This post is not about the horse race or who "won" the debate. This post is about the greatest problem facing America today, a greater problem than we have faced in many years. This post is about the economy. I'm sorry to say that neither of the candidates took the opportunity to address it in a serious manner.

Let's begin with McCain, the stupider of the two. What's McCain's solution to our economic travails? Reducing earmarks. As Jim Lehrer pressed him on how to address the current crisis, McCain responded with earmark reform and more earmark reform. Earmarks are certainly a problem. We waste a lot of money on local projects that serve not the nation's interest but the interest of reelecting certain congresspeople who have proven their worth by staying in office long enough to head choice committees. Great. Let's cut the earmarks. According to the O.M.B., we spent $16.5B on earmarks in 2008. That's a lot of money to you and me, but to the Federal Government, it's chump change. The total Federal Budget in 2008 was almost 3 trillion dollars, of which earmarks make up one half of one percent. Let's say McCain were to be elected President and, against all odds, succeed in banning earmarks completely. The Federal Budget would still be 3 trillion dollars. What does shaving 0.5% (at most) from the Federal budget have to do with stabilizing the economy?

But it's worse than that. Ever since Keynes, it's been widely accepted that governments should spend money during recessions in order to stimulate the economy. Whatever limited value earmarks have for the nation, they at least pump money into the economy. So McCain's solution to the recession is to cut Federal spending which would accomplish the exact opposite. 2009 is the worst moment in recent history to cut earmarks. McCain's solution not only offers minimal benefit to our economy; it's actually counterproductive. Did I say stupid?

Obama's turn. Obama, to his credit, spent a minute or two discussing the bailout plan, which is more than McCain was able to muster. But the bailout is a stopgap measure meant to stave off a massive collapse. It's the first step in what must be a comprehensive plan to rebuild the economy. So what else did Obama have to say about the economy? Tax cuts for the middle class. Everyone who makes less than $250K will receive some kind of tax cut. Rolling back the Bush tax cut for the rich will cover the cost. Income distribution and the shrinking middle class are major problems which need to be addressed, and I'm very glad that Obama intends to address them. But those plans do not address the economy in the near term. The tax cuts do not constitute a stimulus package. Obama's plan simply that shifts the current tax burden to wealthier Americans. It does not provide any solution to our immediate economic malaise.

The correct answer to Lehrer's question about what we need to cut would have been to say that now is not the time to reduce the deficit. What we need right now are stimulus packages for the top, the bottom, and the middle. We need to inject capital into the economy and restore confidence. We need a plan to protect the country from a long, deep, painful recession. Neither candidate has offered even the glimmer of such a plan.

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Cross-posted at my new blog, DagBlog.com, a joint project with cohorts Articleman and Deadman.

We are facing the worst economic crisis since the 1980's. WaMu just set a record as the "Largest U.S. Bank Failure Ever." (Mazel-tov, WaMu.) Investment titans are on the knees, the ones that haven't gone under or been torn apart. Debt is at a historic high. Credit is tight. People are losing their houses and their jobs. Everyone is angry. Everyone is afraid.

And at a long serious table in the White House, three men who would lead this country, one at each end and one in the middle, sit impotent. George Bush is despised by two-thirds of the country. Would that he had had the grace to depart in 2006 when the majority made clear that it no longer trusted him to run the country. He is President now only by virtue of the office. The two who would replace him sit quietly while the economy roils, plotting subtle jabs and symbolic gestures, arguing about television schedules. Their positions on the bailout are...vague. Somewhere between "we must act now" and "the plan still needs work." Be careful, candidates. You wouldn't want to say the wrong thing. The bailout might not work, so you don't want to own it. But you can't have us think you're fiddling while we burn either. Gotta do something. Can't commit to anything.

