Posted By Daniel W. Drezner

11:00 PM:  Off to bed.  For those of you who missed the debate, Will Wilkinson's recap is shorter and funnier than the actual debate.  10:46 PM:  Ah, I can switch to CNN... and just heard an uncommitted Ohio voter say that she thought there was more "straight talk" in this debate.  This is odd, because I thought both McCain and Obama were better at direct answers than Palin or Biden.  10:44 PM:  The Official Blog Wife is forcing me to watch the post-game on PBS.  A professor there also says she thought that Palin's answers were way too folksy.  Hmmm... two academics think she was too colloquial... McCain advisors somewhere are jumping with glee.    10:31 PM:  That's it!  My take:  Palin did much better than expected, but the folksiness was layered on a bit thick for me.  Biden did better than her on foreign policy, but he also launched into some stem-winders when shorter, crisper replies would have been better.  10:29 PM:  Palin's closing statement:  "I've always been proud to be an American.  And so has John McCain."  Subtle implication:  Biden and Obama are the real Manchurian Candidates.  10:27 PM:  Oh, wow, Biden just gave a shout-out to Mike Mansfield.  That's old school!  And it's actually a good anecdote about Jesse Helms.  10:18 PM:  I'm going to be very curious how this debate plays with people who only catch bits and pieces of the debate.  I think the Sarah Palin of this debate will play well in short sound bites; Joe Biden is barely tolerable.  Over ninety minutes, Palin's repeated tics start to grate more than Joe Biden's -- which is really saying something.  10:13 PM:  Did Sarah Palin just say that she wished the Constitution gave the Vice-Presidency more power?  10:11 PM:  ENOUGH WITH THE MOTHER-F$%$ING SMALL TOWN, MAIN STREET, SCRANTON/WASILLA FOLK WISDOM BULLS%$T!!  God, that felt good.  10:10 PM:  I'm beginning to suspect that at 3:00 AM every day this week, someone woke up Sarah Palin and yelled "greed and corruption on Wall Street" at her.  10:04 PM:  Hey, Sarah Palin wants to attach political conditionality to Alaska's sovereign wealth fund!  This live-blogging has actually been useful for my research!  10:03 PM:  David Pinto is live-blogging the Cubs-Dodgers game.  I so got the short end of the stick.  10:01 PM:  Biden's contempt is starting to leak through.... his sigh is almost as good as Al Gore's.  To be fair, I'm finding Palin to be a bit wearying after an hour of listening to her verbal tics.  9:59 PM:  Before I vote for Barack Obama, he must promise that he will never allow Joe Biden to repeat anything on camera ever again.    9:51 PM:  Was it just me, or did Biden have a mini-stroke when he said "Spain?"  9:47 PM:  Biden gives an answer on Pakistan that's pretty good, until he ends with (paraphrasing), "there are 1,000 madrasahs on the border in Pakistan!  We should be building schools instead."  Hey, Joe?  That's what a madrasah is.  I think he just pulled a Palin! 9:43 PM:  Palin to Biden:  "Your plan on Iraq is a white flag of surrender."  Wow.  That's pretty strong language.  Since no one cares about Iraq anymore, it won't matter, though.  9:38 PM:  Laura McKenna:  "I really, really want to trim Palin's bangs."  9:31 PM:  On the climate change question, a little of the Katie Couric-style Palin pops in for a visit.  Oh, and just to repeat -- energy independence is a really nice thing to talk about, but until those dilithium crystals are discovered, it's never gonna happen.  9:29 PM:  James Poulos is right:  "it’s so far super-easy to tune [Biden] out. 9:27 PM:  I know this is nitipicking, but neither of them has directly answered a question9:26 PM:  Biden is driving me to drink.  By the fourth question, Palin has finally nailed her Tina Fey impression cold.  9:23 PM:  Blinking Light 1, Biden 0!! 9:21 PM:  God bless Megan McArdle: "Sarah Palin winks at the camera.  I didn't believe it the first time I saw it; thank god for TiVo.  I think all three million viewers are supposed to come up to her hotel room with a bottle of champagne after the debate." 9:17 PM:  Palin makes a great point about small businesses!  Really!  I'm not being sarcastic here (Biden has a fair rebuttal)! 9:15 PM:  Palin's spoken message, "I might not answer the questions in the way you like, but I'm going to speak right to the American people!"  Unspoken message:  "Darn it, I've learned how to duck a direct question!  Yay!!" 9:13 PMI second Alex Massie -- "I too want extra credit for watching this." 9:12 PM:  Everyone drink at the first mention of a Joey!! 9:10 PM:  Hey, Suzie Ormon has possessed Sarah Palin's body!!  9:09 PM:  Both of them gave decent non-answers to the first question.  9:01 PM:  Watching this on CNN HD -- uncommitted Ohio voters are decidedly neutral towards Gwen Ifill. 9:00 PM:  It begins... hey, wait, where's the Olympic torch ceremony?  8:54 PM:  Should Soledad O'Brien really be telling the dialers that negative attacks don't play well with dialers?  Isn't that corrupting the sample?  8:50 PM:  In a dramatic policy reversal, the hard-working staff here at danieldrezner.com announced that they will start watchig the debate with coffee ice cream, and then switch to alcohol.  This was not an easy decision to make, but after seeing the effect of our prior policy on equity and credit markets, it was necessary to make adjustments.  7:24 PMPolitico's Mike Allen reports that Palin is going to go on the offensive against Biden.  This would make the debate more entertaining.  Comment away on the vice presidential debate between Joe Biden and Sarah Palin.  I'll be live-blogging this one, but bear in mind:
  1. I'll probably update this post a little less frequently -- i.e., after every five-minute "segment" of the debate.
  2. If this goes as I expect, I'll be drinking more than during the first debate.   
Here's a topic of discussion before tonight's debate -- the following ad released by McCain's campaign.  It's targeted against Biden, and called "Embarrass":
 
The ad works in making Biden seem buffoonish.  Here's the thing, though -- is it possible to defend this ad while simultaneously defending Sarah Palin?  Wouldn't the people who like Palin's "folksiness" like some of the gaffes in this ad?  Seriously, I put this to the Palinphiles.  Back when the debate starts....
As I said recently, uncertain times in the global political economy is good for (my) business.  So I've been getting a lot of questions recently about the uncertain future of democratic capitalism [I thought it was free-market democracy--ed.  If you're skeptical about it, then it's democratic capitalism; if you're optimistic, it's free-market democracy.  And you?--ed.  I'm an academic -- I'll rotate the terms.]  Based on this week's articles, The New Republic seems to be making the case that free-market democracy has hit its limit.  I'll have some deeper thoughts about this soon, but consider this an open thread to readers -- is this merely a moment of retrenchment for the West's favorite model of political economy, or is there something deeper going on? 
Here's Katie Couric with both VP candidates about their thoughts on the Supreme Court: 
This is a hell of a choice.  On the one hand there's an unstoppable gasbag who makes every question all about him.  And on the other hand there's an idiot with no understanding of constitutional law beyond the 3X5 index card placed in front of her.  Neither of them have met a sentence that they can't extend for another two minutes with their run-on syntax.  The debate tomorrow night might be the most painful two hours of television I have watched since  Temptation Island.  UPDATE:  Ross Douthat makes an excellent point
there's a sense in which the apologists for her performance are getting something right: In the process of performing very, very badly on national television, Palin is holding up a mirror to the rest of the political world, and revealing how the mix of talking points, bluster, obfuscation and BS that nearly all national politicians traffic in as a matter of course sounds when it's filtered through someone who isn't practiced in it, and isn't ready for the spotlight. Her performances reflect badly on her readiness for the vice presidency, no question - but they reflect badly on our whole compromised, spin-happy political class as well.
ANOTHER UPDATE:  Jonathan Adler explains why Biden's answers to Couric were legally problematic as well

