of the game-playing.
I disagree that a commission is needed. Historically they are just political and public cover for our elected representatives and their recommendations are rarely followed. What is needed is a leader, say a president, within the government to get the government to evaluate and act.
We've reached the bitter end of supply-side / free market ideology. The pendulum needs to swing toward government oversight and regulation of our markets and financial institutions. Maybe we can stop the pendulum in the middle and stay stable for a while.
At this point, Reagan's adage is definitely wrong. At this point, government is the answer.
Vote Obama - he's the choice who understands that government has to solve this.
Yes, PumaAnn, we need another commission to "solve" this crisis! Maybe something like the 9/11 Commission that did such a great job of helping the current administration solve our middel east crisis. In other words the "change" that "maverick" like John McCain would bring looks an awful lot like the typical Washington insider solution of more talk and less action.
You go ahead and vote for McCain, PumaAnn. You will get the country that you deserve. Unfortunately for the rest of us we'll have to live in that country as it continues to go down the toilet. I wonder if you'll be so eager to post your "thoughts" after 4 more years of Republican policies decimate the middle class.
"Pointing the finger doesn't help me, voter/stockholder one iota." Exactly the type of statement made by someone who doesn't believe that it's important to know what the cause of any problem is. If your computer won't boot, you wouldn't want to point the finger at the application (or part of the OS, or hardware) which was responsible? If the lights in your home won't turn on, you wouldn't want to point the finger at the circuit breaker which had tripped?
Republicans always think that it's best to hide the responsibility for the mess that they have made by screaming that finger pointing is bad. From there the test always moves on to who can repeat the line "Elect me so that I can shake up Washington and solve these problems" in the most confident and re-assuring fashion. "I have a secret plan to catch Bin Laden and another secret plan to fix the economy." "If by the grace of God, we have the honor of taking office on January 20th, we WILL be ready to lead." The standard Republican test of leadership is who can sound the most bellicose and self-assured -- even when spouting principles 180 degrees at odds with their own record (or lack thereof).
So which is it by the way? The current economic crisis was caused by over-regulation or excessive taxation? The rest of us really care to know.
You want to study the problem?
How much of a commision do you need to copy Glass-Steagal?
Yes, lets appoint a commission of foxes to study why the chickens are dead.
McCain has a hard working and dedicated campaign staff.
McCain's election fundamentals are STRONG!!
Yeah, with "friends" like Carly Fiorina and Ben Stein, who needs enemies?
I don't disagree, but I think you're underestimating McCain's breakdown.
Indeed, now is the time to pummel McCain, and to never let up -- and if need be, right down to the Keating Five.
from your mouth to god's ears.
You completely owned Hannity--good job!
Yes, I concur! That so-called "journalist" looked like an immature and ridiculous blowhard sitting next to you.
Obama is a complete "Media Creation" as are his poll numbers. Jusrt ask Tony Rezko and Obama's preacher friend, Rev Wright, who told you up front, Obama will say whatever he has to to get elected.
Obama has been caught in Lie after Lie and you refuse or fear pointing it our publicly. The latest LIE..He is responsible for the "Stimulus Package"! Grow and conscience and start reporting the Truth
What about his "Natural Born Citizen" status?. Potato too hot for ya?
Obama is not presidential material and PUMAS will not vote for him!
http://pum
Yawn...
When it gets too hard to tell if McCain is just recklessly lying day after day, or if he's just really starting to lose it upstairs, and the whole world shifts over to the most sensible and easy decision we've ever been asked to make, will you please make sure you and the other 14 PUMAS left just stand your ground and vote your consicence??
We don't want to potentially confuse you with any part of the solution that finally turned this garbage barge around after 8 years, OK?
Enjoy your day!
I saw McCain on a video clip here in HuffPo and I wanted to fact check him. He said visit his webpage, so I did. I had a lot of trouble finding the "facts" he said were on his page, but I did find an "action center." There they encourage people to "earn points" by going to "liberal blogs" and posting "the truth." Guess what? They include a link to HuffPo.
Now we know why we keep getting Hannity/Rush/Liddy talking points nonsense like in CarryBack's post here.
McCain, of the Keating Five, is a liar.
You aren't a PUMA. You are a tired conservative. Go back to your cave.
So then don't vote for him....you don't have to. No one is twisting YOUR arm.
In case you haven't noticed, this country is made up of more than just a bunch of whiney old white women.
Get over it.
Young white woman here who gets it.
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