Tuesday, March 25, 2008
McCain and the Financial Meltdown
McCain is utterly inept when it comes to domestic policy. By this, I don't mean that his proposals are entirely worthless, he has a group of advisors (some quacks like Kevin Hassett, and some quite good like Douglas Holtz-Eakin) to fill in the gaps. But it is clear that McCain himself has little interest or feel for domestic plicy. I think this comes across in his public persona. There are three personal narratives that McCain has cultivated: The Maverick, The Reformer, and the Veteran. None of these speak directly to kitchen table issues. However, it is this second narrative, as the reformer, as the Teddy Roosevelt follower, that I think will ultimately boost his electoral viability in the wake of the financial meltdown. He has oft seemed disdainful of business, as if it were a crude and lesser calling. This combined with the Clinton and Obama's dominance on fundraising from the finance industry (especially Clinton with Rubin hanging around) may very well give him the appearance as a credible reformer even though he has little or nothing substantive to say about capital markets and the regulation thereof.