Posted By Daniel W. Drezner

Last night Bob Wright and I did an emergency bloggingheads diavlog about yesterday's events.  Click here to check it out.  And, for fun, be sure to check out Bloggingheads' front page -- I've discovered I would not look good as Death. 

Posted By Daniel W. Drezner

In no particular order...
  1. So, the Dow went down 777 points after the vote; for theday, the S&P 500 is down even more in percentage terms (over 8.8%); the TED spread jumped by 20%.  Way to go, Congress!!!!  
  2. As I'm typing this, the House of Representatives' web server appears to have crashed.  I wonder why? 
  3. I think Nate Silver slightly exaggerates the extent to which financial markets anticipate political outcomes.  This point, however, is spot-on:  "the schadenfreude of certain liberals on this issue is absolutely obnoxious. A lot of people are going to be hurt by this, and not just those in the investor class. I tend to see this more as a failure of our democracy than a reaffirmation of it. The congressmen who are retiring this year -- and who therefore can perhaps be described as the most neutral arbiters of the public good -- voted overwhelmingly for this measure."
  4. Tyler Cowen asks, "If things do not totally tank right now, Paulson and Co. truly have zero credibility -- for better or worse -- the next time they claim that some particular policy action has to be done."  I need to know the definition of not totally tanking here.  Things can undoubtedly get worse, but I'd call today's events a pretty decent signal of what's to come. 
  5. Um.... some good news -- oil will be cheaper

Posted By Daniel W. Drezner

[UPDATED BELOW] As I'm typing this, two things appear to be happening -- the bailout package has enough no votes to fail, and the stock market is tanking. I'm wondering if the latter will reverse the former. There have been two problems from the beginning with the proposed rescue plan.  First, it was labeled a bailout, which is a really, really bad public opinion frame.  (Let me add that neither presidential candidate has helped.  McCain's interventions seem to have bolstered the House Republicans who said no; Obama's frame of Wall Street vs. Main Street made it easy for voters to believe that a financial meltdown would not affect them in the slightest.  Second, the idea of the package was to prevent a financial mewltdown.  But here's the thing -- no one gets credit for stopping a meltdown if it doesn't happen.  To use a security analogy, think about what would have happened if either the Bush or Clinton administrations had killed the leadership of Al Qaeda and the Taliban prior to June of 2001.  Even if they had claimed that they were foiling a terrorist plot against the United States, no one would have known about it, and it would have been pretty easy to attack either administration for belligerent unilateralism.  In other words, it was only after 9/11 that the American public was ready to take the actions that would have prevented 9/11.  I'm wondering if ther same thing will happen now.  If the public, or House members, sees how Wall Street is reacting to what they are doing, they might have time to change their mind (I'm not sure how long the vote will stay open).  Will the evidence of a meltdown be sufficient cover for politicians to do what they have to do?  Or will the meltdown be sufficiently melt-y to make government intervention futile by that point?  You might see several members who were opposed to the bailout financial rescue before they were in favor of it.  Developing..... UPDATE:   Oh, s**t -- and the House will not vote again today.  And the TED Spread increased by 22%.  More quick reactions on the House rejection from Megan McArdle, Paul Krugman, Brad DeLong, Jim Manzi, and Tyler CowenThis Yglesias post leaves me gobsmacked.  ANOTHER UPDATE:  I'm enough of a politics junkie to wonder how this will affect the presidential campaign.  Ramesh Ponnuru thinks that it's going to hurt McCain:  "He was trying to get House Republicans on board, after all, and he failed. Blaming the Democrats for the failure will not and should not work, given the ratios on both sides." Ezra Klein has a pretty succinct summary of what happened:  "the Republicans killed this bill. Without their cover, the Democrats couldn't save it, because politically, they couldn't take ownership of it." Ben Smith has the latest spin from both sides.  This is interesting:  "Partisans on both sides noted that, in prepared remarks today, each candidate acted as though they thought it was a done deal." I think the big question is what happens next.  Will Obama decide that he needs to lean on the Democrats who voted no?  Will McCain do the same thing on the GOP side?  After what happened last week, can he?  Will they act in concert?  Developing.... LAST UPDATE:  Further thoughts here
EXPLORE:ECONOMICS, POLITICS

Posted By Daniel W. Drezner

Question to readers -- who should be more embarrassed by these paragraphs -- CBS News, or the McCain campaign?
A month ago, Sally and Chuck Heath's third child, Sarah Palin, a self-proclaimed hockey mom and wildly popular governor of Alaska, was thrust into the national spotlight when John McCain picked her to be his running mate. In the time since, Palin's readiness to be president in the event she and McCain are elected and McCain becomes incapacitated has been widely questioned by Democrats and many in the media. But, in an exclusive interview at their home in Wasilla, Alaska, the Heaths told Early Show co-anchor Harry Smith their daughter is, indeed, ready to occupy the Oval Office at a moment's notice. When asked by Smith about rumblings that Palin isn't ready to be vice president and a heartbeat away from the presidency, Chuck replied, "She's ready to do anything she wants to be. And she perseveres, she works so hard, she learns so fast. Yeah, she -- I -- I don't worry about that at all. That's what I'll tell 'em. Yeah. ... You want some honesty, yeah -- yeah, not a typical politician, get her. Yeah. Yeah." Sally added, "She's got that ability to relate to people. She's diplomatic. She can get her point across."
I'm starting to wonder if the McCain campaign's strategy for Palin is to make her campaign so embarrassing, so Office-level awkward, that she starts to collect pity votes.  On the other hand, I congratulate Palin for earning the whole-hearted support of her parents.  If McCain had been stupid enough to pick me as his VP pick, here's how the story would have read: 
A month ago, the Drezner's first child, Daniel Drezner, a self-proclaimed "blogger father" and tepidly popular professor at Tufts University, was thrust into the national spotlight when John McCain picked him to be his running mate. In the time since, Drezner's readiness to be president do anything remotely managerial in the event he and McCain are elected and McCain becomes incapacitated has been widely questioned by Democrats and many in the media everyone with an IQ over 80. But, in an exclusive interview at their home in Connecticut, the Drezners told Early Show co-anchor Harry Smith their son is, indeed, ready to occupy the Oval Office at a moment's notice -- at least, once he cleans up the bedroom he occupied as a child. When asked by Smith about rumblings that Drezner isn't ready to be vice president and a heartbeat away from the presidency, Daniel's father replied, "Yeah, I don't blame them.  Have you seen this room?  Come over here, take a look.  If he can't organize his closet, how is he going to manage the federal budget?" Daniel's mom added, "It's my fault -- I didn't ask him to do enough cleaning up as a child.  Also, his posture is so poor -- he stoops over way too much.  Could you tell him that for me the next time you see him?  He's not calling us all that much right now.   "Would you like to see his bar mitzvah album?  Are you hungry, Harry?  Some nice brisket, perhaps?"   
 

