Columbus Day Musings

The economic crisis is driving the election and Paul Krugman, a self-labled Liberal, has won the Nobel Prize. Is this an omen?  Slate Magazine has just republished a old column of his which explains liquidity in terms that even I can understand.

John McCain was supposed to deliver a new economic plan today, but instead decided to talk about how

“We have 22 days to go,’’ he said. “We’re six points down. The national media has written us off.’’ (At this the crowd booed loudly.) “Senator Obama is measuring the drapes, and planning with Speaker Pelosi and Senator Reid to raise taxes, increase spending, take away your right to vote by secret ballot in labor elections, and concede defeat in Iraq.’’

In a stump speech notable for large paragraphs of pessimism, Mr. McCain said: “These are hard times, my friend. Our economy is in crisis. Financial markets are collapsing. Credit is drying up. Your savings are in danger and your retirement is at risk. Jobs are disappearing. The cost of health care, your children’s college, gasoline and groceries are rising all the time, with no end in sight, while your most important asset — your home — is losing value every day.’’

Mr. McCain then said that he, not Senator Barack Obama, had the experience to turn the crisis around.

He offered no specifics, but at least he didn’t mention Bill Ayres and blame him for the economic crisis

Meanwhile Obama was giving a speech in Toledo, Ohio (the home town of the character, Klinger, from MASH) with a detailed plan of what happens next – after the rescue plan is implemented. 

Senator Barack Obama on Monday expanded his economic platform, including proposals to spur new jobs, to give Americans penalty-free access to retirement savings to help them through the downturn, to urge a 90-day moratorium on home foreclosures and to lend money to strapped local and state governments.

During his remarks here, Mr. Obama gently scolded all Americans for “living beyond their means — from Wall Street to Washington to even some on Main Street.” His audience of supporters applauded as he said it was a moment in the nation’s history to pull together and sacrifice.

(The McCain and Obama quotes are all from the New York Times)

So the big questions remain:  Can McCain once again be the Comeback Kid?  What role will race play?  Will the debate on Wednesday night make the race closer or seal McCain’s fate?