Shadegg: I think that’s the most difficult question that could be posed under these circumstances, and it’s the question that I have struggled all week to find the answer to.
I have talked to a lot of smart people who know Wall Street, know banking, know the economy quite well, and you hear different opinions.
But my sense is that students don't see it that way.
My best sense of why is that the experience of having received letter grades for almost 20 years of schooling before law school gives those letters tremendous meaning that new words like "high" and "pass" don't have.
In a brief post earlier today, I wrote that it was heartening that both Mc Cain and, to a lesser extent, Obama, are talking about cutting federal spending.
Various commenters suggested that I was being naive in thinking that either candidate will cut spending if elected. I'm not heartened because I have any expectations of either Mc Cain or Obama.
Rather, I'm heartened because they are both opportunistic politicians, and they wouldn't be talking about cutting spending unless they thought that this is what the public wants.
Maybe they are both qualified (my view, although it is much easier to argue that Obama is qualified to be Vice-President as Obama's lack of executive experience in making decisions and general aridity do worry me in seeing him as President in a world of Putins), or maybe they are both unqualified (although both seem obviously qualfied to be Vice-President).
They weren’t being called by their bankers, or by any of the businesses back home saying, “I can’t borrow any money”....
If, in fact, Paulson had struck a chord with the American banking community, wouldn’t you think that after he announced on Friday that there was a crisis of liquidity that threatens the entire nation’s financial solvency and Americans’ jobs from coast to coast, that my community bankers in Arizona wouldn’t have been picking up the phone by Monday morning, if not over the weekend, to say that “I share the Secretary’s concerns”?
And his opponent didn't really disagree (and, indeed, Obama has recently talked about taking a hard look at all current federal programs).
I'm not a fan of either candidate, but this is heartening.