Writes Howard Wolfson:
Why won't the swiftboat tactics work this year?
Its easy to lose sight of it in the day to day coverage, but the collapse of Wall Street in the last weeks was a seminal event in the history of our nation and our politics. To put the crisis in perspective, Americans have lost a combined 1 trillion dollars in net worth in just the last four weeks alone. Just as President Bush's failures in Iraq undermined his party's historic advantage on national security issues, the financial calamity has shown the ruinous implications of the Republican mania for deregulation and slavish devotion to totally unfettered markets.
Republicans and Democrats have been arguing over the proper role of government for a century. In 1980 voters sided with Ronald Reagan and Republicans that government had become too big and intrusive. Then the economy worked in the Republicans' favor. Today the pendulum has swung in our direction. Republican philosophies have been discredited by events. Voters understand this. This is a big election about big issues. McCain's smallball will not work. This race will not be decided by lipsticked pigs. And John McCain can not escape that reality. The only unknowns are the size of the margin and the breadth of the Democratic advantage in the next Congress.