ANTICIPATION

Posted at 7:38 a.m. ET

It's a strange time.  With all that's happening, there is actually very little information of value out there.  The MSM seems more interested in reporting the partisan combat in Congress than in examining exactly what has gone wrong economically.  The reporting is plentiful, but thin, except in a few outlets like The Wall Street Journal.  Most journalists unfortunately seem rather baffled, and that includes some financial reporters.

It reminds me of an old story about the financial adviser to presidents, Bernard Baruch.  Baruch was once asked by a reporter if anyone actually understands the international monetary system.  Baruch replied, and the quote is approximate:  "There are only two people who understand the international monetary system. One is a junior clerk in the Bank of England, and the other is an assistant secretary in the Treasury Department in Washington.  And unfortunately they disagree."

There's a good lesson there.  We have to try to understand the problem before we try to solve it.  It's up to the press to dig, to investigate, to knock down or confirm conspiracy theories, and to report to the public.  I don't think we're getting too much understanding.

Consider a survey done for the Washington Post and ABC News.  The answers are scattershot, unfocused:

Most Americans see the current financial situation as a "crisis," and there is overwhelming concern that the failure of the House of Representatives to pass the economic recovery package will deepen the problem, according to a new Washington Post-ABC News poll.

But the poll also revealed significant public concern with the bill Congress rejected yesterday, as few voters said the package did enough to protect "ordinary Americans," and nearly half said it did not go far enough to shore up the nation's economy.

The public attitude seems to be "on the one hand, on the other hand."

Overall, voters split about evenly on the failed bill -- 45 percent supported it, 47 percent opposed it. Among the reasons for the tepid public reception is that there is a roughly even divide about whether government efforts will prevent the financial situation from deteriorating further still.

Blame is spread all around, but the GOP takes the greatest hit.

Asked to assess responsibility for the legislation's failure, 44 percent said Republicans were the reason, 21 percent said the Democrats and 17 percent said both sides were responsible.

That perception may cost John McCain the election, and that is the tragedy, for he was one of the first to warn of the impending economic implosion.  I don't recall Mr. Obama doing much of anything, which seems to be the story of his life.

Despite the negative assessment of the current financial situation, four in 10 remain optimistic about the state of the national economy over the next year and six in 10 are bullish about their family's financial situation. But pessimism about personal finances has climbed over the past two years, and now stands at more than double its level in December 2006.

What is needed in the presidency now is a giant, not a kid.  We may get the kid.

September 30, 2008.