Political Game Changes

Presidential race: When it was clear last May Barack Obama and John McCain were their party's nominees, I concurred with Chuck Todd, political analyst for MSNBC, that either candidate could win by 8 percentage points, an electoral landslide. The thinking was Obama would ride the coattails of his change message seeking a new future with bottom up politics while at the same time taking advantage of a Republican down year because of the unpopular policies of George Bush on the Iraq war and a falling economy. Meanwhile, McCain's chances were based on his maverick image, strong credentials on foreign policy and a reluctance of white voters to vote for a black candidate. Now, less than two months before the Nov. 4 election, it appears the winner won't be declared until the last vote is counted. Why? Obama has failed to deflect negative ads against his policies, has not answered the judgment and commander-in-chief issue satisfactorily and remains sketchy on how to pay for his ambitious domestic agenda. His main strength is an overwhelming lead in voter registration compared to the Republicans. McCain, meanwhile, temporarily has lunged ahead in the national polls as a result of his maverick tendencies, heroic ordeals as a POW, talking tough to Russia and Islamic terrorist leaders and promising no tax increases and reducing government spending. A gambler at heart, McCain shocked the political world by selecting the unknown governor of Alaska his vice presidential running mate and Presto! his conservative base was energized. Sarah Palin is an instant icon and unless she implodes in her one debate with Joe Biden or falters on the campaign trail she is the great equalizer for the McCain campaign. Her attraction is more than a fresh face; it is a connection with white rural voters that Obama has been troubled to touch.

Bail Out: The government is placing mortgage giants Fannie Mae and Freddy Mac in conservatorship and provide quarterly financial infusions to keep them afloat at taxpayers' expense. Bad management and lack of oversight led to this catastrophy but what else can be done? The two quasi-government behomeths hold half the trillion dollars of mortgages in the industry. Bailing out Bear Stearns was a mistake, The other private investment houses now facing financial ruin should not be salvaged by the feds. That's the risk shareholders allowed so they should eat their losses.