Fuck that. If you wish to lead, now is your chance. The lame duck can't fly. The parties are divided. There is no one to step up but you. We don't need any namby-pamby joint statements about how seriously you take this crisis. We don't give a shit whether you debate tonight or next Wednesday. We don't care about the status of your campaign ads. We need a plan. We need you to talk to us and tell us what has to happen to avert this crisis. We need you to bend the legislators of your party to your will. We need you to go back to that long serious table, not to participate in a process, but to make a deal. We need you to lead!

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Cross-posted at my new blog, DagBlog.com, a joint project with cohorts Articleman and Deadman.

America is fortunate to have a choice between two men of honor this election year. In another election, the candidates might have tried to exploit the financial crisis for petty political gain. But not this year. John McCain has gone so far as to propose delaying the first debate with Barack Obama so that they can solve our crisis:

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved...I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.

Now that, my friends, is honor. This is a time of crisis. The last thing that Americans need right now is to watch their leaders debate about how to end the crisis. Proposing this great delay required great political courage. Cynical Americans might have concluded that McCain was not quite ready to debate or that he was making a show for political gain. But John McCain is willing to risk the cynicism of the voters to do the right thing for the country.

Barack Obama is also a man of honor. Even before McCain's stunningly honorable proposal, Obama called John McCain to propose that they make a joint announcement. This is a time of crisis. What Americans need right now are joint statements reassuring us that our nation's financial health is in the hands of honorable men. According to the Obama campaign:

At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal. At 2:30 this afternoon, Senator McCain returned Senator Obama's call and agreed to join him in issuing such a statement.

I'm sure the inclusion of the times of the phone calls was unintentional, but I had our crack statistician teams run the numbers. Apparently, Barack Obama is more honorable than John McCain by exactly 6 hours.* Now 6 hours may not seem like a lot of time, but it can mean the difference between honor and dishonor in the White House. For example, if John McCain were to receive a phone call at 3 AM, he might not respond with honor 9 AM.

But though he was slower out of the gate, John McCain has been leading the honor race ever since. He broached a debate delay to Obama during the 2:30 call, and Obama indicated that he would consider it:

I proposed putting out the joint statement. [John McCain] concurred with that. he then also said, 'I would like us to look at suspending the campaign and pushing the debates off.' I said, 'let's put out the joint statement first, and then get our campaigns to discuss this.'

But John McCain knew that the nation could not wait for honor. After the phone call, he immediately released the news of his courage to the press. Meanwhile, Barack Obama, while quick to honor, apparently lacks John McCain's honorable depth, as he is not willing to face the cynicism of the voters by agreeing to delay the debate, explaining, "I believe it makes sense for us to present ourselves to the American people."

Most analysts credit John McCain with winning this battle in the honor war, but we have a long 10 weeks ahead of us. We can expect many more honorable and completely non-political actions from both candidates during that time. Meanwhile, after 16 hours of nonstop meetings, the two candidates have produced an honorable joint statement which will surely make Americans weep with relief:

This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country.

 

* Al Gore has claimed credit for proposing to issue a joint statement and to delay the debate back in 2005, which would giving him a 3-year honor jump on both candidates.

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Cross-posted at my new blog, DagBlog.com, a joint project with cohorts Articleman and Deadman. If you enjoy our work, please share the love by linking to our blog and Digging this post.

The blogosphere is abuzz with rumors about a secret deal between John McCain and Satan. TPM blogger, TheraP, first broke the story last week in a post entitled, Lady MacDeath - A Faustian Bargain of Sinister Deception. According to TheraP, who does not quote any sources, Satan promised John McCain the Presidency in 2008 in return for sacrificing his soul and selecting Sarah Palin to be his running mate. David Ignatius, op-ed columnist to the Washington Post, apparently deemed the story credible enough to mention the alleged deal in his column the next day, though he does not cite TheraP directly. A damning photo has also surfaced in another TPM Cafe blog by user ☠enghis (no relation), which appears to show John McCain in the act of signing a contract with a demonic being, though the terms are obscured.

