I hate to say it, but the election season has turned into financial disaster season. This is not surprising given the gross mismanagement of the economy during the Bush administration, which may well have produced the biggest financial problems in 80 years. ultra conservative Republicans and radical left Democrats have managed, for now, to turn the US economy into a lab to see if economic theory and models are right. Wish they had resisted the temptation.

David Brooks in his editorial today, Revolt of the Nihilists, does a nice job of pointing out how different this generation of politicians has differed from those in the 1930 when faced with a similar situation. They worked hard to restore confidence. It is worth reading what Roosevelt had to say in his first inaugural address.

I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.

Let us hope it doesn't get as bad this time. As Brooks notes, this time we do not seem to have the great leaders.

This generation of political leaders is confronting a similar situation, and, so far, they have failed utterly and catastrophically to project any sense of authority, to give the world any reason to believe that this country is being governed. Instead, by rejecting the rescue package on Monday, they have made the psychological climate much worse.

I certainly agree with him that Bush and McCain have failed the test. Not sure about Obama. He has urged calm and caution, which is a good first step. Roosevelt was vague about what he would do about the economy if elected and Obama has tended to do the same. Roosevelt came from the most elite families of his day. Obama comes from immigrant and middle western stock. Still, Obama has, like Roosevelt did, a keen intelligence and a first rate mind. He also can be quite eloquent. In the meanwhile, let us hope Congress does get their act together and stop acting like idiots.

Bob Herbert says, "I’m not holding my breath, but I would like to see the self-proclaimed conservative, small government, anti-regulation, free-market zealots step up and take responsibility for wrecking the American economy and bringing about the worst financial crisis since the Depression." I think that sums it up well. His editorial is worth a read by any sober person. Will the politicians on both sides see the light in time?

John Cole in his BLOG makes an interesting observation that McCain did an incredible flip flop yesterday. First he he took credit for the bailout and blasted Obama for "staying on the sidelines". Then after the bailout failed, he blasted Obama for infusing "unnecessary partisanship" into the issue. What a crock of you know what! For a humorous view of this, see Tom Toles cartoon for today.

FactCheck notes that both campaigns have stretched the truth (or simply lied) in this campaign. They also have an article on the erroneous claims in the debate last Friday. Both sides get hit.

While most polls show Obama up, I am going to wait awhile to look at polls again and the election maps, which have not changed. The consensus is things are too fluid.