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.

The Lay of the Land | A Moment of Zen.

“‘Obama has many more paths to the nomination than McCain,’ the source said. ‘They think they can defend the Kerry states. Iowa is gone. That’s five votes. New Mexico is in the bag. Then Obama has four or five different ways of winning. He can go Nevada or Colorado, Virginia, any of those, even Indiana. McCain has got to run the board, the whole Bush table.’” According to London’s Telegraph, Team Obama is feeling confident about victory these days. “We’re much stronger on the ground in Virginia and North Carolina than people realise. If we get out the vote this may not be close at all.“

In related news, the McCain camp currently seems lost in the quagmire, particularly after Obama’s post-debate bounce and recent developments on the economic front. “‘What begins to happen is that the margin that’s been in place begins to solidify more and more,’ said Matthew Dowd, who was Bush’s chief strategist in 2004 and is now an independent analyst. ‘There’s only two ways this can go,’ he added. ‘It will either solidify with an Obama four- to five- point lead, or it will loosen and go back to close and go back and forth.’” In other words, another McCain campaign stunt incoming.

Update: I know the EW cover below is apropos of nothing above, really. On the other hand, it is election-related, and I found it laugh-out-loud funny. Hat tips to The Oak and Peasants Under Glass.

Bailout, or we all sink.

“‘Today’s the decision day. I wish it weren’t the case,’ said Rep. Barney Frank (D-Mass.).” Despite the apparent attempt by divider-not-a-uniter John McCain to kill a compromise he hadn’t even read last week, the Dubya White House and Congress hold their respective noses and come to agreement on Paulson’s $700 billion bailout plan, with debate in the House starting today. “The proposed legislation would authorize Treasury Secretary Henry M. Paulson Jr. to initiate what is likely to become the biggest government bailout in U.S. history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates. The plan would give Paulson broad latitude to purchase any assets from any firms at any price and to assemble a team of individuals and institutions to manage them.“

As I said here, I’m not all that happy about the nation having to subsume the risk, and ride to the rescue of, the many banks and Wall Street types that profited massively from these obviously suspect mortgage deals. But, what else is there to do? As with so much else occurring over the past eight years, it befalls us now to clean up the mess left by the free market fundies of late. I just hope we learn something from the economic consequences of this latest binge of free-market fraudulence, before they grow too dire. To wit, whatever the corporate-funded right tells you about self-regulating markets, we need, and will continue to need, real refs on the field.

Update: Uh oh. The bailout compromise dies in the House, prompting the Dow Jones to swiftly tank 700 points. “The measure needs 218 votes for passage. Democrats voted 141 to 94 in favor of the plan, while Republicans voted 65 to 133 against. That left the measure with 206 votes for and 227 against.“

As the TIME article linked above noted before the vote, “the candidate with the most riding on Monday’s vote is McCain, who backed the concerns of conservatives in the House over the initial agreement…[I]f a majority of the House Republicans don’t vote for the measure, McCain could lose political face. ‘If McCain cannot persuade them, it is hard to portray him as a leader,’ said Clyde Wilcox, a political science professor at Georgetown University.” So, that’s the silver lining, I guess. But the bad news now, alas, is considerably worse.

Once (or Twice) in a Lifetime.

“A man only gets a couple of chances in life. It won’t be long before he’s sitting around wondering how he got to be second-rate.” Lots of choice stuff in today’s trailer bin: First up, President Josh Brolin braves pretzels, Poppa Bush, and enough JD to kill a small horse in this fun extended trailer for Oliver Stone’s W. (I can’t wait.) Elsewhere, Frank Miller borrows from Robert Rodriguez, who, of course, borrowed from him, to mine Will Eisner’s back-catalog in this short new teaser for The Spirit. (I’m still not sold.)

Also up recently, Kate Winslet and Leonardo di Caprio forsake the Titanic to suffocate in the suburbs in the first trailer for Sam Mendes’ Revolutionary Road. (Ok, altho’ it looks Little Children-ish.) Tom Cruise leads an all-star team of character actors in a plot to kill Hitler in the second trailer for Bryan Singer’s Valkyrie. And Brad Pitt moves from age to wisdom in the second trailer for David Fincher’s The Curious Case of Benjamin Button. (Not as haunting as the teaser, but close.) I gotta say, it’s good to finally hit the Oscar stretch for 2008 — I haven’t seen nearly enough movies this year.

Update: One more, via LMG: Philip Seymour Hoffman puts on a play — and gets stuck waiting in the wings — in the trailer for Charlie Kaufman’s much-anticipated Synecdoche, New York, also starring Hope Davis, Catherine Keener, Jennifer Jason Leigh, Dianne Wiest, Emily Watson, and Michelle Williams.

Update 2: Ok, what with Marky Mark, Ludacris, Bridges the Lesser, the lousy whiteboy angst-metal, and the highly Matrix-derivative gun-fu and explosions throughout, the recent trailer for John Moore’s Max Payne looks Skinemax bad. But, then again, it does have The Wire‘s Jamie Hector (Marlo) briefly playing Exposition Guy with an island accent, so that’s enough for a link. Hey, I’m easily amused.