Obama's Plan

OK, just yesterday I said that Obama needed to unveil a plan (almost any plan) to deal with the economy to show the American people that he was going to do SOMETHING to address the current economic downtown and financial crisis.  Today, Obama gave a nearly 40 minute speech on the subject that includes a fairly detailed plan (starts around minute 20).  The plan is so detailed and thought out that I can't but think that he's had it in his pocket for a long time just waiting for an opportune moment to reveal it.  As I said before, it's not as if these latest rounds of corporate collapses and bail outs were unexpected - at least not to the Democrats.  If nothing else he was probably waiting for people to shut up about Palin for a second or two.

Meanwhile, McCain's campaign is turning into a gaffe machine (first his "fundamentals are strong" thing then Fiorina saying McCain couldn't do her job) on the economy at exactly the moment when Obama is saying things like "We need leadership to confront this crisis.  I'll provide it!  John McCain won't!"

CRISIS UPDATE:  CNN.COM is reporting that the US Federal Reserve has effectively nationalized the insurance giant American International Group or AIG.  In return for a $85 Billion loan, the US government will have a controlling interest in the management of the company.  This is a really ironic development.  By abdicating their regulatory responsibilities, the Bush administration has forced a situation where the outright nationalization of three (so far) financial giants has been necessary.  First, Fanie Mae and Freddie Mac, now AIG.  These developments are more of a threat to the capitalist system than any regulatory scheme proposed by the Democrats today (or indeed that existed 20 years ago) could possibly be.