Second Verse, Same as the First.

“Well, you know, Sen. McCain, in the last debate and today, again, suggested that I don’t understand. It’s true. There are some things I don’t understand. I don’t understand how we ended up invading a country that had nothing to do with 9/11, while Osama Bin Laden and Al Qaeda are setting up base camps and safe havens to train terrorists to attack us. That was Sen. McCain’s judgment and it was the wrong judgment.“

As you know, the second of three presidential debates is now in the books. [Transcript.] And, while it’s still way too early to put this election in the fridge — there’s a lot of crucial get-out-the-vote work to be done first, and we all saw how that turned out last time ’round — we nevertheless seem to be moving away from the closely divided America of 2000 and 2004 and fast approaching an contest similar to Bill Clinton’s relatively smooth re-election of 1996. That year, the nation ignored the continued haranguing of an aging war hero about cultural matters to back the candidate with a clearly better grasp on both the economy and the way Americans really live. By all reliable accounts, Sen. Obama, who won the evening handily last night, is the Clinton candidate this time around, and it seems to be helping him across the board.

Sen. Obama not only seemed to have a clearer grasp on the causes, consequences of, and potential remedies for our current economic travails last night, he came across as more competent, more discerning, more likable, and more presidential throughout. Meanwhile, for all McCain-Palin’s wallowing in the tired old culture war over the past few days, the Senator from Arizona seemingly left all of his new favorite talking points in his other suit. And, while desperately needing some kind, any kind, of game-changer last night, McCain instead just puttered around the town hall muttering the same stale GOP platitudes — he’ll raise your taxes! he’s won’t keep you safe! — that didn’t get the job done the first time ’round. In short, let’s not count our chickens just yet — we’ve got one more of these next week, and three weeks thereafter to keep the pressure on. But, right now, it’s looking pretty good, folks.

Blue Monday.

“‘The fact is people are scared and the only thing they’re doing is selling,’ said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research. ‘Investors are cleaning out portfolios and getting rid of everything because nothing seems to be working.‘” And on the first Monday of that October, the Dow plunged 800 points…I know I spend more time than most contemplating the 1920’s, but I can’t be the only person out there for whom this is all starting to sound eerily familiar…

Update: Hold those dismal historical analogies just yet: Thankfully for everyone, the rally monkey roared at the end of the day, bringing today’s losses to only 370 or so. Still, it’s safe to say things are looking a tad, er, erratic on Wall Street at the moment.

The Imaginaverick. | Dispatch War Rocket Keating.

Well, that didn’t take long. As Garrett noted in the comments below, an increasingly desperate Sarah Palin is already namedropping Wright and Ayers whereever she can. But the good news is Team Obama isn’t going to take this sort of garbage lying down, particularly from a candidate as compromised on issues of character as John Sidney McCain III. Witness Keating Economics — It’s about time somebody brought that up.

Sinking beneath the Wave.

“‘If you turn the clock back two or two and half weeks, you could make a plausible argument that if a couple of things go our way we will lose three to four Senate races,’ said one Republican strategist. ‘Now we will lose six to eight.’” Reeling from both the economic collapse on Wall St. and the ensuing shenanigans surrounding the bailout — which passed on its second try yesterday, despite continued opposition from a majority of the House GOP — the Republicans prepare to be ousted en masse in a month. “Polling in most Senate races over the past 14 days has shown a five-point decline for the Republican candidate, the strategist said.“

Update: “‘Before the economic crisis, we had a number of races moving our way,’ said Matthew Miller, communications director of the Democratic Senatorial Campaign Committee. ‘But now we’re seeing Republican numbers plummet.’ GOP officials largely agree. ” Is 60 in the Senate now in sight?

Here Come the Dirtmongers.

“‘We’re going to get a little tougher,’ a senior Republican operative said, indicating that a fresh batch of television ads is coming. ‘We’ve got to question this guy’s associations. Very soon. There’s no question that we have to change the subject here,’ said the operative, who was not authorized to discuss strategy and spoke on the condition of anonymity.”

In related news, why just lose when you can lose and forsake your dignity? Confronted by the fact that their guy just isn’t connecting these days, the McCain team gets set to take the low(er) road. (Indeed, their ad buys across the nation are already almost universally negative.) In other words, expect a lot of Jeremiah Wright and William Ayers from now until November.

The Soft Bigotry of Low Expectations.

To be honest, I don’t have all that much to say about last night’s lone vice-presidential debate in St. Louis, as I think the event speaks for itself. The general consensus congealing today is that Joe Biden won the debate, which he obviously did, but that Sarah Palin performed better than expected. Well, I guess she did, given that everyone was pretty much expecting another embarrassing and hard-to-watch Couric-style meltdown. But, remove that exceedingly low bar, and we still find ourselves confronted with a fundamentally unqualified and frighteningly obtuse candidate for the vice-presidency, one who has no business getting anywhere near the Oval Office, let alone only the heartbeat of a 72-year-old cancer survivor away.

Biden was Biden — a bit wonky and/or self-aggrandizing at times, but clearly knowledgable about the issues and cognizant of the struggles that working people in America face, both as a result of the daily vagaries of the Dubya economy and of awful, unforeseen circumstances that can loom at a moment’s notice. (Imho, his emotion-filled nod to the tragedy in his past was a far more authentic moment than any of the “Aw shucks, I’m just a Wasilla hockey mom” patter emanating from Gov. Palin over the course of the evening.) If anything, I think Biden might’ve erred slightly on the side of gallantry, since Palin seemingly held no qualms about regurgitating easily refutable lies (Obama raised taxes on the poor, Obama voted against funding the troops, Biden supports McCain’s Iraq position — all hooey) throughout the evening. But, all in all, BIden definitely did himself and the ticket credit last night, and I expect he helped to solidify further Obama’s lead in the polls among independents.

Sarah Palin, on the other hand, had the immediately recognizable air of the student who fills the air with digressions, non-sequiturs, and the occasional remembered idea in order to deflect attention from the fact that he or she didn’t really do the reading and doesn’t really understand the concepts being discussed. Even with Biden and moderator Gwen Ifill letting Palin slide on all sorts of evasiveness, the Governor often seemed scarily out of her depth whenever anything but energy policy was being discussed. (Her discussion of the Constitution and the vice-presidency was particularly galling.) As Paul Begala noted on CNN during the postgame, we already tried the whole “elevating the average Joe” thing with eight years of Dubya, and it’s turned out to be a miserable failure. And, while excellence may sadly be a rare commodity among our elected officials, I don’t think we the people are asking for too much when we expect basic competence from our leaders. Take away the memories of the Couric implosion, and Gov. Palin still failed to hurdle even that depressingly low threshold last night. Simply put, she wouldn’t be qualified to lead this nation even in the best of times. At it is, she’s a risk we can’t afford to take.