By Patrick J. Buchanan

Two weeks after the Republican convention in St. Paul, Minn., John McCain and Sarah Palin were striding forward toward victory.

They had erased the eight-point lead Barack Obama had opened up in Denver and watched as one blue state after another moved into the toss-up category.

That is ancient history now.

Since mid-September, the stock market has cratered, losing half of the $8 trillion that has vanished since October 2007. All five of America’s great investment banks — Bear Sterns, Lehman Brothers, Merrill-Lynch, Goldman Sachs and Morgan Stanley — have either ceased to be independent or ceased to be.