I found it amazing that both Democrats and Republicans could hold their
national conventions without speaking about a word about the meltdown in the
nation's financial markets, but as Ben Smith
notes, the likely collapse of Lehman Brothers is "going to make it hard
for the candidates to talk about anything else this week."
With no bidders emerging for Lehman over the weekend, the Wall Street Journal
notes "that would leave an orderly liquidation as the most likely
scenario, a dramatic outcome for a once-powerful firm." This follows
the collapse of Fannie Mae and Freddie Mac last week, and of Bear
Stearns earlier this year.
The financial markets are in more serious trouble than we've seen since
the Great Depression, yet we've heard very little from Obama or McCain.
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Comments
I think they are not saying anything because if they say what all their advisers are thinking, namely that the American economy is in the worst shape since 1929, they will scare the hell out of everyone and make it worse. If they say the usual supportive platitudes, they risk looking stupid as the banking system collapses around them. Either way whoever wins is going to face a terrible crisis and one that we cannot easily solve in a classic Keynesian manner because the Bush and Reagan administrations have created so much federal debt that we can't borrow our way out of it. God help us!
Posted by: cwlidz
| September 14, 2008 10:40 PM
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