I mentioned previously that the Republicans seem to have updated "San Francisco values" with "community organizer" as snide cultural referent. Giuliani got the most laughter of the night out of it--it worked, at least for the audience.

Why? My favorite blogger, Billmon, an experienced political and financial journalist and one of the world's most astute pessimists, thinks it was code for "poverty pimp." I disagree somewhat--it's more likely, or better yet also, code for hippie. Billmon writes: "When it comes to playing the dog whistle, these guys are Mozarts." He's right, it's a masterpiece of loaded compression. Roland Martin is pissed.

Initial reaction among some of the more reflective left-wing observers about Palin's speech--i.e. not those who are calling her Tracy Flick, please stop underestimating her kthx--is mixed. I'm not ready to walk back my take yet, but if there's a consensus it's that it is so fucking on. If you were hoping Election 2008 would turn into Death Race, stay tuned.

[There was one thing about the speech that honestly made me happy: after her party flacks spent a couple days painting her as a victim, that storyline is DOA, and I think we're all a little better off for it.]