Economics

The economy, and economics in general: not my strong suit. My comprehension of the Wall Street catastrophe lies somewhere between shock/dismay and "uh, what now?" But one would have to be blind to not see that there is something desperately out of place in our economy. And I at least have to touch on this crisis here because it fits so well with one of the mantras of our li'l blog: No Model.

It is clear that economic model of today is broken. Imminent demise had been clear for months. The bubble had been pressurized since last year and everyone said it was only a matter of time. When the government officially intervened with Fannie/Freddie at the beginning of this month, it was the firing of the signal guns. And now this. Point is, we saw it coming. And, like so many others, the Economy is one arena where all bets are off. I can see (despite sickening debt, loss of so many jobs, and fiscal desperation) nothing but good coming of this. We are living in the most exciting time that has ever been, and we have the opportunity for complete and utter overhaul. I'll take the Al Gore approach and say that we are privileged to have the opportunity to reconsider everything. Tear it up and start again. Um, do it right. Or at least do it with the greatest of our consideration. It's to some extent a shame that we have to wait till things completely fall apart before we take notice. Sure, there wasn't much we could do to keep this from happening once the ball was set in motion. And it would be foolish to expect a logical working model when we have John McCain as the chairman of the Senate Commerce Committee. But those of us who care, those of us who are set to take over, should consider it a blessing to have the terribly disjointed models of the past razed to their foundations.

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One more thing.

We have seen our presidential candidates react to the situation in such extremely different ways. McCain's gut reaction was to either stay calm or remain unaffected and make the unbelievable bogus claim that "the fundamentals of our economy are strong" (what!?). When called out for how ridiculous a statement like this is, he got angry! Well, he at least communicated his newfound populism with anger! Not quite sure he knows the difference between the two. He threw the word crisis into every phrase he could. He became Howard Beale, "I'm mad as hell, and I'm not going to take it anymore!" But the extent of his anger! went to calling for a "new 9/11 commission" (again, what!?) to assess the situation. Can we spell out-of-touch?

Obama, while not giving the most sound solution, did what he does best. He remained calm, confronted the situation head-on and laid out a clear, reasoned approach solving the problem. While McCain released ads blaming the Democrats and Got Populist on our asses, Obama released a two minute ad, one shot, sitting in a chair all presidential-like, and laying out, clearly if not superficially, what he sees to be the problems and how to tackle them. He then implored everyone to read his economic plan. McCain still doesn't have one of those.

The WALL STREET MASSACRE (as the Metro headline read) provided us with a clear example of how each of these candidates would govern. One was sensible and one made no sense. One was articulate and one was ridiculous. And yet, I still keep hearing these three words that send shivers down my spine: Statistical. Dead. Heat.

mark.