It’s the Economy Stupid

The Sarah Palin boomlet has subsided. Barack Obama is gaining traction on the basis of economic upheaval. Today’s Real Clear Politics poll numbers show a dramatic turn-around since last week. A CBS/New York Times poll has Obama beating John McCain by 5 points.

This underscores too things: 1) All along I’ve said the big issue in this race is the economy. Let alone Hillary Clinton, if the Democrats had nominated Richard Gephardt, they would be winning big at this point; 2) The importance of unanticipated events. The Talmud says people make plans, G-d laughs. This is true in politics as in life. Few pundits foresaw the tumultuous business conditions we have undergone in the past several weeks, such as the disappearance of Lehman Brothers from the American landscape.

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