Here’s Timothy P. Carney of the Evans-Novak Political Report. The noncrazy wing of the Republican Party seems to be in a state of deep despair.
- Congressional Republicans and conservatives, meanwhile, are almost completely at a loss. Republicans are still finding their footing after denying for months that the economy is endangered. Frantic behind closed doors, they seem unable to propose any solution that approaches the magnitude of the problem. Promising more drilling, capital-gains-tax cuts, and full business expensing comes across as laughable — the same things the GOP was pushing while saying the economy was strong.
- At the presidential level, it’s not only that McCain and Palin lack credentials and knowledge about economics, but McCain also lacks a real rudder. As the GOP nominee, he has taken up free-market talk, but does he really have any roots in a philosophy? Does Palin have the clout or the know-how to guide McCain? The answer to both questions is probably not.
- When Republicans highlight the Democratic big-government programs that contributed to the mess — Fannie Mae, Freddie Mac, and the 1977 Community Reinvestment Act directing private capital in low-income housing — they lack conviction and credibility, having long been champions of policies such as IRAs and 401(k)’s driving money to Wall Street, or the home-mortgage interest deduction and the “ownership society.”