Andrew,

Do not underestimate the role of Obama’s speech today on the market. Seriously. The Times Lede spent a good number of inches this morning on the concept of confidence. I believe that the only person in the U.S. who can currently inspire confidence is Obama. I spent the weekend wondering how Paulson was communicating with Obama on this issue. Paulson may be many things, but I don’t believe stupid is among them.

Paulson cannot have failed to observe the negative impact Bush’s statements have had on the markets. It must have occurred to him (if it occurred to me) that the foreign markets are looking to Obama and McCain, not Bush, for assurances about the future of the U.S. Yes, the foreign markets were already closed for the day by the time Obama spoke, but I believe word of Obama’s plan was already circulating. And the Dow rose another 400 points after Obama’s speech.

This is no way suggests that Obama’s role in the restabilization is greater than the Herculean work that was done over the weekend; it is not. Just do not allow the McCain campaign to act as if the crisis is now passed, so we can get back to our regularly scheduled programming about a scary black man who hates America. Obama gave us details today. Details. McCain gave us nothing. The market went up. Not necessarily causal, but does that mean there’s no relation whatsoever? If the past month has taught us anything, it’s that economic behavior is profoundly *human.* Therefore, it displays all the irrationality that distinguishes our species.

Prematurely Grey
Austin, TX

*If you’re not reading The Daily Dish, well, you should be. Smartest take on things, from my new gay British Catholic conservative boyfriend. Politics does make strange bedfellows.