John McCain: The Sudden Socialist

In an act of political pandering without modern precedent, an act of triangulation that would make Bill Clinton blush, an act that can only be described as jumping the shark.....John McCain has pledged the biggest socialistic government consumer program in this political cycle, a plus $300 billion bailout of homeowners, a re-set of interest rates and relief from principal lost. Besides the fact that the program itself doesn't add up (WSJ puts it at over $700 billion), there is real import in this move. Ignore the talking heads on cable TV, THIS is the leading story out of this debate. This story legs and will now drive and dominate the campaign for the next three weeks. This is all McCain/Palin will be talking about tomorrow. The nightly news will lead with this story. It's that big. McCain is literally gambling, going against all ideological principle, and against the Republican base. He is using populism (or socialism) as a gimmick. It would be funny if it were not serious, but he is a serious Republican candidate for president and, as such, he makes and moves markets.

Therefore, this rates as relevant to an economic blog because McCain has moved the market in socialism or large government programs. This will create a debate in which the Republican candidate will force the Democrat, incredibly, to respond "more liberally", depending on the reaction to this desperate change of course.

Either way, this is now the "it" issue of the presidential campaign. Real conservatives will be roiling in agony, not knowing what to do or say. In fact, some may stay home to avoid conversation about this issue. Real conservative think tanks and base supporters will either 1) run for the hills 2) call McCain out or 3) lie and hope McCain's lying. We will be able to separate the real conservatives from those that just want Obama to lose. It's a real test and once again, McCain "the Maverick" is testing his own people. The question that will be whispered among conservatives: Is McCain a maverick or a man without any principle, a man who will do or say anything to win a competition?

I can't wait to hear the answers.