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 McCain’s Political Games Can’t Compete With an Economic MeltdownPosted on Sep 15, 2008By E.J. Dionne In democracies, all political factions run against an elite. Since the New Deal, Democrats have cast themselves against the financial and business elite. Since the 1960s, Republicans have thrashed the cultural and intellectual elite. Over the weekend, the moneyed class became much more vulnerable. The foolishness of our financial geniuses now threatens to bring economic sorrow to Main Street. Franklin Roosevelt’s 1936 attack on “the privileged princes of these new economic dynasties” never sounded so up to date. Americans don’t mind wealthy and even rapacious capitalists as long as they deliver the goods to everyone else. But when the big boys drag everyone else down, Americans rise up in righteous anger. The New Deal political alignment endured for decades because the financial elites were so profoundly discredited by the Great Depression. The New Deal coalition dissolved only when prosperity began to seem durable and only after the GOP discovered the joys of baiting Hollywood, the media and the academy. There is always something slightly phony about anti-elitist politics. Plenty of investment bankers are Democrats, and Republican politicians who claim to speak for devoutly religious cultural conservatives are usually far removed from the world (and the values) of those whose votes they court and whose resentments they stoke. But the captains of John McCain’s campaign figured they might wring one more election victory out of the culture war. They ridiculed Barack Obama as the celebrity candidate loved by Europeans—Europe is always in the elitist camp—and harped on his unfortunate comments, ripped out of context, about “bitter” voters who “cling to guns or religion.” For good measure, McCain chose Sarah Palin as his running mate. A religious and proudly gun-toting mom, Palin has turned expertise itself into a badge of elitism, proclaiming pleasure in her lack of a “big fat résumé” that “shows decades and decades in that Washington establishment.” But anti-Washington politics is itself rooted in the interests of the financial elite. When the private economy goes haywire, it is always the federal government that has to step in. When those whom Teddy Roosevelt called “malefactors of great wealth” get out of hand, Washington is the only town with the authority to hold their power in check. Therefore, the party of the business elite has always pursued its interests behind slogans proclaiming a war on Washington and its “bureaucrats”—and never mind that a little more regulation might have prevented the subprime-mortgage-buying, short-term-profit-maximizing Wall Streeters from wrecking the economy. All of a sudden, the culture war seems entirely beside the point, an unaffordable luxury in a time of economic turmoil. What politicians actually believe about the economy, what fixes they propose, whether they side with the wealthy few or the hurting many—these become the stuff of elections, the reasons behind people’s votes. And nothing more exposes the hypocrisy of financial elites riding the coattails of those who revere small-town religious values than a downturn that highlights the vast gulf in power between the two key components of the conservative coalition. Even cultural conservatives will start to notice that McCain’s tax policies are geared toward the wealthy investing class and Obama’s toward the paycheck crowd. Even the most ardent friends of business have begun to argue that a re-engagement with sensible regulation is essential to restoring capitalism’s health. For some time, McCain’s strategists figured they could deflect attention from the big issues by turning Palin into a country-and-western celebrity and launching so many ill-founded attacks on Obama that the truth would never catch up. The approach of the McCain strategists reflected a low opinion of average voters and some Obama supporters began worrying they might be right. But those so-called average voters understand the difference between low- and high-stakes elections. They develop a reasonably good sense of who is telling the truth and who is not. And though it sometimes takes a while—and a shock like this week’s economic news—these voters almost always turn on politicians who manipulate cultural symbols by way of escaping the consequences of their policies. In 1936, FDR argued that “private enterprise, indeed, became too private. It became privileged enterprise, not free enterprise.” He insisted that “freedom is no half-and-half affair. If the average citizen is guaranteed equal opportunity in the polling place, he must have equal opportunity in the market place.”
The stakes in this year’s election went way up this week. The days of Paris, Britney and the exploitation of divisions around race, gender and religion are over.
