Lehman’s roadkill. Merrill Lynch has run for cover. And it looks like Washington Mutual is probably next, along with God knows who else. The best analogy I can think of to describe what’s happening involves a really big set of cookie jars, hundreds of hungry monkeys, and a complicated light system that only incrementally reveals who has their hand in which jar, and just how many cookies they’ve already consumed. The point being that we still don’t know how deep this goes, and if that isn’t an argument for a total reform of the entire joke that our financial system has become, I have no idea what is.
It will also be interesting to see if the disaster that the economy is becoming finally makes its way into the presidential campaign. Both candidates have talked a lot about the economy, sure, but neither has even begun to level with the American people about just how bad this is getting. The New Model McCain is unlikely to venture anywhere near THAT discussion, of course, but Obama is going to have to. Explaining in precise terms how this is all part of the mess the GOP has created while avoiding pointing out to the average citizen how his/her own spendthrift habits is also part of the problem . . . that’s the fine line that Obama is going to have to walk. As for McCain, he can only hope the attacks on Palin intensify while everybody forgets about all those pesky issues that actually matter.