The economy and the election

With the DOW down about 500 points yesterday, the U.S. economy is in dire need of help. The Lehman Brothers bank filed for bankruptcy on Monday, the same day that the Bank of America “unveiled plans to buy Merrill Lynch” (Ellis). The falling of a company or being sold to another company both indicate inability for that organization to stand on its own feet. It indicates weakness. And because two major companies on Wall Street have shown considerable weakness, the economy is in peril.

So what does this have to do with the election? Everything. CNN has several articles on the web right now discussing the candidates’ response to the crisis, that the election has reached a critical sway point and John McCain may lose his press coverage momentum. All eyes are on McCain, and from what I’ve read, people don’t like what they see.

· Obama and McCain have a chance to form articulate responses to the crisis.

CNN reminds readers that McCain and Palin have been working hard to create a maverick image for themselves, that they are going to ‘shake up Washington.’ But again and again the McCain campaign has shown the public that it fails to address the real problems. Who wants to trust a candidate who blames the failing economy on the “reckless conduct, corruption and unbridled greed that has caused a crisis on Wall Street?” McCain belittles the issue into corruption when really the economy has been declining for years, as a result of a number of variables instead of just one.

CNN is sure to provide ample information on Obama’s remarks, highlighting his assurance that he (Obama) will do a better job of changing policies than McCain, who offers more of the same.

As part of his proposal to get out of the economic crisis, Obama said he is proposing a $50 billion Emergency Economic Plan to "jump-start job creation." Obama said the plan would save 1 million jobs by rebuilding infrastructure and repairing schools, among other things.

The senator from Illinois said the country also must continue to address the housing crisis and build a "21st-century regulatory framework." Obama vowed to "get serious" about regulatory oversight.

Obama said what's happened in the past few days is "nothing less than the final verdict on an economic philosophy that has completely failed."

McCain, on the other hand, made comments on Monday saying “that the economy was "fundamentally sound.” He later tried to ‘clarify’ his comments, saying that it was the “American worker who was "fundamentally sound,."” which did more to weaken his position than strengthen it.

• Democrats are moving back on offense, pointing to Republicans who have been in charge of the White House for the past 8 years

"Anything that raises economic anxiety should help the 'out' party -- in this case, the Democrats. All they have to say is, 'Look who's been in charge for eight years,' "[CNN senior political analyst] Schneider said.

The economy is finally becoming the number one issue that everyone expected it to be. But who will gain the most leverage here, McCain or Obama? With all the press leaning in Obama’s favor, it’s likely the Democrat will gain more momentum in the campaign.

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Anderson, Scott J.. " Wall Street turmoil gives Dems opening." CNN.com. 16 Sep 2008. CNN.
10pm, 16 Sep 2008
<http://www.cnn.com/2008/POLITICS/09/16/candidates.wall.street/index.html>.

Ellis, David. " Changes rock Wall Street." CNN.com. 15 Sep 2008. CNN.
10pm, 16 Sep 2008
<http://www.cnn.com/2008/US/09/15/banks.bigchanges/index.html?iref=newssearch>.

" Obama says he's better on economy." CNN.com. 16 Sep 2008. CNN.
10pm, 16 Sep 2008
<http://www.cnn.com/2008/POLITICS/09/16/campaign.wrap/index.html>.