Posted By Daniel W. Drezner

A lot of poli sci bloggers have linked to this Daniel Hopkins paper that argues that the Bradley effect disappeared in 1996. His punch line: 

This paper compiles polling and election data for all black and female candidates for Governor or U.S. Senator from 1989 to 2006. These 249 observations from 133 elections show that

there was indeed a Wilder effect, but one that was specific to a particular group and political context. African Americans running for office before 1996 performed on average 2.7 percentage points worse than their polling numbers would indicate. Yet this effect subsequently disappeared. Although precision is limited because there were only 47 observations for 18 elections with black candidates in this period, these findings accord with theories of racial politics emphasizing the information environment. As racialized rhetoric about welfare and crime receded from national prominence in the mid-1990s, so did the gap between polling and performance. Even over short periods of time, the inuence of race on electoral politics can shift markedly.

Now, I really hope Hopkins is correct, for a variety of reasons.*  Here's my question, however -- does evidence of a disappearing Bradley effect in state-level elections automatically imply that it has disappeared at the presidential level?**  

This is a genuine question -- I really don't know.  I can see valid reasons for saying that polling effects at the senatorial and gubernatorial level would translate to the presidential level.  On the other hand, this is the first time an African-American has appeared this high up on their ballot; I have to wonder if the Bradley effect is most powerful the first time an African-American runs for a particular office.  On the fourth hand, the Bradley effect is not the same thing as racism (I think it's pretty clear that the latter effect hasn't gone away) -- and I don't have a good answer for why the Bradley Effect would disappear at lower-level elections and not at the highest tier.

In other words, I don't know.  This seems like an excellent question to throw open to comments, however.

*The most obvious thing is that the more closely final results hew to exit polls, the fewer conspiracy theories that float around after the election. 

**Hopkins has data from the 2008 primary that says yes, but let's face it, Barack Obama vs. Hillary Clinton is not the same thing as Barack Obama vs. John McCain. 

As I was puttering around this morning, there was something gnawing me about the debate last night.  None of the surface stuff -- there was something amiss that I couldn't place.  And then, going over the debate transcript, I realized it: 
Jim Lehrer didn't ask a single question about China
Think about this for a second.  China is clearly the one country that can challenge the United States as a peer competitor in the next decade.  There are economic, regional, security, human rights, and global governance issues where Washington and Beijing don't see eye to eye.  And there was no question that addressed any of this.  That is a whopper of an omission for a debate about foreign policy.   Question to readers:  what other foreign policy issues were not even discussed at last night's debate?
Nate Silver points out, correctly, that pundits watch these debates differently than the rest of the country.   So, as a follow-up to last night's post, which focused more on the substance of what they said, here are some random thoughts about the surface stuff:
  1. John McCain looks much worse in person than he does on analog television, and I was wondering if that would show up if 2008 would lead to an HD/analog split in reaction to the debate that 1960 had for radio/television.  I was pleasantly surprised to see that the answer was no.  [Pleasantly?--ed.  Yes, this is a really stupid reason to prefer one candidate over the other.]  McCain looked better than expected, while Obama looked more sallow.  Curiously, the more whiskey I drank, the better both of them looked.  UPDATE:  Wow, Ann Althouse and I agree!
  2. Ah, the perceived slights.  Josh Marshall highlights McCain's unwillingness to make eye contact with Obama.  I would say that McCain evinced some disregard for Obama -- but I'm not buying the "low-ranking monkey" hypothesis (seriously, I can't believe Josh posted this).  McCain was not afraid of Obama -- he just doesn't like him.
  3. Meanwhile, Amy Holmes at NRO is miffed that Obama kept calling John McCain "John" rather than Senator McCain.  Holmes suggests that Obama picked this up from Joe Biden.  I've found, in talking with Obama staffers, that this is just how that campaign talks.  They all call Obama "Barack".  The fuddy-duddy in me finds this absurd -- if you're worried about a stature/experience gap with your opponent, the last thing you do is call everyone by their first name.  But it's not something directed at McCain specifically.
  4. The most grating moment came when John McCain called himself a maverick.  As Megan McArdle observes, "no one should ever, ever refer to themselves as a maverick unless they are currently James Garner." 
  5. Amid all the debate over who won the debate, the answer seems clear to me -- the candidate who left themselves more vulnerable to the cold-open Saturday Night Live skit tonight loses.  I think McCain's performance is more ripe for satire -- but we'll know in about 14 hours.   
Like, that's all. UPDATE:  OK, this is, like, pretty fascinating:   

