a result of the Republican instigated government shutdown, and risking
of our nation's credit, all to repeal a health care law that in no way
ever could have been repealed...
The new NBC/Wall Street
Journal polling data this morning shows that 78% of the public suddenly
thinks the nation is on the wrong track - and by far mostly blames
Republicans. It is the biggest and quickest swing in over two decades.
The last time we scored a 78 was in October 2008. Which is around the
time when Lehman Bothers collapsed; Fannie Mae, Freddie Mac and AIG were
nationalized after failing; in a year where Bear Stearns, Merrill
Lynch, WaMu, Wachovia, IndyMac all effectively failed; followed by GM and
Chrysler failing; after home prices had been cut by one-quarter (from 2006)
after not really declining for five decades; after world credit markets
melted down; after the Treasury suddenly was begging Congress for $700
billion, and they needed it yesterday; after the Dow Jones Industrial Average crashed thousands of points, wiping away almost $30 trillion in global wealth.
In short, this colossal misstep by the Republican Party which now risks
their own destruction, has created a public concern to rival
that of the worst financial crisis of a generation's time. Possibly
setting into motion materially adverse market consequences (God, I hope
not). Which are at the moment docile, as they focus on the fact that we would not default and that a deal is likely days away. But the unintended consequences of a suddenly and materially chilled public factor in a new set of economic dampening, until alleviated.
Thank you so much, Republicans. I know you are divided between Evangelicals, Tea Parties and Moderates. I know you are panicked right now. I know the "true leadership" rests more in the Moderate camp, but is unwilling to demonstrate that true leadership, take ownership publicly of this mess, roll up your sleeves and clean it up, getting dirty in the process. (PS - The one Republican who does, truly has a chance of beating Hillary in 2016. But right now, this party couldn't beat a Dukakis/Tsongas ticket. Actually right now, it looks like it will be three parties, come 2016.)
And never forget: The
poster child for all this is a Republican Texas Senator, named Ted Cruz: a guy
who regards himself so smart, that he would only study with Harvard or
Princeton grads while in school. Well, look at the brains on Ted. He's about as smart as Eugene McCarthy - who drank himself to death after finally being censured by Congress.
I think it was MSNBC's Chuck Todd last night that coined this situation (for all politicians, not just Republicans) as "political depression". So aptly put. I guess I would refer to the present as a "political crash", where the depression sets in afterward. And as economic depressions have political consequences, so then political depressions have economic consequences.
Hopefully this all blows over in the next weeks. Good night, and good luck.