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Jump to Comments
By sloopman111, September 17 at 12:50 pm #
I’m old enough to remember my parents repeating a saying: “Hard with Harding, Cool with Coolidge, and Starve with Hoover”. Today’s crisis is destined to bring much worse if McBush is elected. There will be no room at all for the poor and the middle class. Not even a trickle. Rough with Reagan, Nefarious with Nixon, Bombs and Babble with Bush and no mercy with McBush.
Report thisWith MS psychosis by his side we’ll be in for a ride to hell with no way back.
By Inherit The Wind, September 17 at 9:48 am #
Poor Herbert Hoover! He’s being SO insulted these days, a highly educated and experienced Secretary of Commerce before becoming President being compared to two ignorant know-nothings! Even TODAY I would pick Herbert Hoover hands-down over McCain or (snigger) Palin.
Hoover lived in an era that had never seen anything like the crash of 1929.
He was only President 6 months when it happened.
He was the first President to institute government-sponsered bills to actually INTERVENE in the economy to counter the crash. Unfortunately, the only item in his tool-box was a trickle-down plan, but he set the precedent for active Keynsian intervention.
His precedent allowed FDR to institute far wider and more sweeping intervention in the economy.
Hoover might have been elected as “More of the Same as Calvin Coolidge”, but, at least when he was elected and innaugurated the economy was healthy, or at least apparently so.
Today, McSame is arguing to follow Reaganomics/Bushonomics EVEN THOUGH it is failing in front of our eyes and bank accounts.
No, Herbert Hoover is being insulted by having McSame compared to him.
Report thisBy Catman Joe, September 16 at 5:17 pm #
See cyrena. there are folks like Dale who can see through the BS.
Politics is a euphemism for Class Wars. Religion is handy for keeping the rabble down as well.
There are two kinds of laws. Those that protect the rich from the poor and those that protect the poor from the rich. One we call laws and the other we call govt regulation.
You see now what happens when we get rid of those anti-free market regulations.
De-regulation is like throwing a Christian to a pack of lions. A steak into a pack of wolves. Now who is going to nurse the wounds?
Report thisBy Big B, September 16 at 3:54 pm #
No cyrena, we’re not all dumb. But enough of us are that we have elected the likes of Ronny Reagan, Bush I, Slick Willy, and the friggen moron in the white house now!
Americans are stuck in this abusive relationship with their politians. Oh, we know they drink too much, and will smack us around a little, but we’ve gotten a little fat, and we’re not as young as we used to be, and we’re afraid if we get out of this relationship we’ll never find anybody else.
So we’re probably just gonna vote for him again, and then he’ll kick our ass.
Holy crap,that’s bleak! Just don’t vote for mccain!
Report thisBy dale Headley, September 16 at 1:56 pm #
(Unregistered commenter)
What Americans don’t seem to get is that this mess we’re in is not an accident of excess; it is part of an overarching strategy by the neocons, led by Grover Norquist, to return America to what they see as the halcyon days before FDR. The ideal America, in their eyes, is one in which all the wealth is concentrated in a very few elites; and the rest of us are rabble - a low wage working class that only exists to serve the acquisitive urges of those elites. John McCain is just the latest in a line of Republicans, starting with Ronald Reagan, who have the same vision. At the turn of the last century, it took one Roosevelt - a Republican - to halt the madness of the “robber barons.” And it took his Democratic cousin, in 1932, to foil their agenda again. It is clearly time for another champion of ordinary people to stand up against the kleptocracy of wealth. It may or may not be Senator Obama; but I’m old enough to remember Franklin Roosevelt very well, and John McCain is no Roosevelt.
Report thisBy cyrena, September 16 at 12:05 pm #
By miroslav, September 16 at 10:30
“VOTE WHITE-VAN AUKEN FOR REVOLUTIONARY CHANGE”
~~~~
Ah shit! Who the hell is White-Van Auken? I never heard of him/her/them. Are they on the ballot too? Just the name gives me the creeps.
~~~~
By Catman Joe, September 16 at 6:41 am #
“I’m coming down off the ledge to see what happens next.”
