No, George Bush doesn't deserve all the credit for the mess in financial markets, but as the last big boys head for the exits with bags of money before the fire doors slam shut on the huddled masses, could we please remind ourselves that moral bankruptcy is a precursor to the financial kind?
And then let's try to hold that thought between now and November.
The problem isn’t precisely paychecks that are huge. Baseball stars, investment bankers and hedge fund managers all earn obscene sums, but honestly — through arm’s-length transactions. You and I may gasp, but that’s the free market at work.
In contrast, boards pay C.E.O.’s after negotiations that are often more like pillow talk. Relationships are incestuous, and compensation consultants provide only a thin veer of respectability by finding some “peer group” of companies so moribund that anybody shines in comparison. The result is what critics call the Lake Wobegon effect, which miraculously leaves all C.E.O.’s above average. Indeed, one study of 1,500 companies found that two-thirds claimed to be outperforming their peer groups.
John Kenneth Galbraith, the great economist, once explained: “The salary of the chief executive of a large corporation is not a market award for achievement. It is frequently in the nature of a warm personal gesture by the individual to himself.”
— Nicolas Kristoff, New York Times
But explaining all this to the McCain voters isn't going to work as McCain weaves back and forth, so I'm saving my breath. George Lakoff, Mississippifarian's favorite semiotician, explains.
In 1980, Richard Wirthlin - Ronald Reagan's chief strategist - made a fateful discovery. In his first poll he discovered that most people didn't like Reagan's positions on the issues, but nevertheless wanted to vote for Reagan. The reason, he figured out, is that voters vote for a president not primarily on the issues, but on five other "character" factors; values; authenticity; communication and connection; trust; and identity. In the Reagan-Carter and Reagan-Mondale debates, Mondale and Carter were ahead on the issues and lost the debates because the debates were not about the issues, but about those other five character factors. George W. Bush used the same observation in his two races. Gore and Kerry ran on the issues. Bush ran on those five factors.
In the 2008 nomination campaign, Hillary ran on the issues, while Obama ran on those five factors and won. McCain is now running a Reagan-Bush style character-based campaign on the Big Five factors. But Obama has switched to a campaign based "on the issues," like Hillary, Gore and Kerry. Obama has reality on his side. And the campaign is assuming that if you just tell people the truth, they will reason to the right conclusion. That's false and they should know better.
An August Zogby poll found:
McCain now has a 9-point edge, 49 percent to 40 percent, over Obama on the critical question of who would be the best manager of the economy -- an issue nearly half of voters said was their top concern in the November 4 presidential election.
Last night I got an economy-focused robocall from Rasmussen. The poll did not ask about presidential candidates, but did ask which party was more likely to address the economic issues effectively.
I did not push "One" for the party of Bush-McCain.
