Hors d'oeuvres

Gail Collins in the Times:

“The people of Ohio are the most productive in the world!” yelled John McCain at a rally outside of Youngstown on Tuesday. Present company perhaps excluded, since the crowd was made up entirely of people who were at liberty in the middle of a workday.

Folks were wildly enthusiastic as the event began. That was partly because Sarah Palin was also on the bill. (With Todd!) And when McCain took the center stage, they were itching to cheer the war hero and boo all references to pork-barrel spenders.

Nobody had warned them that he had just morphed into a new persona — a raging populist demanding more regulation of the nation’s financial system. And since McCain’s willingness to make speeches that have nothing to do with his actual beliefs is not matched by an ability to give them, he wound up sounding like Bob Dole impersonating Huey Long.

Really, if McCain is going to keep changing into new people, the campaign should send out notices. (Come to a rally for the next president of the United States. Today he’s a vegetarian!)

And Roger Cohen:

They’re listening to Coldplay down on Wall Street:

I used to rule the world
Seas would rise when I gave the word
Now in the morning I sleep alone
Sweep the streets I used to own

The leverage party’s over for the masters of the universe. Shed a tear. When you trade pieces of paper for other pieces of paper instead of trading them for real things, one day someone wakes up and realizes the paper’s worth nothing. And Lehman Brothers, after 158 years, has gone poof in the night.

We’re witnessing the passing of more than a venerable firm. We’re seeing the death of a culture.

[snip]

They’re listening to Coldplay down on Wall Street:

Now the old king is dead! Long live the king!

Yes, the death of the old is also the birth of the new. In my end is my beginning. It’s time for the best and the brightest to step forth and rediscover the public sphere.

And Steven Pearlstein in the Post:

This is what a Category 4 financial crisis looks like. Giant blue-chip financial institutions swept away in a matter of days. Banks refusing to lend to other banks. Russia closing its stock market to stop the panicked selling. Gold soaring $70 in a single trading session. Developing countries' currencies in a free fall. Money-market funds warning they might not be able to return every dollar invested. Daily swings of three, four, five hundred points in the Dow Jones industrial average.

What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen -- paper losses measured in the trillions of dollars. Corporate wealth. Oil wealth. Real estate wealth. Bank wealth. Private-equity wealth. Hedge fund wealth. Pension wealth. It's a painful reminder that, when you strip away all the complexity and trappings from the magnificent new global infrastructure, finance is still a confidence game -- and once the confidence goes, there's no telling when the selling will stop.