Posted By Daniel W. Drezner

11:30 PM:  The clear winner of tonight's debate was me -- for making the decision to sip whiskey while I was watching it.  Time for bed.  11:25 PM:  Marc Ambinder points to a CBS poll of undecideds that give Obama the edge by a pretty wide margin -- but as Nate Silver points out, "Obama didn't win by anything like a 2:1 margin."  CNN just reported a post debate poll that had Obama winning 51% to 38%, but I have no idea how they weighted their sample.    11:10 PM:  Gee, Joe Biden went on CNN to do post-debate spin.  Sarah Palin?  CNN asked her on, but she mysteriously failed to show.  10:58 PM:  I think the fallout from the debate rides on the following: 
  1. Given McCain's erratic behavior this past week, did his decent debate performance improve voter perceptions?
  2. McCain kept reiterating that Obama's foreign policy approach was naive.  Did voters agree with that perception?
  3. Which clips get repeated on YouTube? 
  4. What does Henry Kissinger really think? 
10:49 PM:  Watching the post-debate on CNN... and I'm struck that the GOP operatives are praising McCain for the very things that they derided Al Gore about in 2000.  "He cited a lot of names!" 10:37 PM:  Thank God that's over... I think both of them did better once the questions shifted towards foreign policy.  On a tactical level, I'd give the edge to McCain for trying to hammer home the contrast between his experience and Obama's alleged naivete.  On a strategic level, I think Obama did hold his own on the issues --and by demonstrating a coherent connection between strength at home and strength abroad, refuted McCain's claim.  10:30 PM:  McCain is clearly doing everything possible to demonstrate that a) he's been around the block on foreign policy, and b) Obama is naive on foreign policy questions.  I think McCain has had the snappier one-liners in this debate, but I don't think that sheer repetition on this point is really going to fly.  10:27 PM:  On Russia, McCain gave an answer that sounded like Al Gore in 2000 -- "see how many names I can list?"  Obama gave a decent answer that connected Russia to energy security -- but McCain had a good comeback on how no one from Arizona would oppose solar power.  10:16 PM:  The Iran question is the first one of the night when I saw a clear-cut winner -- Obama cleaned McCain's clock (right until McCain gave a mock dialogue on taking with Iran, which probably played well).  10:07 PM:  And at the fifty-seven minute mark, the Official Blog Wife has fallen asleep.  10:04 PM:  McCain implies that a League of Democracies could impose meaningful sanctions on Iran -- which is, I'm sorry, horses$#t.  India won't sign onto it.  South Africa won't sign onto it.  Brazil won't sign onto it.  And, obviously, Russia and China won't sign onto it.  Which means it's a toothless claim.  9:59 PM:  I was actually pretty impressed with both of their first responses on Pakistan... until McCain started yammering on about his biography.  9:49 PM:  McCain is not really addressing the question on Iraq, going back to talking points.  Obama seems determined to go back to 2003 in answering the question.  A draw on this question -- which is a question where McCain would be expected to trump McCain. 9:42 PM:  Obama says that, "Al Qaeda is stronger than at any time since 2001"?  Really?  Juan Cole would beg to differ9:39 PM:  And we have our first foreign policy question during the foreign policy debate. 9:38 PM:  McCain repeats the Miss Congeniality line.  9:36 PM:  I think McCain is going after the veteran vote... 9:26 PM:  Ah, that implant I put into Lehrer's brain is working.... 9:23 PM:  So I'm getting the sense that Obama is not a libertarian... 9:21 PM:  Why is neither candidate discussing how the cost of the bailout package affects their fiscal plans?  Why isn't Lehrer pressing them? 9:15 PM:  McCain, "the evils of earmarking"!!!!  Look, I don't like this stuff, but "evil"? 9:13 PM:  I'm already depressed, because the answers so far are almost... Palinesque.  9:11 PM:  From the wife:  "Lehrer is like a couples therapist -- 'Talk to each other!  Talk to each other!'" 9:08 PM:  Lehrer, "Let's get back to my question (about the bailout)."  Good for him!  Except that since the plan is kind of changing, it's a bit meaningless.  9:06 PM:  Obama's opening was... eh.  McCain was smart to give a shout out to Kennedy. 9:02 PM:  Hey, the global financial crisis is part of foreign policy!!   9:01 PM:  In accordance with the wishes of the Official Blog Wife, we're watching this on PBS... even Jim Lehrer seems a wee bit nervous... and, I might add, the sound synch is a bit off.... switching to CNN... oh sweet Jesus, what the hell is going on here?  Switch madly to ABC... ahhhhh.  8:55 PM:  Due to the financial crisis, the blog has had to make some adjustments.  In completely unrelated news, have I mentioned that the best way to watch this debate is with a glass of Johnny Walker Blue? 8:53 PM:  Hmmmm.... TNT is showing Con Air, and USA has a House marathon, and the Red Sox game is underway [Resist!!  Resist!!--ed.]  In a few hours, the hard-working staff here at danieldrezner.com will be here to liveblog tonight's economic policy foreign policy probably a bit of both debate.  If the press releases are to be believed, each side thinks the other side's guy is an awesome debater.   Until then, you have time in the comments to offer drinking game tips to watch the debate.  I think one way to guarantee that you're completely sloshed by the ten minute mark is to drink any time either of the candidates says the words "I resent...." 

Posted By Daniel W. Drezner

Let's sum up the state of the GOP, shall we?  There's plenty I could say about Democrats -- to quote Kevin Drum, "will you just pass the fucking thing?"  But I'm more concerned about the party I called home for twenty years.  Has the behavior of any Republican other than Ben Bernanke and Bob Bennett inspired confidence in the GOP's leadership and governance abilities? 
EXPLORE:POLITICS, GOP

Posted By Daniel W. Drezner

One of the conundrums about what I do for a living is that it's good for my profession when we live in interesting times -- and by "interesting" I mean, "teetering on the brink of disaster. " Today is gonna be an interesting day. First, there's going to be the market and political reaction to yesterday's bipartisan compromise failure to reach agreement on the bailout plan, and the extent to which John McCain is responsible.  There are conflicting accounts about what exactly happened -- but I'm curious to see if a consensus emerges during the day about a) a bailout plan; and b) Obama and McCain's role in a bailout plan.  My one substantive thought about this:  I don't like the "tranche" idea of giving Treasury the money in installments.  The one reason I can see for Treasury's $700 billion number was to signal to the markets that the Mother of All Backstops is available to insure liquidity and solvency in the financial system.  If you segment that out, it weakens and dilutes the signal (see Greg Mankiw for a longer defense of the contours of the Treasury plan).    My one political thought about this:  Hey, remember when McCain and Obama claimed, again and again, that they could reach across party aisles to get things done?  During this crisis, has either of them taken a step that even remotely backs up this claim?  If I were Obama, I'd give Boehner a call just to leak the fact that I'd tried to reach out -- same with McCain and Pelosi.  Second, there's the debate tonight.  Nate Silver makes a shrewd point here:   
Perhaps, however, rather than trying to postpone the debate, McCain is instead seeking to increase its importance. Surely the drama of the past 30 hours has made it an even more captivating event, probably leading to increased viewership. Moreover, with the subject matter likely to be expanded to include the economy, and the candidates having had less time to prepare, the entire exercise becomes less predictable, with gaffes more likely to occur, but also the potential for "clutch" performances.
I don't think McCain intended to do this -- that would require long-term thinking and based one what he's said in the past two weeks I don't think McCain's time horizon extends past 12 hours on anything right now.  What matters is that McCain's actions have undoubtedly upped the ante tonight.  I'll definitely be live-blogging the debate -- so be sure to show up! Have an interesting day! UPDATE:  Slate suggests other McCain gambits that we might see.  My fave -- "Sells Alaska to Russia for $700 billion." More seriously, I'm wondering if McCain will attempt the Albright Maneuver.  When Madeleine Albright was U.N. Ambassador, she would sometmes atten NSC meetings by satellite.  This had the psychological effect of increasing her leverage at the meetings, because she was a giant talking head on a big screen.  I would not be surprised if sometime in the next few hours the McCain campaign offers the following to the Commission on Presidential Debates -- "I'm not going to Oxford, MS, but I'll appear via satellite from my Senate office because I'm working so hard on this bailout."  Wouldn't that be the ultimate brinksmanship play? ANOTHER UPDATE:  No Albright Maneuver
Senator McCain has spent the morning talking to members of the Administration, members of the Senate, and members of the House. He is optimistic that there has been significant progress toward a bipartisan agreement now that there is a framework for all parties to be represented in negotiations, including Representative Blunt as a designated negotiator for House Republicans.  The McCain campaign is resuming all activities and the Senator will travel to the debate this afternoon.  Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners.

