There are already too many opinions as to the state of our economy – - as many as there are people on the street now.  It continues to amaze that the best educated experts from the best business schools in the country got so many things so wrong and in the process brought down such large houses as Lehman Brothers, AIG and Merrill Lynch.  Some commentators this morning are suggesting there are another two large financial institutions about to suffer the same fate, and then the fall will be complete.

No matter what your take is on the bailout of AIG to the tune of $85B, or the refusal to bail out Lehman Brothers, or the rumor that the Feds are attempting to help Washington Mutual (WaMu) find a suitor before it stumbles, it has to be of concern to any rational taxpayer that our tax dollars are rescuing foolish people from their follies.  Regulation does seem to be in order, if for no other reason than to protect future tax dollars from being used for those life preservers.

It is at times like these we turn to our leaders for guidance, for some measure of comfort, and for, well, leadership.  President Bush can’t be counted on to provide any of that, frankly, and one has to search hard and long for any words from him in this morning’s news.  The market dropped hundreds of points yesterday, and has been down as many as another 340 points in this morning’s trading, and yet our leader is nowhere to be heard.

It’s a presidential election year, he’s less than a lame duck, and may even continue to think the country is not in a recession – - remember all those pooh-poohs about the “R” word from him earlier in the year.  In the absence of anything helpful from him, what are we hearing from the two major candidates?

Senator John McCain tells us the fundamentals of our economy are sound, nothing to see here, move along.  No sooner than do those words come out of his mouth, his campaign staff are backtracking furiously to undo that little faux pas.  Nothing to see here from this candidate, move along please.

Senator Barack Obama gives us a little earnest moment in front of the camera, even though he doesn’t make eye contact during his most recent 2 minute commercial, and tells us to visit his web site to read his plan for economic recovery.  Could he have been any further removed from engagement with the voter?  Go read his plan?  He doesn’t have the time to talk with us about it?

Republicans call a “foul” when anyone suggests their candidate is “confused” and “out of touch,” and yet McCain continues to open that door whenever he opens his mouth.  Democrats cry “foul” whenever anyone suggests their candidate is “elitist” and “not one of the folks,” and yet Obama plays into those complaints pretty much every day.

The market is down, the housing industry is hemorrhaging badly and new home construction is at a 17 year low, gas is still expensive, groceries cost more, America’s tax dollars are propping up failed financial institutions that succumbed to greed and stupidity, and we continue to spend hundreds of millions of dollars each day to prosecute two war fronts.  Our presidential candidates spend their days calling each other names and taking offense at the silliest of things political while all of this is crashing down on our heads.

Leadership is defined as “the quality of character and personality giving a person the ability to gain the confidence of and lead others.”  We are without that quality in the White House, and neither of the pretenders to that office are displaying it today, and that is the shame of this week’s presidential politics.

The first one to get that, the first one to step up with it, will be the winner in seven weeks.  Sooner would be better than later, gentlemen.