PI @ DNC: YoYo Economics At Invesco

I agree with Digby that this was the key section of Barack Obama's acceptance speech last night.

For over two decades, he's subscribed to that old, discredited Republican philosophy - give more and more to those with the most and hope that prosperity trickles down to everyone else. In Washington, they call this the Ownership Society, but what it really means is - you're on your own. Out of work? Tough luck. No health care? The market will fix it. Born into poverty? Pull yourself up by your own bootstraps - even if you don't have boots. You're on your own.

Well it's time for them to own their failure.

Ripped right from Jared Bernstein, this new formulation strikes to the heart of why John McCain and the Republican Party are unequipped to deal with economic insecurity in this country. As Obama put it, McCain and his cohorts are abandoning the "American Promise," a smart turn of phrase for a candidate hoping to convince the nation of his judgment and pragmatism. It wasn't the biggest applause line of the night, but it proved Obama is ready to take the fight to the ideology that has failed this nation by every conceivable measure, and that's a fight he should win.

A few other stray thoughts from Invesco last night.

- It was an absolute madhouse trying to get into the stadium, but it was well worth the (three hour) wait. I still haven't seen what the optics looked like on TV, but from the upper deck, it was a truly breathtaking sight.

- Stevie Wonder could be the coolest cat on the face of the earth.

- John Kerry delivered a stinging speech Wednesday and last night it was Al Gore's turn. In some ways, it speaks to Obama's oratorical skills that he can deliver stunning address after stunning address while under the same pressures that stifled these two previous Democratic nominees' energies in 2000 and 2004.

- Whoever came up with the idea to feature a series of regular Joes and Janes testifying about their support of the Democratic nominee should get a massive raise. From the Detroit Teamster to the New Mexico educator, they offered moving anecdotes with poise and gravitas, which the the crowd ate up. And you just have to tip your cap to whoever wrote this line for Barney Smith, a laid-off factory worker from Marion, IN: "We need a president who puts Barney Smith before Smith Barney." Watch it:

Overall, a wonderful evening that I won't soon forget. Now we can turn our attention to Minnesota, where Republicans will undoubtedly talk about Obama -- and not their own ideas -- four four straight nights. Let the fun begin.

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