Jose
~~~~
Jose, Can you hold tight there for a bit. I’d like to take your spot on the ledge. Can you wait for me to swing up before you vacate it?
Report thisBy felicity, September 16 at 11:46 am #
re: Pandit
The estimate is that McCain’s promise to keep the Bush tax cuts in place will eventually add another $7 trillion to the debt.
Go figure. Part of our economic ‘problem’ is the huge credit card debt that we improvident little people have run up - or so we’re told. Apparently, however, if the government runs up a huge ‘credit card debt’ it’s perfectly fine?
Report thisBy yours truly, September 16 at 10:42 am #
(Unregistered commenter)
What To Make Of This Economic Meltdown
“A better world?”
“How?”
“Yes we can.”
Report thisBy miroslav, September 16 at 10:30 am #
http://palin-presidency-comedy.blogspot.com/
what’s amazing is the so-called “liberal media” against which the know-nothing will rail till kingdome come actually not blowing an idiot like palin out of the water. ditto for a fraud like mccain. not that obama is much better with his wanting to commit the u.s. to endless involvement in the indian wars in waziristan.
60 Trillion Dollars in credit default swaps, hm. might just go down the tubes now.
http://dealbook.blogs.nytimes.com/2008/09/16/industry- efforts-to-rescue-
of-aig-said-to-falter/index.html?ref=business
VOTE WHITE-VAN AUKEN FOR REVOLUTIONARY CHANGE http://www.wsws.org/articles/2008/sep2008/elec-s13.shtml
Report thisBy agronomo, September 16 at 9:48 am #
(Unregistered commenter)
Even Bush must understand that his last hope of avoiding the gallows just flitted away… 25% unemployment and long lines at soup kitchens won’t happen before the election, but there should be enough anxiety to tip the balance. The dems were on the verge of throwing it away again, vanquished in the culture war, when they were saved by economic collapse.
Report thisBut now Bush has even more incentive to bomb Iran, or unleash the Israelis. A couple of weeks ago there was a leak from the Dutch intelligence service that claimed that the Israelis were going to bomb Iran for sure before the election. If the Iranians react as expected Bush will have the excuse he needs to postpone the election.
By Lily Burnham, September 16 at 9:18 am #
(Unregistered commenter)
“Rise up in righteous anger..” In your dreams. Americans are going to eat Twinkies, watch TV, and muddle along.
Report thisBy BobZ, September 16 at 9:13 am #
McCain’s fate was sealed when he uttered the now infamous line “the economy is fundamentally sound” and then tried to explain it away a few hours later. Herbert Hoover in 1932 made eerily similar comments. McCain really is out of touch and half baked Alaskan is even more out of touch up there in the frozen tundra. Now we can finally get to discussing the real issues in this campaign - how the Republican’s have been asleep at the switch for the last eight years on economic and foreign policy. The guys Bush put in charge don’t even believe in good governance and effective regulation. They let their Republican friends on Wall Street get away with these predatory lending practices and then repackaging sub-prime mortgages into financial instruments they could sell to other financial organizations around the world as grade A loans. The architect of all this was Phil Gramm who got rid of the Glass Steagal act that prohibited lenders from these sorts of practices. Then Gramm had the nerve when these markets started to fall apart to call us a “nation of whiners”. That 700 billion dollars investors lost yesterday were not a mirage Phil. What is ridiculous is John McCain now trying to package himself as a Democrat by advocation reregulation of the marketplace. And guess who would help do that - Phil Gramm as Secretary of the Treasury. I don’t think it is a smart idea to elect a person to office who can’t even admit that he is a Republican anymore. The Republican’s have driven all the moderates out of the party and they are in hock now to religious fundamentalists and neoconservatives. This is a dangerous party.
Report thisBy Priyaranjan Pandit, September 16 at 8:40 am #
(Unregistered commenter)
People are not totally irrational regarding their voting pattern. It may seem that ordinary folks vote against their own interest. President Reagan inherited 1 trillion $ national debt and left behind 3 trillion. Bush I made it to about 5 trillion and Bush II has made it 9 trillion. Still somehow GOP gets away with claiming to be the party of fiscal responsibility. This may be a conundrum.
