The financial crisis changes the entire shape and feel of the presidential election. It isn’t just bad news, it’s bad news that reveals what many people deep down feared, and hoped not to see revealed: that the huge and sprawling financial system of Wall Street is maintained essentially on faith, mood and assumption; that its problems are deep; that at some level the system looks to have been a house of cards. It isn’t just bad news; it’s deep bad news that reaches into the heart of widespread national anxiety.
Read the rest at The Wall Street Journal.