From Belmont Club…

If the events have gone nonlinear, then Barack Obama and John McCain may ironically be struggling for the privilege of sitting in the cockpit of an airplane which has become aerodynamically unstable. In such a situation, second prize is getting the White House. Barack Obama will be to politics what the bailout package has been so far to financial markets. There’s an old joke about dogs who chase cars and can’t figure out what to do when they catch them. Now Presidents and Central Bankers all the world over know how it feels to reach the perches they always dreamed of and finding themselves spectators just the same.