Why do so many media conservatives, like Mona Charen, sound so depressed these days? Mona's lament on NRO is well nigh pathetic.

All of a sudden, this election is shaping up as a verdict on capitalism. The Obama campaign wanted it to be about George W. Bush. The McCain campaign wanted it to be about character. But instead, because the markets are shooting off in all directions like bullets from a dropped pistol, the stakes have suddenly been raised dramatically.

We are in the midst of the worst panic in history, it’s true (because it is global). . . historian John Steele Gordon . . .  believes more sensible banking policy would prevent future panics. But if we elect a crypto-socialist like Barack Obama and give him a bigger Democrat majority in the House and a filibuster-proof Senate, banking regulation may be the least of our troubles.

No matter how much real wealth is evaporating before our very eyes, a Democratic Administration could be worse? It's symptomatic of the disarray of the once-formidable GOP - there's a missing subtext now, and in a campaign frenzy Dems and Republicans alike will inevitably say some batshit-crazy stuff. Used to be, though, that the Rs always kicked ass on Ds. It's always hard to say, but it sure feels like a change in the wind.

Three weeks to go. Then poor Mona can take a few days off and recover.