Dow drops 500 points

This is the moment that will swing the election in Obama's favor. The country's economic problems now seem less abstract and more real than ever. From now to november, the debate will be about little else. Unfortunately for John McCain, economic policy is the one place where he is least able to claim any significant policy changes in his platform. Everything is suddenly lining up against him. The news media have remembered that they're supposed to tell us when a politician lies. Multiple prominent persons have made fairly damning statements about his campaign: Karl Rove says his political attacks have gone too far, and Alan Greenspan says that America can't afford his tax plan. It would be hard for the Republicans to dismiss either of these two without looking very foolish. Thirdly, and perhaps most importantly of all, he needed this election to be about Iraq. He needed it to be about national security and terrorism and radical Islam. But as poor Rudy Giuliani found out the hard way earlier this year, 9/11 ain't what it used to be.