Last night’s debate between Sen. Obama and Sen. Clinton revealed many things about both candidates.

For Obama, it showed complete ignorance of free markets and the punishing impact of increasing taxes on personal income and capital. For example, when ABC’s Charles Gibson focused on Obama’s pledge to raise taxes on capital gains from the current rate of 15 percent to 28 percent, given the fact that 100 million Americans are in the stock market, Obama gave a double speak answer:

“Well Charlies, what I’ve said is that I would look at raising the capital gains tax for purpose of fairness,” - Barak Obama.

And then in next breath, Obama tried to have it both ways as to whether a hike in the capital gains tax would generate the revenues his government would need to solve our problems.

“Well, that might happen, or it might not. It depends on what’s happening on Wall Street and how business is going.” - Barack Obama.

Hmmm, depend. Well, markets do respond to government actions and investors move accordingly, something he didn’t learn at Harvard Law School.  Both John Kennedy and Bill Clinton understood cutting capital gains was a good thing and both lowered the rates. In each case, there was economic growth. We will even give Clinton his due on that and coupled with a Republican Congress which held spending in check, Americans did better. In Obamaland, mor federal money must be channeled through the government to invest in broad band, green energy and anything else that sounds hip or can be controlled by bureaucrats that haven’t spent a day in the real world of risk.

Obama also dismissed critics who say his refusal to wear an American lapel pin showed his lack of solidarity with all Americans following 9-11. His answer is that is it a non-issue because, well, it’s a non issue. But, lately, Obama has been seen sporting a pin proudly. It may seem like a small matter to some, but if he really believed it doesn’t matter, why slap one on for the cameras?

And for us working stiffs, Obama is also playing fiscal roulette with the dreaded payroll tax. which affects everyone who makes up to $97,000 per year. Here is what he said about raising that sucker:

What I have proposed is that we raise the cap on the payroll tax because millionaires and billionaires don’t have to pay beyond $97,000 a year. That is where it is capped. Now, most firefighters, most teachers, you know, they’re not making over $100,000 a year. In fact, only 6 percent of the population does. And I’ve also said that I’d be willing to look at exempting people who are making slightly above that.”  - Barack Obama.

Again, Obama lacks the fundamental understanding about how people earn their money. By raising up on incomes, thinking he will get to those millionaires and billionaires, of which he is one, Obama believes there will be fairness in the land. But, those in those higher income brackets don’t earn that money based on a paycheck. Those who are affected are those who make thousands more, not millions more, and that clobbers regular people.

Clinton was reduced to again apologizing for dodging bullets in Bosnia and telling everyone that she is tough enough to endure the Republican attack machine. Imagine, your number one reason for running is you have the shameless quality of being shameless. Now, that is what we need in the leader of the free world.

And both showed how desperate they are to play to the far left base of the Democratic Party. By both pledging to lift all American forces from Iraq - no matter what the situation on the ground requires - is just nutty and would put a bullseye on every soldier there.

David Brooks of the New York Times, had the best analysis of the night. Click here to read it.