From Pat Buchanan:
Since mid-September, the stock market has cratered, losing half of the $8 trillion that has vanished since October 2007. All five of America's great investment banks -- Bear Sterns, Lehman Brothers, Merrill-Lynch, Goldman Sachs and Morgan Stanley -- have either ceased to be independent or ceased to be.
The nation's largest savings and loan, Washington Mutual, and largest insurance company, AIG, have gone belly up, with the federal bailout of the latter costing $100 billion and counting. Perhaps $3 trillion of the $8 trillion in stock value that is gone disappeared after passage of the $700 billion federal bailout of Wall Street.
No bottom is in sight to the worst market crash since 1929. Recession is now certain. George W. Bush has fallen to 26 percent approval, a level unseen since Richard Nixon was driven from office in the Watergate summer of '74. Four in five think the nation is on the wrong course.
Yet, Obama has only a six-point lead in an averaging of national polls. While he has moved ahead in Ohio, Florida, North Carolina and Virginia, one senses America is not so much rallying to him as running away from a Republican brand that is now on the same shelf with Chinese baby formula.
Obama still has not closed the sale. He has overtaken McCain not because of any brilliant campaign he has conducted but because of the dreadful news pouring out of Wall Street. McCain and Palin are being dragged down by Dow Jones, not Barack Obama.