If we are comparing the world to the Great Depression and we are roughly in the 1928 area with the major economic crunches to come, it is much more likely that whoever "wins" the election will be fairly helpless to do much other than to watch the economy spiral down to massive unemployment.
In my opinion, only a New Deal WPA-like government supported massive job program could reverse course. Our infrastructure could sure use a little injection of capital instead of sending enormous sums to bail out Wall Street.
Remember, in the 20's and 30's, the Soviet Union was still viewed as heroic by many and the left was fairly strong. With the right wing anti-left, antiunion ideology so prevalent today, there is little chance Obama, even if he wanted to, would get to set much of an FDR New Deal agenda. McCain doing so, of course, is out of the question.
If Obama wins, if he can't pull off FDR-type magic, it is likely he would be a one-term president as he gets the blame for not being able to stop the bleeding. Then Hillary Clinton gets to pick up the pieces for 2012.
Some lessons of the 1920's and 30's: Remember how Germany printed money and they had hyperinflation, one of the keys to the rise of Hitler. Blogger Reality-Based Educator commented:
The Fed is going to start lending directly to businesses. And where are they going to get the money? They're going to print it.
McCain Be FDR or Hoover?
Of course, in the Great Depression, there was massive deflation. But given the choice today, government will choose inflation by printing money, which might help disguise, the problem. But eventually, the population will get restless and move left. That is where repression comes in. [See Naomi Klein's "Shock Capitalism" for the chilling details.]
In the meantime, Palin polishes her act. Expect her to be around as a leading Republican presidential prospect for the next 20 years. It is almost inevitable that at some point she will be president.
In times of massive economic dislocation, you end up with dictatorships and totalitarianism. And horrendous wars. (Iraq may prove to be a cupcake.)
People, as late as the mid 30's, laughed at Hitler. To those who laugh at Palin, beware. Imagine if Bill Clinton had ignored subpoenas, which Palin has done in Alaska over the firing of her ex-brother-in-law's boss? All the seeds are in place in this country with extraordinary powers given to turn this into a police state.
A third term for Bloomberg? When will we see a president in crisis times calling for a repeal of the XXII Amendment limiting presidents to two terms? As for me, my wheelbarrow is ready to be loaded with the money for that hyper-inflated day when I'll need to buy a loaf of bread.
Norm blogs daily at http://ednoteson line.blogspot.com/Email: normsco@gm ail.com.