Posted By Daniel W. Drezner

Um.... here's the latest Palin interview snippet:
[But what about Joe Biden?  He recently f#$%ed up in interview situations as well!!--ed.]  Duly noted and linked.  The difference to me might be one of expectations.  I already knew that Biden is a blowhard and ready at a moment's notice to say something silly.  But I also know that, in the past, Biden has been willing to own up to his own stupidities.  I also know that, prtisanship aside, Biden actually has an interest in foreign affairs, governing, that sort of stuff. All I know about Sarah Palin is the following:
  • She's a hockey mom
  • She has less than two years of experience as governor
  • She has yet to utter a coherent sentence on foreign policy
Am I missing anything? UPDATE:  OK, I've finally found a situation where I feel the need to defend Sarah Palin!  Chris Orr links to this Thinkprogress video, observing, "Note the frequent glances at what appear to be notes in her lap.": 
 
Actually, what I noticed is that Couric glanced down at her notes more frequently than Palin!   As Palin videos go, this one is less damning than most.

Posted By Daniel W. Drezner

The New York Times reports that, "Lawmakers indicated Thursday that they were close to hashing out an agreement on a proposed $700 billion bailout of the financial system, hours before a meeting at the White House to complete the deal."  Here's my question -- given how McCain has played this, doesn't he have a massive incentive to prevent any consensus out until, oh, say, after Friday's debate?  Ah, sure enough, we get to this paragraph: 
Speaking at a gathering in Midtown Manhattan, Senator McCain, in comments that ran counter to those of Congressional Democrats, said on Thursday morning that no consensus had developed among lawmakers to support the bailout plan.
Of course, a consensus puts McCain in a real bind -- he can't claim to be exercising leadership if a consensus is happening without him.  On the other hand, he can't exactly block consensus, cause that would look kind of political.  The very interesting question of the day is what the Bush administration and congressional Republicans will do.  Developing.... UPDATE:  Ah, great minds think alike.... and then there's me and James Pethokoukis.  He asks a similar question
How the bailout turns! If John McCain came out against the Paulson Plan, effectively killing it, would he not a) likely vault back into the lead vs.Barack Obama by opposing a trillion dollar bailout—maverick style!—that voters hate even if they think it somehow necessary, b) lock up working-class, "Sam's Club" voters in places like Michigan, Pennsylvania and Ohio, and c) send the base into Palinesque waves of ecstasy since Newt Gingrich/Rush Limbaugh/ Conservative Blogosphere have been ripping the bailout to shreds? But wouldn't McCain also risk a) forever alienating wealthy economic conservatives in Manhattan and Connecticut, b) looking like he is stabbing the White House in the back, and c) sending the markets into a death spiral?
I have to think that last point is the one that matters.  I don't doubt that the bailout is unpopular, but I'm betting that death spiral capital markets will cause a pretty rapid shift in public opinion.  UPDATE:  Politico's Martin Kady II reports on an agreement on "principles."  This quote stood out: 
Sen. Robert Bennett (R-Utah), the top GOP negotiator in the Senate, said, "We have a plan that will pass the House, pass the Senate and be signed by the president, and bring certainty to the markets."
Has McCain arrived in DC yet? 

Posted By Daniel W. Drezner

Clearly, I don't get the political allure of Sarah Palin.  So I'm going to ask her defenders -- what positive leadership or political attributes did she display in this interview?   
 
Clearly, I need the expertise of the Palinphiles, because I've come to the conclusion that Campbell Brown is dead wrong
Wait, you mean this only works for presidential candidates?  Comment away on this.  The policy wonk in me is flabbertgasted at the chutzpah involved in this move -- seriously, if you take all of his pronouncements about the financial crisis over the past two weeks and consider them together, and it's hard not to agree with Virginia Postrel.  The politics junkie in me admires both the creativity and long-shot nature of the gambit as a way to change the media narrative.  UPDATE:  I agree with John Dickerson's take in Slate:
It's not clear what exactly McCain is going to do in Washington. He doesn't sit on any of the relevant committees and everyone is already deep in negotiations. Still, he's coming anyway. It doesn't make much logical sense. The only way to understand it is politically: In a presidential campaign, the surest sign that a candidate is playing politics on an issue is when he claims not to be playing politics on an issue. The only way for McCain to convince everyone that his intentions are 100 percent pure is for him to drop out of the race completely. A campaign doesn't end—and its distracting affects don't disappear—just because one candidate says so. It's hard to believe that McCain's actions would pass his own laugh test. In fact, he's often snickered at his fellow senators who come in at the eleventh hour to lend a hand after McCain has done the hard work. But the McCain campaign is past caring about how journalists (or colleagues) view his moves. He hopes the rest of the country will see this as a leadership moment.... Whether McCain's crazy gambit is seen as desperate or brilliant, it doesn't matter. Either way, it's probably not the last. The beneficial effects of the Palin Hail Mary lasted only a few weeks, and another adrenaline injection was needed. If this one doesn't work, that's OK—in due time they can try another razzle-dazzle play. And if it does work, that's great—in due time they can still try another razzle-dazzle play. It all makes the prospect of a McCain White House very exciting. So exciting, he might want to schedule periodic suspensions of his presidency to get anything done.
Apropos of a comment, I think we can label this the Favre-ization of the McCain campaign.   

Posted By Daniel W. Drezner

Here's the latest Obama ad for Michigan: 
 
I have no doubt this will play in Michigan -- but the ad has a different effect on your humble blogger: 
  1. The ad implies that Obama's willing to give out loan guarantees to Detroit.  Question to Obama's economic team -- are there any industries you are not going to offer a federal handout?  And no, oil doesn't count. 
  2. My Democrat friends keep insisting that Obama doesn't mean any of his protectionist rhetoric.  But how many ads about "shipping jobs overseas" does it take for one to wonder about Obama's foreign economic policy? 
  3. This ad actually brings up one of the few actual "straight talk" moments for McCain in this campaign -- when he told Michigan auto workers that he wasn't going to be able to bring their jobs back. 
  4. One of the side benefits of the widening number of swing states is that the rust belt starts to matter less.  Which means that maybe in another election cycle or two protectionist pandering like this becomes less necessary [You're dreaming, you know that, right?--ed.  Oh, let me have this fantasy.]
I'm not necessarily going to vote for McCain -- but ads like this sure don't give me warm fuzzies about Obama. 

