donsutherland1

If one skimmed the campaign coverage of the past several days, one read tall tales that Senator Obamas "pals around with terrorists" and Senator McCain's travels with the Keating 5 through the swamps of the S&L crisis of yesterday. The fog of charged political rhetoric distorted reality, making those associations seem much larger than they actually were. Ignored in the coverage devoted to the mudfest was the reality that the economy is in the midst of an accelerating and broad-based deterioration.

That the U.S. financial system teetered on the brink of systemic failure in recent weeks was ignored. That a massive German bank rescue had to be redone after the first effort collapsed was not mentioned. That Iceland's economy, battered by savage and unrelenting inflation, stood at the brink of collapse escaped notice. That the intensifying credit crunch had fueled a sharpening drop in personal consumption was veiled by the thick smoke of political allegations.

The screams of falling stock prices and still falling home prices went unnoticed in the dirt-focused political commentary. Instead, explosion of mud-slinging garnered an increasing share of attention in the political commentary.

Against the backdrop of an economic contraction and asset price decline that has already consumed some $6 trillion in wealth, the focus should have been strictly on the economy and on the candidates' economic policy platforms. Distractions that feature Bill Ayers or Reverend Wright or Charles Keating or G. Gordon Libby are trivial and irrelevant against the backdrop of the carnage that is accumulating from an economy that is sliding toward what will likely be among the most severe recessions of the post-World War II period. Yet, Mr. Ayers and Mr. Keating gained starring roles.

When it comes to Tuesday night's debate, the questions should concern among the following:

• What immediate measures would the candidates take to immediately stabilize or soften the slide in the economy?

• What concrete measures would the candidates take to address or mitigate the impact of rising unemployment that lies ahead?

• What specific kinds of regulatory or tax steps would the candidates take to reduce the risk of future housing bubbles, cap financial system leverage at reasonable levels, and allow the excessive mortgage overhand (currently 104% of GDP) to slowly ease?

• What measures would be undertaken to bring transparency to derivatives trading and dark pool transactions?

• What past experience or credible economic principle(s) gives the candidate's preferred immediate and long-term approaches a reasonable chance at succeeding?

• What long-term steps would the candidates take to begin to address the nation's long-term fiscal imbalances?

Those are issues that will have an immediate impact on the lives of the American people in this period of deepening economic challenge and financial market turmoil. It is the candidates' tax, regulatory, and fiscal restructuring programs that will have a decisive impact on helping the nation chart its long-term economic future.

Everything else--Mr. Ayers and Mr. Keating--are irrelevant to the challenges that now confront the American people. The candidates, if they aspire to be genuine leaders, will give priority to the vital challenges of the day, not meaningless drivel aimed at proving guilt by association. They will give the American people their vision and their ideas for helping the nation overcome what is arguably its greatest challenge since World War II.

That is the dialogue the American people deserve. Of course, what will actually be served in Nashville may be something entirely different.

talloulou

Americans aren't ignoring the fact that Bush and Congress along with Obama and McCain sat by and sold America out. Nor are they blind to the fact that the bailout doesn't appear to be working as stocks continue to drop.

We're sick and disgusted. Since both camps promise to be inevitable economic failures it's easy to see why folks are pissy and have moved on to gossipy bitching.

donsutherland1

You're correct about Americans. I was referring to the media coverage of the campaign. The coverage is devoted to whiffs of scandal rather than obtaining concrete details concerning the candidates' economic policy proposals.

Gabby

The coverage or the actual campaigns themselves? I'm seeing plenty of coverage on the economy and probably 50/50 today with the smut. But, for example, I don't see it as Palin's job to be out there discussing the economy non-stop. I do hope it will be addressed in the debate tomorrow night, and since it's a town hall style discussion, I'm betting it will be a hot topic.

In terms of the actual campaigns, I'm not sure focusing on the economy would get either of them what they want right now, which is the undecided voters. 90% of us have made a decision already and won't be swayed regardless of campaign rhetoric on the economy - and rest assured it's just that as neither necessarily would have the power to do diddly as President anyway. So to those still deciding, what will sway them? Maybe some potshots, I don't know. But I'm not surprised this is where we're heading in the final month. Seems par for the course. How much can one really say about the Dow anyway? And why go out on a limb and claim to have the resolution to the economic issues when experts all across the country disagree. They both signed that thing and look at the Dow today. Eeeek! I think my 401K went up in a cloud of dust. If I hear either of them tell me the bailout was a good idea and they'll take care of me in the future, I think I'd implode.

JMak

Well, right on one and wrong on another. The Keating business is nothing compared to the Ayers relationship. While McCain was cleared of wrongdoing, gave the money he received from Keating to the US Treasury, and went on a years-long crusade to enact new campaign finance laws, Obama has dissembled on his relationship with Ayers. Lefties are now trying to create some moral equivalence between Obama's relationship with Ayers and McCain's meeting and accepting contributions from Keating. That dog just won't hunt.

Really? The economic crisis has been largely ignored?

I heard about this and more just listening to NPR over the weekend.

You're really stretching now.

We can walk and chew gum at the same time.

danarhea

The corporate media, or mediawhores, or presstitutes, or whatever else you want to call them, are nothing like the media is supposed to operate. They are now ALL corporate owned, and the only thing they care for is getting the most viewers by any means possible. News today is whether Britney Spears is in rehab again, OJ Simpson, who won on Dancing With the Stars, who Madonna banged, and other fluff pieces. News has become infotainment.

The way I see it, media has become a monopoly on stupidity, and whoever the next president is needs to go Teddy Roosevelt on their lame asses, and break them up. Taft-Hartley? You betcha.

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Panther

I don't think they have any proposals. They passed the Bailout to stabilize the markets and they tanked today.

Maybe they need another Trillion.

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danarhea

That would still be nothing but a band aid. The derivatives market is conservatively estimated to be around 30 trillion dollars. That's one hell of a lot of vulturism, if you ask me.

GottaHurt

Precisely why I said nix to the bail out, and just let the markets crash.

We're not going to die. We might be inconvenienced for a couple years, but that would give us time to vote out all the incumbents, and start anew.

States are already stepping up for handouts, and you can bet they'll be more handouts needed to "fix" this. After the election, it'll be politics as usual with pork loaded into every single new "economic rescue ammendment".

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JMak

Ding, ding.

We're already headed for a few years of rough economic times. This legislation merely puts taxpayers on the hook for those loans least likely to be paid back without any protecting. Now we gotta figure out just who is going to run this thing and how they're going to select those loans the taxpayers should take over.