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Here’s a telling look at McCain’s economic bugbear last week:

It’s McCain’s own fault that he’s struggled to deal with our economic situation. I don’t think Obama has either with any coherence, but he doesn’t need to. He can sit this out while McCain fumbles.

Some despearate Republicans have tried to suggest that last week’s market plummet was a reaction to Obama’s slight rise in the polls. I think right now the market is responding to larger issues. Jonah Goldberg quoted a smart reader in The Corner last week:

While there may indeed be a slight effect on the market of Obama’s unabated inevitability, I’m sure the markets are even less keen on how every single solution being floated by anyone in power — from the rescue plan, to mcCain’s mortgage buy-up plan, ferderal ownership of banks, etc — involves more government regulation of and participation in the operations of banks and markets. Obviously, a Obama admin would likely exacerbate all those problems, but the fundamentally discouraging ingredient is that all politicians right now seem to favor a degree of nationalization, and not just the questionably socialist Senator from Illinois.

Smart guy. Hey, that was me!

Now that the market has partially recovered, McCain has regained a few points as well. As his latest economic plan suggests, these last few weeks will be a race to see who can offer the most hand-outs to voters.

Tags:   economy · McCainNo Comments