Financial Upheaval Narrows Options of Next U.S. President

[EV_Ares]

Sometimes events reshape a presidential campaign. Sometimes they reshape the world the candidates seek to lead.

This week's Wall Street earthquake is such a big event that it is doing both. Much chatter is being devoted to how the market tremors are affecting the campaign -- whether they help Sen. Barack Obama by reinforcing his "change" message, whether Sen. John McCain has hurt himself with his initial declaration that the fundamentals of the economy remain sound, and so forth.

A sea change is underfoot says WSJ's Jerry Seib. As the government commits billions of dollars to bail out financial institutions, the next U.S. president will be restricted on spending for other programs. (Sept. 19)
Here's the more important reality: Already, even before it is fully played out, the crisis means the next president -- that would be President Obama or President McCain -- will enter office with handcuffs on. Options are being reduced for the next president every day, as the real and psychological costs of the crisis mount.

Consider just some of the ripple effects:

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