Playing On...

So as the inscrutable tactical circling in Washington continues, Washington Mutual collapses and is devoured at fire-sale prices by JP Morgan.

I don't know if a bailout plan could have saved WaMu. I do know I passionately dislike their most recent ad campaign, and am therefore disappointed that the commercial side of their operations appears to be unaffected.

Still President Bush just gave another speech regarding the impending bailout plan that will no doubt pass any...minute...now...but it just made him sound even less in control. There is a certain poetry to watching the man who has done so much to extend the boundaries of the imperial presidency overtaken by events I suspect he only partially understands. Ideological certainty, it turns out, is a poor substitute for a clear-eyed evaluation of reality.

An interesting question I would like to see someone answer, or try to answer, in an official capacity, since we are all just waiting around for a compromise bill to emerge is this: WHY is there a sweeping financial crisis of epic proportions? Acceptable answers would not be able to rest on vague concepts like "greed" or "a hangover on wall street." Which policies, exactly, allowed this to happen? Which policies, exactly, will prevent it from happening again? Oh, I realize that's impolitic, but for 700 billion I think we can demand the policy equivalent of some heads on stakes.

Further, as we swing toward our own rapidly improvised version of European socialism, what has the gaping hole in the budget done to both candidates' financial plans? Surely McCain's tax cuts are out. Surely many of Obama's spending priorities in health care and education are now either delayed by years, or only possible in the face of substantial tax increases far further down the income ladder than he originally wanted to go. Either way, it would be interesting to hear how their plans have been altered by our impending economic collapse.

Finally, fallout from the continuing revelations of Palin's ignorance of the world. Is there a chance that middle America, who also knows nothing about McCain's legislative record or the intricacies of Russo-American relations, identify with her befuddled answers and turn toward her in a wave of sympathy and anti-media rage? I don't know for sure- but I still like to believe, in spite of evidence to the contrary, that people will ultimately prefer candidates who give the impression they will be competent at the jobs they want to do.