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If something is too big to fail, shouldn’t it be completely part of the government rather than lie in some netherworld between the public and private sectors? That’s the only question worth asking in light of the Fed’s proposed bailout of our two big mortgage giants, Fannie Mae and Freddie Mac.
What also seems odd is the constant reassurance from figures of authority that nothing is really wrong, that Fannie and Freddie don’t really need any money from the Fed. Then why all the fuss and bother?
At some point, someone in power (and their enablers) will have to start reading from a reality-based playbook. How else do you explain the large number of people who believe the country is on the wrong track and the large number of pundits and commentators who insist everything deep down is really OK?
Maybe Phil Gramm was right. Or maybe, just maybe, if you start to think about it, just for a fraction of a second, as crazy as it may sound and despite all of Gramm’s degrees and years in public life, he has no idea what he’s talking about. He just wants questions about the economy to go away.
Now that sounds like a reality-based playbook for a presidential campaign in 2008.
Is it possible that the Internet is changing politics? You’d be foolish to think otherwise. But you’d also be foolish if you thought the Internet laid the foundation for some utopian break.
What if the Internet served mainly as a funnel for the village cranks who, in the past, bored their family, friends and neighbors with their rants, sent angry letters to newspaper editors and generally made a habit of being self-righteous, indignant and quick to jump on everyone else’s hypocrisy but their own? Sounds like the political Internet, eh? The funnel has turned into a megaphone that’s harder and harder for the rest of us to dismiss politely, as we would the neighborhood crank. All the cranks are linked together now — and plugged directly into the media.
Consider the tempest-in-a-T-1-cable over comments by John McCain’s Internet adviser. He said something to the effect that McCain doesn’t need to know how to use a computer to govern effectively. The people bemoaning this sound a bit like someone complaining about a city council member who doesn’t know what it’s like to live on their street because s/he lives in some other, better-protected neighborhood.
Ultimately, Americans don’t need a leader who understands the Internet. They need a leader who can help them get affordable health care, sensible energy choices and perhaps an end to the war in Iraq. But just as the issues are eclipsed by the likes of Chris Matthews’ analyzing the interior and ulterior motives of Bill Clinton, they’ll be eclipsed by judgments concerning politicians’ use of, and attitude towards, new technology.
The good news for American democracy online is that there will always be some new toy for the insiders to twitter about.