However if we ponder a little bit, a different pattern emerges. When Reagan won, it was time for change. President Carter had miserably failed in his leadership. Reagan was an outstanding showman with his “are you better off” advertisements. There was no compelling reason for change in 1984 or 1988 and both Mondale and Dukakis were weak candidates. In 1992 Bill Clinton won because of Ross Perot and the economy. Gore lost because he ran a poor campaign against Bush II and the right was energized by Clinton’s sexual scandal. GOP’s voter intimidation and suppression was a brilliant strategy for which democrats were totally unprepared. Both 2004 and 2008 elections wer very close and could have gone either way. I feel Kerry ran a well financed campaign and did better than expected. GOP base was fiercely aroused by Gay Marriage issue and came out in droves to vote for traditional marriage initiative and GWB. But the main factor was that everyone felt affluent because of rapidly rising home equity and low interest rate that allowed them to refinance their homes and take out several hundred thousand in cash, which they spent on boats, RVs and vacation.
This year 10% of the homeowners are behind their payment, many have had their variable rate mortgages adjusted higher and economic picture looks gloomy with bank failures and bailouts. This is a time for change. If democrats loose this election it is because they are not conveying the right message that you can never trust republicans with the economy. The last 3 republicans have taken the national debt from 1 trillion $ to 9 trillion. Just throw out the inept rascals.
Report thisBy Tony Wicher, September 16 at 8:06 am #
By JD Frankenstein, September 16 at 2:43 am #
(Unregistered commenter)
When unemployment reaches 25% and the lines at soup kitchens are blocks long, then people will wake up. We are not there in time for this election.
And if people are a little scared, it will only reinforce many white voters fear of voting for a black man. I wish it were not so, but I live with these white voters.
-------------------------------------------------
JD,
I have to admit that my secret fear is that you might be right, and this is not quite 1932 but 1928, and we might elect Hoover-McCain and actually have to be in the middle of the next Great Depression in 2012 before we elect the next Roosevelt. It’s a horrible thought.
Report thisBy Tony Wicher, September 16 at 7:55 am #
By Cran Berry, September 16 at 4:52 am #
JD Frankenstein is right. McCain will win in a walkover, and we will have a chicken in every pot.
----------------------------------------------------
----------------------------------------------------
Cran berry,
Please keep up the comparisons with Hoover. McCain is the Hoover of the 21st century. Here’s your slogan for you: Bring back Hoover! Two Chickens in Every Pot, Two Cars in Every Garage!
We Democrats will chant the 30’s depression song which ran something like:
“Chicken a la king in every potsie
Report this“Hoover him a liar, Hoover him a liar....
---------------------------------------------------
By GW=MCHammered, September 16 at 7:34 am #
(Unregistered commenter)
re: Cran Berry
Michael Moore’s
Report thishttp://slackeruprising.com/
By Catman Joe, September 16 at 6:41 am #
I’m coming down off the ledge to see what happens next.
Jose
Report thisBy JD Frankenstein, September 16 at 2:43 am #
(Unregistered commenter)
When unemployment reaches 25% and the lines at soup kitchens are blocks long, then people will wake up. We are not there in time for this election.
And if people are a little scared, it will only reinforce many white voters fear of voting for a black man. I wish it were not so, but I live with these white voters.
Report thisBy cyrena, September 16 at 12:23 am #
You GO EJ!!!!!
Thank you for reminding us all, that we are NOT as stupid as so many would like to think.
As you write:
“...But those so-called average voters understand the difference between low- and high-stakes elections. They develop a reasonably good sense of who is telling the truth and who is not. And though it sometimes takes a while—and a shock like this week’s economic news—these voters almost always turn on politicians who manipulate cultural symbols by way of escaping the consequences of their policies....”
Oh yeah. It might take us a while, but we figure it out. At the bottom of the 9th, we KNOW who’s on our side, and who is screwing us in the ass without grease.
Report this