Posted By Daniel W. Drezner

Your humble blogger is giving a talk today in the Pioneer Valley and will therefore be out of contact for a while.  Readers are encouraged to post, in comments, their imagined transcript between GOP VP nominee Sarah Palin and former Secretary of State Henry Kissinger when they meet at the United Nations later today.  I just hope it doesn't go like this:   UPDATE:  Well, I have to say that the commenters came up with much more imaginative stuff than the poor pool reporter

Posted By Daniel W. Drezner

I know that transcripts of spoken remarks can sometimes look foolish in print/on the screen.  I'm pretty sure that the problems currently plaguing Wall Street are complex and defy easy answers on the campaign trail.  I suspect that had Sarah Palin been given another four years to, you know, govern something, she might be a bit more up to speed on policy.  None of these caveats, however, make me feel any easier about the answers Palin gave to Sean Hannity in her latest interview.  Time's The Page blog has excerpts.  I hereby challenge readers to translate the following Palinomics quotes into something approximating standard English:
On fixing the economy:  “Through reform, absolutely.  Look at the oversight that has been lack, I believe, here at the 1930s type of regulatory regime overseeing some of these corporations.  And we’ve got to get a more coordinated and a much more stringent oversight regime…government can play a very, very appropriate role in the oversight as people are trusting these companies with their life savings, with their investments, with their insurance policies, and construction bonds, and everything else."  On who is responsible for the failing financial institutions:  “I think the corruption on Wall Street.  That’s to blame.  And that violation of the public trust.  And that contract that should be inherent in corporations who are spending, investing other people’s money, the abuse of that is what has got to stop. “And it’s a matter, too, of some of these CEOs and top management people, and shareholders too not holding that management accountable, being addicted to, we call it, OPM, O-P-M, “other people’s money.” “Spending that, investing that, not using the prudence that we expect of them.  But here again, government has got to play an appropriate role in the stringent oversight, making sure that those abuses stop.” On AIG getting government bailout:  “Well, you know, first, Fannie and Freddie, different because quasi-government agencies there where government had to step in because of the adverse impacts all across our nation, especially with homeowners. “It’s just too impacting, we had to step in there.  I do not like the idea though of taxpayers being used to bailout these corporations.  Today it was AIG, important call there, though, because of the construction bonds and the insurance carrier duties of AIG.”
Like Kevin Drum, I'm going to claim absolute ignorance here:  what are construction bonds, exactly?  Do they have anything to do with the current financial crisis?  What was she trying to say by saying "construction bonds"  Do any of my readers speak Palin?  Memo to McCain campaign:  I think it's swell that you're going to introduce Sarah Palin to a few UN folks.  Let's face it, she wasn't terribly convincing on foreign policy in that last interview.  While she's in the cosmopolitan capital of the godless blue states New York City, however, maybe it would be a good idea to have her sit down and chat with a few finance people as well?  What I've learned about Sarah Palin to date is that she doesn't know a lot about foreign policy, doesn't know a lot about the economy, and she sounds just as bad in friendly interview situations as she does in slightly more probing interviews.  Her best skill displayed to date was delivering a speech off a teleprompter (not insignificant in politics, mind you) and she's apparently exaggerating that skill as well.  Am I missing anything?  Help me out, readers -- because her current appeal seriously escapes me.  UPDATE:  Several responses on the construction bonds question suggesting that Palin was actually speaking from her own experience as governor/mayor in charge of infrastructure projects, and that because of AIG's role in insuring some of those surety bonds the point was relevant.  I buy the former, but the latter dog won't hunt.  Besides, Palinologists now have a whole new issue area to defend Palin -- energy: 
In defense of Palin, I think this is an episode that has to do more with mangled syntax than with a lack of knowledge on her part.  

Posted By Daniel W. Drezner

Ross Douthat raises a point I've been thinking about as well.  As content-free as John McCain's campaign has been to date, so was George H.W. Bush's, and he turned out to govern in a completely different manner than he campaigned (and I don't care what Charles Pierce says, I've very glad Bush was president between 1989 and 1992 rather than Dukakis). Actually, the McCain/H.W. Bush comparisons go deeper than that:
  • They were both pilots who were shot down in wartime;
  • They both had decades of Washington experience;
  • They are more interested in foreign policy than domestic policy;
  • They both are lousy public speakers
  • They both lost a close primary to a more ideological two-term president eight years before they became the GOP nominee;
  • They both made dubious selections for their VP candidate; 
The thing about analogies, however, is that it's easy to find the parallels and harder to find the contrasts.  So I'll put this to readers -- in what ways is John McCain not like George H.W. Bush.  The most obvious difference to me is are their foreign policy approaches and their temperment.  What am I missing? UPDATE:  MSM takes on the question of whether McCain's campaign would mirror his governance style.  The Washington Post's Ruth Marcus says yes.  Over at the New York Times Campaign Stops blog, David Brooks offers this hopeful contrast:  "McCain would run an administration totally unlike his campaign. It would be a series of commissions run by the old establishment types McCain likes doing business with — Hillary Clinton, Alan Greenspan, Henry Kissinger, etc." 

