The election of 2008 is the first in more than half a century in which no incumbent President or Vice-President is on the ballot. There is, however, an incumbent party, and that party has been lucky enough to find itself, apparently against the wishes of its “base,” with a nominee who evidently disliked George W. Bush before it became fashionable to do so. In South Carolina in 2000, Bush crushed John McCain with a sub-rosa primary campaign of such viciousness that McCain lashed out memorably against Bush’s Christian-right allies. So profound was McCain’s anger that in 2004 he flirted with the possibility of joining the Democratic ticket under John Kerry. Bush, who took office as a “compassionate conservative,” governed immediately as a rightist ideologue. During that first term, McCain bolstered his reputation, sometimes deserved, as a “maverick” willing to work with Democrats on such issues as normalizing relations with Vietnam, campaign-finance reform, and immigration reform. He co-sponsored, with John Edwards and Edward Kennedy, a patients’ bill of rights. In 2001 and 2003, he voted against the Bush tax cuts. With John Kerry, he co-sponsored a bill raising auto-fuel efficiency standards and, with Joseph Lieberman, a cap-and-trade regime on carbon emissions. He was one of a minority of Republicans opposed to unlimited drilling for oil and gas off America’s shores. Since the 2004 election, however, McCain has moved remorselessly rightward in his quest for the Republican nomination. He paid obeisance to Jerry Falwell and preachers of his ilk. He abandoned immigration reform, eventually coming out against his own bill. Most shocking, McCain, who had repeatedly denounced torture under all circumstances, voted in February against a ban on the very techniques of “enhanced interrogation” that he himself once endured in Vietnam—as long as the torturers were civilians employed by the C.I.A. On almost every issue, McCain and the Democratic Party’s nominee, Barack Obama, speak the generalized language of “reform,” but only Obama has provided a convincing, rational, and fully developed vision. McCain has abandoned his opposition to the Bush-era tax cuts and has taken up the demagogic call—in the midst of recession and Wall Street calamity, with looming crises in Social Security, Medicare, and Medicaid—for more tax cuts. Bush’s expire in 2011. If McCain, as he has proposed, cuts taxes for corporations and estates, the benefits once more would go disproportionately to the wealthy. In Washington, the craze for pure market triumphalism is over. Treasury Secretary Henry Paulson arrived in town (via Goldman Sachs) a Republican, but it seems that he will leave a Democrat. In other words, he has come to see that the abuses that led to the current financial crisis––not least, excessive speculation on borrowed capital––can be fixed only with government regulation and oversight. McCain, who has never evinced much interest in, or knowledge of, economic questions, has had little of substance to say about the crisis. His most notable gesture of concern—a melodramatic call last month to suspend his campaign and postpone the first Presidential debate until the government bailout plan was ready—soon revealed itself as an empty diversionary tactic. By contrast, Obama has made a serious study of the mechanics and the history of this economic disaster and of the possibilities of stimulating a recovery. Last March, in New York, in a speech notable for its depth, balance, and foresight, he said, “A complete disdain for pay-as-you-go budgeting, coupled with a generally scornful attitude towards oversight and enforcement, allowed far too many to put short-term gain ahead of long-term consequences.” Obama is committed to reforms that value not only the restoration of stability but also the protection of the vast majority of the population, which did not partake of the fruits of the binge years. He has called for greater and more programmatic regulation of the financial system; the creation of a National Infrastructure Reinvestment Bank, which would help reverse the decay of our roads, bridges, and mass-transit systems, and create millions of jobs; and a major investment in the green-energy sector.