Changing The Subject From Sarah Palin To Wall Street

Wall Street's Monday lurch has wiped Alaska Gov. Sarah Palin off the front pages. That's probably a good thing for Palin as her former press secretary made the loony claim that "Obama operatives" have "hijacked" for political purposes the Alaska investigation into the firing of her public safety commissioner.

From CNN.com:

Former Palin Press Secretary Meg Stapleton told reporters in Anchorage that the power probe has been 'hijacked' by 'Obama operatives' for the Democratic presidential nominee--namely, Alaska state Sen. Hollis French, the Democratic lawmaker managing the investigation and an Obama supporter. French has denied working on behalf of the Obama campaign.

Rarely in the annals of American political history have claims so far-fetched been made by a high-level aide, whether present or former. Remember, dear readers, the Palin investigation was launched well before Palin was on the McCain team, and at a time when her name as a vice presidential prospect was barely being mentioned.

Meanwhile, the two presidential candidates (and surrogates) made the rounds of the morning TV talk shows, describing their plans to revive the economy. McCain proposes (as reported by CNN where he appeared):

--Appointing a high level commission to study the economic crisis.

--No government bailout of insurance giant AIG.

--And he blames the "old boy network" and Washington corruption for today's economic woes.

A commission to study the problem? Well, that means it should make some widely ignored recommendations just in time for, say, the 2012 election? On to Obama. His prescription for righting the economy includes:

--Increased regulation of investment houses and banks.

--Streamline overlapping regulatory agencies.

--Blaming the Bush administration for today's economic crisis.

Good idea to reintroduce some regulation into the U.S. economic system. After all, Wall Street's woes are because of the mortgage crisis. The mortgage crisis was created by unregulated mortgage mania, in which home loans were granted to people without providing financial records showing they could afford the home loan for which they were applying. Yes, it created the last "housing boom." But that was a false boom, because it was based on Americans being able to afford the steep rise in housing prices it created. And now we're paying through this housing bust.

As to other parts of the Obama prescription? They don't send me. I'd like a second opinion.

By Bonnie Erbe