The roots of this mess are so convoluted and bi-partisan going back decades across both Democratic and Republican administrations, can either side really claim the high ground or score any substantive political points from the current shakeout ?
Not really. Both sides will try, of course, but as you mentioned, this is a bipartisan mess.
The big focus of attention, the Gramm-Leach-Biley act was passed in 1999 with a lot of Dem support, as was signed into law by Billy boy (though is was veto proof in its final form). I guess they could try to point out that it was nearly unanimous Republican support, and some but not all Dem support that passed it, but that’s stretching it. Of course, lobbying money to pass it was distributed across the aisles.
Plus, that act alone wasn’t the sole cause.
They might get some mileage out the fact that Gramm was McCain’s chief economic adviser, but that’s about it.
I suppose they could also come out against the bailout, but then they should come up with an alternative plan, since SOMETHING needs to be done.
What it will affect is whatever poor sap is elected and how they will have to deal with it going forward.
I’m afraid that regardless of who wins the election many will blame the future president when the day of reckoning arrives as I think it will come because just printing money will not do to help deal will this mess and the cost of the wars.
If John McCain continues to promise tax cuts that he will not be able to deliver then I would expect him to become just a one term president if he manages to win, right now I trust him even less when he continues to push his now even more dubious tax plan.
This graph seems to show a pretty straight line (indicating a link) between the economy and the vote for/against the incumbent party:
The Democrats learned about money but forgot about people. They learned to trim their legislative and regulatory agenda to attract corporate support, but in the process of gaining more advantage in funding, they became Tweedledum to the Pubbie’s Tweedledumber, the party of nominal opposition. The Pubbies returned the favor by beating them bloody with hysterical patriotism and fear mongering.
The “Me, Too! but just a tad less enthusiastic” Dems were personified by the Clintonistas and the Dem leadership and its craven worship of an artificial “centrism”.
But the galactic stupidity and incompetence of these blundering nincompoops has bred a reaction, and that reaction is the fuel that makes Obama Obama, it is why the anointed candidate of the Dem leadership got whupped, leaving the Dem leadership scrambling to stay relevant and, of course, keep their jobs. If the people lead, the leaders follow.
Now, if the Pubbies can stampede the populace with fear of destitution, they might gain an advantage. All they have to do is sell the idea that the people who were smart enough to fuck it all up are the only ones smart enough to fix it. Trouble is, if they try to enlist that panic as an ally, they run the risk of that panic having poisonous effects on the very ruling class they are sworn to protect. Risky, very risky. Look for McCain to say things could get to be very bad, if the Dems win, without suggesting that things *are *very bad.