Stick a fork in this campaign!

What happened to John McCain's campaign? Someone please give it back! He is quickly running out of time and his star is fading. I think it started in the first presidential debate when he with -- vintage McCain stoicism -- refused to look his opponent in the eye. So this is what I'll be watching for in tomorrow's debate:

Can John McCain man-up enough to treat his opponent with the respect due. For many independents and ex-Republicans like me (we didn't leave the Party, the Party left us), this was a huge mistake and a telling sign of where his campaign was going. What is this Maverick afraid of?

Team Obama for their part have also run a terrible campaign but the bar isn't really that high for them. As long as the economy continues to tank, it is Obama's race to loose. And he isn't going to go out on the limb and if it was up to him, I am sure he'd be content to wrap this debate thing up tomorrow. But there are two more debates left -- the one tomorrow and the one on Wednesday, Oct. 15. Then, its pretty much over.

So what can McCain do to change the momentum? Well, he could call Obama a terrorist....oh wait, he did that today. Perhaps he can call him nothing but a no good lying liar....oh wait he did that today, too. What? Did they have to drink the kool-aid so soon. Memo to John Wayne McCain: Can you please get back on message! You once encouraged independents and young people to campaign for you. That wasn't too long ago.

This campaign, like my favorite living conservative in the world David Brooks has said -- this campaign is "mature." It is not emerging still, there is not great big reveal that will turn this boat around. People have seen these guys for over a year now, stumping, debating, politicking. Their minds are made up. There are only a handful of states where McCain can still campaign in and, with each passing week, it seems one of those toss up states turns to blue. McCain recently bowed out of Michigan and Ohio is not looking good in the latest polls.

So look for McCain to spend time exclusively in Virginia, Pennsylvania and Florida in the coming weeks. He has opened a slight lead over Obama in the Keystone State and Joe Lieberman has been busy on the Stump in the Sunshine State. Assuming McCain can hang on to the states W won in 2004, this may be enough for McCain to win. But that is a big IF and my money is not man enough to wager without someone giving me at least 15 electoral votes to start with.

So, a side note for us West Coasters -- we should know who the next Presidnet-Elect will be by 5 pm local time., on Election Day -- three hours before the polls close. That is why I am voting absentee -- because I hate it when my vote doesn't matter -- which is pretty much the case every election year 'cept this one time!

Tulipmania

It has been said that an economist is an expert who will know tomorrow why the things he predicted yesterday did not come true today. The adage came to me today as I reflected on comments I heard this past Saturday that the credit market would dry up by today.

Tulipmania was the name given for a craze that occurred in Holland in the 1630s when gobs and gobs of people -- rich and poor alike -- wanted to get in on the act of making profits off the flower. They bought tulips and took advantage of an irrational exuberance for the dainty flower. Certain colors fetched more money and before too long, no one wanted to buy the flowers at the going rate. The Netherlands government was called up to bail out the buyers and nothing worked until the speculative bubble burst and people lost interest. Anyone remember the Pets DOT COM stuff of the late 1990s.

Today's financial crisis is about the credit market rather than tulips. This issue has been an elusive beast for me to grapple with. Until, I cam across this gem. This article makes things a lot more clear. It is very well done and brings the rest of the world up to speed on this crisis. It comes from two writers at McClatchey news service's DC bureau.

By the way, these guys spend a lot of time answering questions from plain old readers about the shaky economy, which I must say is a great service. Reporters Tony Hall and David Pugh are taking their profession to a higher level and that is a good development.

Bailin' Out the Street

The House today rejected, by a vote of 228 to 205, the $700 billion bailout for Wall Street. It saves at least until Thursday the translocation of America's financial capitol to the 202.

The Dow Jones Industrial Average fell 778 points, or 6.98 percent to 10,365, the biggest point drop ever. The Standard & Poor's 500 Index fell 8.4 percent, the most since Oct. 26, 1987.

Ah yes, October and Markets. Could we be in the midst of the Panic of 2008? I have no idea. My degree is in politics and history, not economics or business.

What I would like to see is the democratization of Wall Street. Does the Treasury have to be run by Wall Street. The Real Question is this: Is What is Good for Wall Street, Good for America? I for one tire of Goldman Sachs running the financial show. We talk about changing Washington by swapping Presidents from one party or another. Can we end this faux public service factory from Manhattan-based investment banks and have a banker from Los Angeles or San Francisco in charge for a change. Or perhaps let's appoint some exec from Omaha or even a state controller, or how about a CFO from progressive company.