If the rumors can be substantiated, it could complicate John McCain's election chances. In a 2006 interview with Ignatius, McCain declared, "The worst thing I can do is sell my soul to the devil." If it turns out that McCain has in fact sold his soul, the Obama campaign may try to brand him as a flip-flopper. Even if his soul were not part of the arrangement, McCain could face sharp criticism for negotiating with a supernatural entity that most Americans despise. According to a recent Gallup poll, Satan tops the list of the The Most Evil Things Ever, coming in fifth place after taxes, pedophilia, greedy bankers, and hemorrhoids. Finally, voters may question McCain's judgment in entering a contract with Satan, who is notorious for double-dealing. According to Maggie Walsh, Professor of Human-Demon Relationships at University of California, Sunnydale, "any contractual relationship with Mephistopheles is risky, but it doesn't take a rocket theologian to see how this one's going to play out. McCain will get his Presidency, the Devil will get his Vice President, and then poof: Palin's in the White House and McCain's in the Red House. I hope that he had a good lawyer."

The McCain campaign has officially ignored the allegations, but as the rumors swirl, McCain is apparently feeling the heat. Asked about the charges at a town hall meeting yesterday, McCain responded angrily, "I did not have contractual relations with that demon, you little jerk." Meanwhile, campaign spokesman, Tucker Bounds, tried to tie Obama to the Devil, telling CNN news, "It's well known that Obama's advisor's sister-in-law's niece is a Satanist. Perhaps the media should be asking Senator Obama the hard questions about his relationship with the Devil."

Satan's office has also put out a press relying denying that any deal had taken place, "We reject and denounce the long discredited practice of soul trafficking, and we have a firm policy against meddling in human affairs." But a source close to the Devil who refused to be identified for fear of eternal damnation insinuated that the policy was flexible, "I can't talk about any deals, but Satan has a soft spot for righteous hypocrisy and a great deal of respect for the way John McCain has run his Presidential campaign." Asked whether Satan has ever done any deals with representatives from the Federal Government, she replied, "Let's just say that the White House visitation logs are still incomplete."

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Cross-posted at my new blog, DagBlog.com, a joint project with cohorts Articleman and Deadman. If you enjoy our work, please share the love by linking to our blog and Digging this post.

Articleman will be discussing McCain's history as a member of the Keating Five on KRXA AM tomorrow at 8:05 a.m. Pacific/11:05 a.m. Eastern with Hal on his Morning Show.

Oh things are going well my friends. This stock market crash could not have come at a better time. Just look at John McCain squirm. All we need are a few more major bankruptcies, and we'll have the election locked up. As a special bonus, the greedy bankers are getting screwed too. If we play our cards right, we can cap their salaries, take away their bonuses, and make them write 1000 times on the whiteboard, "I will not overleverage myself." That way, the next time there's an irrational market bubble, the new batch of bankers won't fall for the promise of easy money the way people did in every bubble for the past two centuries because they'll remember that the last batch of bankers lost their bonuses. But really, this isn't about reform. I just like watching rich assholes get kicked in the nuts. Speaking of which, how many more points do you think the market has to drop before those traders start jumping off buildings? Let's do a raffle.

Now I know that some of you credulous sheep have fallen for that line about how we have to save the banks for the sake of the economy. But like Hillary said, I'm not going to put my lot in with economists. Anyway, once we get G.W. out of office, everything will be perfect. As long as Obama doesn't let the dirty CEO's and bankers off the hook (I like the guy, sometimes he lets practicality get in the way of a good ass-kicking), the working class will finally get its due, and we'll all be taken care of. No Democratic President would ever let hardworking Americans lose their jobs and have to go on welfare. And without any surviving credit card companies, people won't even have to go into debt to buy stuff. Anyway, I figure that most people have enough savings to get them through a two or three years without a job if that's what it takes to save the working class. Seriously, the more evil banks go bankrupt, the better off the American people will be. I say, let 'em crash.