Archive for Wednesday, September 17, 2008

Economy takes over campaign talk

September 17, 2008


Election 2008

In-depth coverage of the candidates and the issues, all leading up to the Aug. 5 primary and the Nov. 4 general election.

— John McCain and Barack Obama traded increasingly barbed insults along with prescriptions for the ailing economy Tuesday as financial fears shoved aside lipstick on pigs and every other political issue in a blink with just weeks left in the long presidential campaign.

An ad by Democrat Obama sneered: "How can John McCain fix our economy if he doesn't understand it's broken?"

Getting even more personal, Republican McCain retorted: "Sen. Obama saw an economic crisis, and he's found a political opportunity. My friends, this is not a time for political opportunism; this is a time for leadership."

McCain commented as he and running mate Sarah Palin addressed a rally late Tuesday in Vienna, Ohio.

The verbal dueling showed the importance both candidates put on the issue of the economy as the continuing financial meltdown on Wall Street has driven all other issues out of the news.

Both campaigns now believe the candidate who manages to wrest control of the issue and gain voters' confidence could well be the next president.

Earlier in the day, McCain called for a crisis commission, while Obama laughed that off as "the oldest Washington stunt in the book."

"This isn't 9/11," Obama told a noisy crowd of more than 2,000 at the Colorado School of Mines, dismissing the idea of a need for study. "We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it. John McCain won't."

McCain, campaigning in Florida, promised reforms, too, to expose and end the "reckless conduct, corruption and unbridled greed" that he said had caused the financial crisis on Wall Street."

The bewildering turmoil has shaken Americans' confidence, erased hundreds of billions of paper wealth for U.S. stockholders and led McCain and Obama to forsake other controversies and scramble back to the economy as the primary concern of voters.

The presidential campaign had taken an odd turn to side issues - Alaska's "Bridge to Nowhere" and moose-hunting, Obama's crack about lipstick on a pig - after McCain's surprise pick of Alaska Gov. Palin as his running mate. There was a fascination with huge crowds attracted by Palin. But the collapse and merger of some of Wall Street's legendary companies forced a return to reality seven weeks before the election.

What do the voters think?

McCain and Obama now are trusted equally on the economy, with 34 percent of voters naming each as the candidate who would do a better job dealing with what is easily the country's top worry, according to an Associated Press-Yahoo News poll conducted last week. Previously, Obama had had a solid advantage on the issue.

McCain declared Monday that "the fundamentals of our economy are strong." Then, after Obama accused him of being out of touch, he conceded the country was in an economic crisis but still said the fundamental strength of the American worker remained strong.


Richard Heckler 9 years, 4 months ago

Bogus pre-emptive trillion dollar wars are reckless and fiscally irresponsibleAnother nightmare on Wall Street: Dow down 450By ELLEN SIMON, AP Business Writer 4 minutes agoNEW YORK - The stock market took another nosedive Wednesday as the American banking system appeared even shakier and investors worried that the financial crisis is spinning so far out of control that even government rescues can't stop it. About $700 billion in investments vanished.CRIME: Who has history with financial institutions going south such as the savings and loan scandal? Republicans!Neil, George Jr., George Sr., and Jeb BushThe Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates. Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.In the early 1980s, under Reagan, regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.A history of the S&L situation can be found here: is important to note about the S&L scandal is that it was the largest theft in the history of the world and US tax payers are who was robbed.The problems occurred in the Savings and Loan industry as they relate to theft because the industry was deregulated under the Reagan/Bush administration and restrictions were eased on the industry so much that abuse and misuse of funds became easy, rampant, and went unchecked. Additional facts on the Savings and Loan Scandal can be found here: are several ways in which the Bush family plays into the Savings and Loan scandal, which involves not only many members of the Bush family but also many other politicians that are still in office and still part of the Bush Jr. administration today. Jeb Bush, George Bush Sr., and his son Neil Bush have all been implicated in the Savings and Loan Scandal, which cost American tax payers over $1.4 TRILLION dollars (note that this is about one quarter of our national debt).Between 1981 and 1989, when George Bush finally announced that there was a Savings and Loan Crisis to the world, the Reagan/Bush administration worked to cover up the Savings and Loan problems This information was kept from the media until after Bush had won the 1988 elections.

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