(Cross posted to Broadsides.org)
Global weirding, as global warming is now being more accurately called, is now sharing the stage — and our collective psyches – with economic weirding. And both seem like metaphors for each other. Images of Hurricane Ike crashing into Texas over the weekend could easily be used to capture the essence of this morning’s financial markets. Similarly, the frenzied traders on Wall Street this morning are ducking and covering from a financial hurricane of their own. And yes, both storms – financial and weather – can be traced back to find the human hand attached to both.
Today’s market crash will give the presidential campaigns of McCain and Obama – the supposed “change” agents — much to sling mud about. In fact, the first mud was flung only moments after the news about a possible Lehman Brothers bankruptcy was announced yesterday. The Obama campaign went on autopilot and fired off its upteenbillionth statement blaming it all on Bush and the McCain campaign responded just as predictably by declaring for the upteenbillionth time that he has more experience to calm the economic waters.
Both, of course, are full of it – and themselves.
First, let’s look at Obama’s hubris. The Obama campaign continues to fall prey to riding the same one-trick pony that brought down the Gore and Kerry campaigns: Run against Bush. But, as a brief look back to the not-so-distant past should tell us (and them): It doesn’t work. And, worse, it continues to highlight the eight-years of “me-tooism” that has plagued the Dems. Sure, Bush wanted the war. But the Dems gave the congressional authorization. And, as I’ve said here repeatedly of late, the same holds true for almost all of the other oft-mentioned “great sins” of the Bush years.
Obama and the Dems have done little during the eight years of the Bush political frat party other than provide them with all the free alcohol they want and then stand back and act outraged (!) over their drunkenness. Funny how that works. And, sorry, the votes don’t lie and vote after vote after vote during the last eight years shows little more than Democratic capitulation on everything from war, to civil liberties, to the environment and, yes, the economy.
But before the Obama campaign gets itself too far up on its high horse when it comes to blaming the current financial mess on Bush, let’s look at some facts.
First, let’s follow the money. According to the Center for Responsive Politics, the Obama campaign has received nearly $60 million in contributions from the “financial, insurance and real estate” industries. The McCain campaign has reported taking nearly $55 million from those same industries. And the conclusion? Change, my ass. Because the financial industries have been hedging their bets and – almost equally – invested deeply into both parties and campaigns. And all they’ve wanted in return for their investment is the inaction they’ve been getting, as in: Hands-off. Well, until the bailout money is needed.
It’s obvious that both campaigns and both parties are neck-deep in the dung of the current financial mess. Sure, the Bush administration may have been asking for the market freedoms, but the Dems have been doing little but rolling over for belly scratches when real opposition or oversight was in order.
Here’s how Floyd Norris of the New York Times summed up the financial hurricane that touched down on Wall Street over the weekend:
Those who were complaining, only months ago, that excessive regulation was making American markets uncompetitive, had it exactly wrong. It was a lack of regulation of the shadow financial system and its players that allowed this to happen. The regulators might not have gotten it right if they had tried to put limits on leverage, or assure that it was clear what risks were being taken, in the world of derivatives and securitizations. But deciding not to even try, and assuming that risks traded secretly would somehow end up in the hands of those most able to bear them, reflected ideology, not analysis.
And those complaining about the “excessive regulation” were, interestingly enough, the same folks who were putting $60 million into the Obama campaign and $55 million into the McCain campaign. Nice investments if you can make ’em.
But let’s not allow the McCain campaign’s weirding go unnoticed in all of this. Only days after ditching his “experience” mantra and hitting the campaign equivalent of the “refresh” button by selecting Sarah Palin and adopting the “change” mantra, McCain is back to experience. Dizzy yet? Suddenly, with the markets tumbling and our nation’s financial foundation trembling, all that folksy moose hunting and disregard for contraception doesn’t seem quite so cute, does it?
Drill, baby, drill? Nah. Sell, baby, sell. And now.