Posted By Daniel W. Drezner

David Brooks voices concerns that have also been voiced by your humble blogger in his column today: 
Conservatism was once a frankly elitist movement. Conservatives stood against radical egalitarianism and the destruction of rigorous standards. They stood up for classical education, hard-earned knowledge, experience and prudence. Wisdom was acquired through immersion in the best that has been thought and said. But, especially in America, there has always been a separate, populist, strain. For those in this school, book knowledge is suspect but practical knowledge is respected. The city is corrupting and the universities are kindergartens for overeducated fools. The elitists favor sophistication, but the common-sense folk favor simplicity. The elitists favor deliberation, but the populists favor instinct.... I would have more sympathy for this view if I hadn’t just lived through the last eight years. For if the Bush administration was anything, it was the anti-establishment attitude put into executive practice. And the problem with this attitude is that, especially in his first term, it made Bush inept at governance. It turns out that governance, the creation and execution of policy, is hard. It requires acquired skills. Most of all, it requires prudence.
This is certainly one reason why the founders wanted a republic and not a democracy -- in republics, leaders do have the ability to resist the populist temptation a little more.  What's interesting is how this resistance to experts plays out in campaign tactics.  Consider, for example, this Washington Post story by Shamkar Vedantum (hat tip:  Kevin Drum):
[A]a series of new experiments show that misinformation can exercise a ghostly influence on people's minds after it has been debunked -- even among people who recognize it as misinformation. In some cases, correcting misinformation serves to increase the power of bad information. In experiments conducted by political scientist John Bullock at Yale University, volunteers were given various items of political misinformation from real life. One group of volunteers was shown a transcript of an ad created by NARAL Pro-Choice America that accused John G. Roberts Jr., President Bush's nominee to the Supreme Court at the time, of "supporting violent fringe groups and a convicted clinic bomber." A variety of psychological experiments have shown that political misinformation primarily works by feeding into people's preexisting views. People who did not like Roberts to begin with, then, ought to have been most receptive to the damaging allegation, and this is exactly what Bullock found. Democrats were far more likely than Republicans to disapprove of Roberts after hearing the allegation. Bullock then showed volunteers a refutation of the ad by abortion-rights supporters. He also told the volunteers that the advocacy group had withdrawn the ad. Although 56 percent of Democrats had originally disapproved of Roberts before hearing the misinformation, 80 percent of Democrats disapproved of the Supreme Court nominee afterward. Upon hearing the refutation, Democratic disapproval of Roberts dropped only to 72 percent. Republican disapproval of Roberts rose after hearing the misinformation but vanished upon hearing the correct information. The damaging charge, in other words, continued to have an effect even after it was debunked among precisely those people predisposed to buy the bad information in the first place.... Political scientists Brendan Nyhan and Jason Reifler provided two groups of volunteers with the Bush administration's prewar claims that Iraq had weapons of mass destruction. One group was given a refutation -- the comprehensive 2004 Duelfer report that concluded that Iraq did not have weapons of mass destruction before the United States invaded in 2003. Thirty-four percent of conservatives told only about the Bush administration's claims thought Iraq had hidden or destroyed its weapons before the U.S. invasion, but 64 percent of conservatives who heard both claim and refutation thought that Iraq really did have the weapons. The refutation, in other words, made the misinformation worse. A similar "backfire effect" also influenced conservatives told about Bush administration assertions that tax cuts increase federal revenue. One group was offered a refutation by prominent economists that included current and former Bush administration officials. About 35 percent of conservatives told about the Bush claim believed it; 67 percent of those provided with both assertion and refutation believed that tax cuts increase revenue.
This suggests: 
  • The Obama strategy of painting McCain as a liar won't improve perceptions of Obama -- at best they'll simply convince people McCain is a liar.
  • There is a terrible incentive for any "expert" -- i.e., credentialed enough to merit press attention -- to make a wild-ass claim that makes the papers.  Since the first claimer apparently has first-mover advantage, refutation becomes irrelevant. 
  • No one gives a flying f%$# what I think about this. 
   

Posted By Daniel W. Drezner

Politico's David Paul Kuhn writes about the dog not barking among GOP foreign policy heavyweights: 
The acclaim for the vice presidential nominee is all but deafening within the GOP, except in one small but influential corner: the party’s foreign policy establishment. Among that mandarin class, the response to Palin’s nomination has been underwhelming, marked by distinctly faint praise or flat-out silence.
Having chatted with a few members of this mandarin class, I would describe the range of opinion about Palin's foreign policy bona fides as varying from "underwhelmed" to "you gotta be f#$%ing kidding me?"  What's really disturbing, however, is this Bob Kagan quote:
“I don’t take this elite foreign policy view that only this anointed class knows everything about the world," he said. "I’m not generally impressed that they are better judges of American foreign policy experience than those who have Palin’s experience.”
This is one of those head-scratching comments when the only question is whether Kagan is being completely cynical or whether he actually believes that expertise is irrelevant.  Given the GOP attack line just three weeks ago was about Obama's inexperience, and given that Bob goes to the trouble of writing and researching actual books, I have to go with cynical.    Question to other GOP policy wonks:  is it possible to support a candidate that campaigns on the notion that expertise is simply irrelevant?  UPDATE:  In the comments, I'm seeing variations on the argument that Palin has as much foreign policy experience as Clinton or Bush did when they were elected.  One could quibble a bit with that, but it's not really the point.  The point is this:  foreign policy issues were not terribly important in either the 1992 nor 2000 elections.  Regardless of one's views of the candidates, does anyone seriously believe that the strategic environment in either 1992 or 2000 is akin to the situation we face today?

Posted By Daniel W. Drezner

The campaign is getting nasty, and Kevin Drum thinks this is bad for whomever wins:
If McCain wins, he'll face a Democratic congress that's beyond furious. Losing is one thing, but after eight years of George Bush and Karl Rove, losing a vicious campaign like this one will cause Dems to go berserk. They won't even return McCain's phone calls, let alone work with him on legislation. It'll be four years of all-out war. And what if Obama wins? The last time a Democrat won after a resurgence of the culture war right, we got eight years of madness, climaxing in an impeachment spectacle unlike anything we'd seen in a century. If it happens again, with the lunatic brigade newly empowered and shrieking for blood, Obama will be another Clinton and we'll be in for another eight years of near psychotic dementia. Am I exaggerating? Sure. Am I exaggerating a lot? I don't think so. McCain, in his overwhelming desire for office, is unloosing forces that are likely to make the country only barely governable no matter who wins. 
Meh.  Kevin might be right.  In this Feiler Faster Principle age, however, Labor Day memes can get washed away pretty damn quickly.  What matters is whether these tactics actually work -- and no, a post-convention bounce does not count as working.  If this stuff works in November, then Kevin might have a point.  I have my doubts, however.    Question to readers:  is Kevin exaggeraing a lot or a little?
My latest bloggingheads diavlog is with Elvin Lim, who is the author of the very engaging book The Anti-Intellectual Presidency, which hereby receives the official danieldrezner.com endorsement.  Lim's argument, simply put, is that presidential rhetoric has become less intellectually nutritious over time.  The book has some fascinating details, including the following:
  • Using Flesch scores, the two least sophisticated set of presidential papers in the last eighty years are Lyndon Johnson and Bill Clinton -- i.e., they were written at an eleventh-grade reading level (the Bushes finish third and fourth).
  • Using those same Flesch scores, social scientists write denser more sophisticated prose than those in law or the humanities. 
We talk about the state of campaign rhetoric, the state of presidential rhetoric, and the movie Idiocracy (well, I talk about it). Go check it out

Posted By Daniel W. Drezner

Comment away on the government takeover of Fannie Mae and Freddie Mac.  If you think I have something substantive to say about the economics of it, you'd be wrong -- I'm still puzzling over what the government will actually do.  Instead, I will simply note some rather odd political effects:
  1. Here's a fun counterfactual:  step back for a minute and think about what would be happening right now if John Snow was still the Treasury Secretary instead of Henry Paulson.  That's a scary f$#&ing thought, isn't it?  For someone who ostensibly accepted the job during an administration's lame duck years, Paulson's been rather... vital, no?  If you were a conspiracy theorist -- which I'm not -- you'd almost have to wonder if Bush officials, when they approached Paulson, let him know that a financial storm was a brewin'. 
  2. The effect on the presidential campaign seems obvious to me -- isn't it going to be very, very hard for the GOP to bash Obama as a big government liberal when a Republican administration takes over two of the largest financial institutions in the country with the support of the Republican candidate for president?  It's not like this is a completely new phenomenon, but still. 
Comment away.  Readers are also encouraged to provide a complete list of U.S. companies that are "too big to fail" -- i.e., so vital to the economy that the U.S. government will bail them out regardless of what happens.  UPDATE:  Skimming at what's been reported, I am cheered by the fact that one of the goals of the takeover is to make sure, long term, that Fannie Mae and Freddie Mac will not be "too big to fail" in the future. 

