Phil 'er Up

Don't worry, be happy, says former senator Phil Gramm in a newspaper interview appearing Wednesday. Easy for him to say. He's already got his, having parlayed his political experience into a vice-chairmanship at Swiss banking giant UBS. Serving as John McCain's top economic adviser, Gramm insists that all this talk about America in decline is just that, talk. "Misery sells newspapers," he scoffs. "We have sort of become a nation of whiners. You just hear this constant whining, complaining about a loss of competitiveness."

O.K., let's check the headlines for the past 48 hours. GE to sell Japan unit to Shinsei for $5.4 billion. Citi to sell German retail unit to Credit Mutuel for $7.7 billion. Merrill may get $5 billion for Bloomberg stake. Earlier this spring Bear Stearns sold itself to JP Morgan Chase, and Lehman Bros. is next. Folks, this implosion in American finance constitutes the biggest yard sale in human history, and Gramm says that it is all "mental?"

To his credit, candidate McCain has distanced himself from Gramm's remarks. Meanwhile, Mr. Consumer, please ignore the four-dollar gas, the ten-dollar mozzarella, the pink slip, and the eviction notice. You are only imagining those things.