This post is not about the horse race or who "won" the debate. This post is about the greatest problem facing America today, a greater problem than we have faced in many years. This post is about the economy. I'm sorry to say that neither of the candidates took the opportunity to address it in a serious manner.

We are facing the worst economic crisis since the 1980's. WaMu just set a record as the "Largest U.S. Bank Failure Ever." (Mazel-tov, WaMu.) Investment titans are on the knees, the ones that haven't gone under or been torn apart. Debt is at a historic high. Credit is tight. People are losing their houses and their jobs. Everyone is angry. Everyone is afraid.

OK, the market's up big. The bailout plan is about to be unveiled. What does it all mean? Here are my thoughts.

We've been told for so long that everything is OK with the economy. Nothing to see here, they've said. McCain calls the economy fundamentally strong; his economic adviser calls the American people a bunch of whiners; Greenspan says we are nearing the bottom of the housing meltdown; Barney Frank dismisses the problems at Fannie Mae and Freddie Mac as overstated.