Posted By Daniel W. Drezner

John MCain drew a record audience for his acceptance speech, and based on the distribution of viewers, part of what put him over the top was holdover viewers from the New York Giants/Washington Redskins game.  Could it be that Matt Yglesias is in the minority and that football-watchers are more likely to lean Republican?  I don't know -- but that's the best segue I can think of to link to Paula Lavigne's fascinating ESPN.com article on which sports figures are backing which presidential candidates.  The article is very long well-researched, but here are the tidbits I found interesting: 
  • "Professional athletes and executives have given $445,334 to the two nominees -- 55.8 percent to McCain and 44.2 percent to Obama, according to ESPN analysis of figures from the Center for Responsive Politics, a nonpartisan research group."
  • "The difference this election is that pro sports donors are more divided. In the past two presidential elections, the Democratic nominee has struggled to muster at most 16 percent of pro sports donations."
  • "Professional sports figures have given twice as much money to all presidential candidates combined during this election than they have to candidates in each of the past two races. And almost two months of fundraising remain for the two nominees."
  • "McCain has lots of friends in the dugout, but his biggest fans are in football. Six of McCain's top 10 pro sports donors are with NFL teams, led by the San Diego Chargers, Dallas Cowboys and Houston Texans."
  • "NBA staff topped Obama's list of pro sports donors at $24,360."
  • "[Rudy Giuliani] cashed in a total of $210,900 from pro sports donors, including $86,300 from NASCAR employees and drivers and $17,000 from his hometown New York Yankees."
This should have been the early tipoff about the Yankees' fortunes this year :).  Read the whole thing.  And props to the athletes -- their reasons for their various endorsements were very cogent. 

Posted By Daniel W. Drezner

A few quick thoughts on John McCain's speech: 
  • One the whole, it was a pretty flat speech -- not nearly as crisp as Palin's from last night.  McCain stepped on some of his lines, and whenever I thought he was building some momentum, the energy stalled out.  At times, towards the end, with the call for service, he seemed more like the grandfather who's allowed to prattle on at Thanksgiving dinner than a major-party candidate. 
  • The reach out to Obama and his supporters seemed both graceful and savvy.  It also raised an interesting point.  Judging from the convention speeches, there's a surprising amount of overlap between the two:  striving for energy independence, focusing on education, using the best ideas from both parties, reaching out across the aisle, emphasizing public service... does Barack Obama disagree with any of this? 
  • The mention of David Petraeus was a bit odd.  Mona Charen thinks it's telling that McCain mentioned him but none of the Democrats did.  I always thought that active military commanders shouldn't be mentioned at political conventions, period.  Readers, feel free to point out if I'm inventing a norm here. 
  • I was grateful for the "Washington changed us" rhetoric, and a pledge to cut government spending.  Um... which government programs?  
  • My favorite part of the speech was McCain's take on coping with the global economy.  It contained his only concrete proposal (reforming unemployment insurance) while also emphasizing their different takes on the global economy (Obama:  protect old industries; McCain:  prepare citizens for new industries).  If my vote was based only on foreign economic policy, I'd be voting for McCain and it wouldn't be a close call. 
  • Here's a semi-deep thought.  McCain spent plenty of time bashing politicians and his opponents for acting in their self-interest, while he works for the national interest.  Here's the thing:  he knows that  the market economy largely operates according to the former principle and not the latter principle, right? 
Fire away!! UPDATE:  One last thought.  One of the interesting questions coming out of the convention is whether the GOP has brilliantly juggled contrasting themes or exposed some obvious contadictions in their fall campaign.  On the one hand, maybe Sarah Palin can energize the base while John McCain can reach out to the median voter.  On the other hand, it's kind of odd for Palin, Romney, Giuliani, et al to bash Barack Obama for being a community organizer right before John McCain's call for service.    

Posted By Daniel W. Drezner

This was the first time I heard Sarah Palin speak.  A few quick thoughts:
  1. She sounded completely unconvincing on energy policy -- those were the moments when it seemed like she was clinging to the Teleprompter for dear life;
  2. The attacks on Obama were effectively delivered -- her matter-of-fact tone means she underplays the lines, which actually gives them a bigger punch.  I suspect she'll do well in that role because it will be easy for the GOP to cry foul if/when they counterattack;
  3. Forget red state/blue state cleavages; the cultural divide in this election is urban/rural.  There was very little about Palin's speech to like if you lived in a large metropolis, but plenty for rural citizens to appreciate.  
  4. The thing I will remember about this speech was not the speech itself, but watching the Palin and McCain clans play "pass the baby!" with five-month-old Trig Palin.  As a parent, my first reaction upon seeing him there was, "why isn't this child sleeping in a crib somewhere?"  First rule of baby-parenting:  never f$%# with the sleep schedule.  Also, support his neck, for Pete's sake!
  5. Piper Palin, on the other hand, was pretty adorable. 
  6. Very little of substance was said.  This continues a theme from the DNC. 
Comment away!

Posted By Daniel W. Drezner

I've been slow to blog about John McCain's choice of Sarah Palin for the following reasons: 
  1. I was at APSA.
  2. Everyone at APSA kept asking me about Palin, and I was too busy attending APSA to think about it for a little while.
  3. My first, snarky instinct upon hearing the pick was "Danielle Quayle" -- which isn't really fair to anyone involved -- Quayle had served Congress for twelve years before Bush picked him.   
  4. Since almost everyone at APSA is supporting Obama, the conversations about Palin were juuuust a little skewed to her negatives. 
Surprisingly, however, I see that part of William Kristol's New York Times column today pretty much captures my impression of the pick: 
There are Republicans who are unhappy about John McCain’s selection of Sarah Palin. Many are insiders who highly value — who overly value — “experience.” There are also sensible strategists who nervously note just how big a gamble McCain has taken. But what was McCain’s alternative? To go quietly down to defeat, accepting a role as a bit player in The Barack Obama Story? McCain had to shake up the race, and once he was persuaded not to pick Joe Lieberman, which would have been one kind of gamble, he went all in with Sarah Palin.
That's largely correct.  Despite poll numbers indicating that it's a close race, both campaigns know that the contours of this race are stacked heavily in Obama's favor.  And this fact led to different factors in their VP selections.  Barack Obama picked Joe Biden mostly because he was concerned about governing after the election; it was a risk-averse decision.   John McCain picked Sarah Palin in the hope that she helps him win the election; it was a risk-loving decision.  Kristol, naturally, thinks Palin is a risk that will pay off.  I'll reserve judgment for a spell. AFTER A SMALL SPELL:  Wow, the McCain campaign has done some fantastic vetting here

Daniel W. Drezner is professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University.

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