In Search of Fighting Words

The last three days have been like a gift from heaven for Barack Obama. If he can't use this Wall Street meltdown as a springboard to put John McCain, lifelong deregulator, on the defensive, then he probably can't win the election.

Yet it still seems to me that Obama is talking about "transparency" and a "21st century regulatory framework," while McCain is vowing to crack down on Wall Street "greed" and "corruption."

This goes beyond the question of whether Obama needs to get mad, though passion in politics is not to be underestimated. I don't think the average working couple is sitting around the kitchen table, looking at their shrinking 401K's, and saying to each other, "You know, honey, what we need is greater transparency in Washington."

Words matter. Obama understands that as well as anyone. And yet even as billions in wealth are being wiped out overnight, as the taxpayers are on the hook for unimaginable sums with Fannie, Freddie and AIG, with plenty of evidence that lax federal rules let the party spin out of control, he seems more like a college professor than someone threatening to shake things up. Gentle mockery is his metier. He details his plans for federal oversight, but rarely with punchy words or phrases that the average steelworker or nurse can latch onto.

McCain, meanwhile, seems seriously off balance. Beyond declaring diplomatic war on Spain, he has backtracked on his aversion to federal regulation, called for creation of a commission on the economy ( bold move!) and watched Carly, his now-disappeared economic adviser, declare that he's not fit to run a corporation. McCain enjoys the populist role, but just doesn't seem to have a fingertip feel for talking about the economy.

Admittedly, his call yesterday for the head of the SEC sounds like a decisive step. How many people will hear the media explanation that a president can't dump his chairman over policy differences?

But it seemed to rev up Obama, who showed some spark yesterday in saying we shouldn't just dump Chris Cox, we should fire the whole crowd.

I wonder whether Obama will find a more effective way to capitalize on the Wall Street crisis. Judging by this post, Slate's John Dickerson is wondering as well:

"He didn't appear fazed. He sounded like a man who was ahead by 10 points. He wasn't exactly listless--he implored voters to join his campaign for change and attacked John McCain--but he wasn't urgent or exercised, either. He unveiled no new gambits. The only moment of sparkle came when he questioned whether McCain could make good on his challenge to take on the 'old boys' network.' With so many former lobbyists in his campaign, said Obama, the old boys' network is what they call a staff meeting.

"When this election is over, the Obama campaign's cool demeanor will either be seen as its signature genius ('They kept their heads about them') or its signature flaw ('They failed to respond to their opponent's strategy'). We'll know in 48 days.

"Why are they so calm in Obama-land? I can't find an account of Obama yelling at anyone during the entire campaign, and it's not just the candidate who seems calm. His aides aren't perfect, but given the level of chatter in the political echo chamber doubting their work, you'd expect them to be more snappish or bleary-eyed. There are no blind quotes from disgruntled aides sniping at each other in the press, which seems almost to defy human nature . . .

"Maybe the Obama campaign is deluded, or spinning. Even if they're really worried in his Chicago headquarters, no one dare let on because voters won't want to elect a candidate whose team can't take the heat."