My paranoid side is thinking that this is the republican plan to destroy an Obama administration before he even gets elected. The corporate greedheads see him coming, and have decided that they better steal the nations wealth now, before Obama has a chance to use it to promote the common good. If they don't steal it now, they might not get another chance. As the dollar drops in value, it takes a lot more of them to buy a yacht or a private jet. If that same money were to fall into the hands of working Americans, they're likely to spend it in ways that don't enrich the already wealthy, and the republicans wouldn't want that to happen. Obama might even encourage a functional social economic system that helped average people, and that would be a threat to the oligarchy. In fact, it would be their worst nightmare.
Even before this latest economic "crisis", Sweaterman and I have discussed the mess that will be inherited by the next president. Sweaterman has even gone so far as to suggest that we let St. Sleazy McCain win, in order to permanently destroy the republican brand of economics. While I don't agree (the consequences of such a disaster are too painful to contemplate), I do understand the sentiment. Obama seems like a genuine 'nice guy', and it would be a shame to have him end up taking the blame for the consequences of the republicans corruption. The deck is already being stacked against him.
I suppose there is one positive side to all of this: should McCain win, he'll find it very difficult to afford more wars.
Added: Obama seems to have noticed:
WASHINGTON — Barack Obama said Tuesday that the huge costs of a financial bailout meant that he probably wouldn't be able to deliver everything he was promising in his campaign, at least not as quickly as he'd hoped.
"Does that mean that I can do everything that I've called for in this campaign right away? Probably not. I think we're going to have to phase it in. And a lot of it's
going to depend on what our tax revenues look like," Obama said on NBC.
The Democrat didn't identify which proposals he might delay if the government spends up to $700 billion to shore up the country's financial system, as the Bush
administration has proposed. Congress is negotiating the terms of the bailout this week in hopes of completing action by the weekend.