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The Note: Economic Woes Provide Obama Opportunity
September 16, 2008 8:36 AM
ABC News' Rick Klein and Z. Byron Wolf report in Tuesday's Note:
NIAGARA FALLS, N.Y. -- When it comes to the fundamentals, there’s nothing like a full-blown economic crisis to make things very serious very fast in the race.
When it comes to the fundamentals, there’s a very real opening for a candidate to jump through with an economic message that connects.
And when it comes to the fundamentals, Sen. John McCain widened that opening for his rival Monday when he said, again -- on a day of economic turmoil nearing panic on Wall Street and far beyond -- that the “fundamentals of our economy are strong.”
Seven weeks out from Election Day, Team McCain is about to learn that some things even Gov. Sarah Palin can’t make better.
(And as Palin’s credibility takes a hit -- there are some things that even a stretch in the gubernatorial tanning bed can’t make sunny -- could the Palin phenom be cresting?)
Read the rest of The Note -- and get all the latest on the 2008 election, Congress, the White House and the wide world of politics every day -- from Rick Klein by bookmarking this link.
McCain, R-Ariz., did damage control Monday and into the Tuesday morning shows. Seems that whole fundamentally strong economy thing was a misinterpretation. Not only is it not fundamentally strong, but apparently the economy needs a 9/11 Commission.
“I said the fundamental of our economy is the American worker. I know that the American worker is the strongest, the best, and most productive and most innovative.
They’ve been betrayed by a casino on Wall Street of greedy, corrupt excess -- corruption and excess that has damaged them and their futures,” he said on GMA.
“And we’re going to fix and make sure that every American who has a deposit in a bank, that their deposit is ensured. We’re going to need a 9/11 commission to find out what happened and what needs to be fixed. I warned two years ago that this situation was deteriorating and unacceptable. And the old-boy network and the corruption in Washington is directly involved, and one of the causes of this financial crisis that we’re in today. And I know how to fix it, and I know how to get things done.”
But much of the damage is done:
“We know you meant what you said the first time because you’ve said it before,” Obama said Monday night in Pueblo, Colo., per ABC’s Jake Tapper. “I think it’s good that Sen. McCain is celebrating the American worker today. But it would have been nice if some time over the last 26 years he stood up for them once in a while!”
Continue reading today's Note by clicking HERE.
ABC News' Hope Ditto contributed to this report.
September 16, 2008 in Biden, Joe, Clinton, Hillary, McCain, John, Obama, Barack, Palin, Sarah, Vote 2008: Democrats, Vote 2008: Republicans | Permalink | User Comments (39)
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He needs to run with the economic woes. No more weak attacks on Palin and talk about "dishonest campaign." Obama must turn the race into a referendum on McCain and the last eight year.
Posted by: matt | Sep 16, 2008 8:45:27 AM
John McCain, who would not sell his soul to win his party's nomination, is ready to sell every piece of his soul to win the presidency.
Posted by: politicjock | Sep 16, 2008 8:45:42 AM
Bull. I was at the rally in Jax and I knew the minute John McCain said it that it would be taken out of context and distorted by Obama for maximum gain. Talk about sleazy! Obama and his campaign take the cake.
Posted by: Casey | Sep 16, 2008 8:52:45 AM
Economic woes are a result of Republicans policies for the last 8 years. And McCain doesn't offer any difference between his policies from President Bush.
I don't want four more years of the same. Obama needs to hit with the American people with this message over and over again until Election Day and he will win.
But Obama also need to start coming up with some solutions to fix these economic mess that President Bush created. Congress is to be blamed as well.
OBAMA/BIDEN '08
Posted by: jsmith5509 | Sep 16, 2008 9:02:35 AM
As a middle class republican I will not support McCain Palin. FOLKS WE ARE IS A HUGE CRISIS. The McCain folks just dont get it. Plain is becoming a joke as days go by you hear more lies, lies and more lies. How can we Americans but our trust in this women. I am glad that God is sending us a strong signal Its time for change. I really belive that is not McCain time. I with all due respect will support the best choice in November and its not McCain. I really belive that that Mitt would have been a better choice due to the economic issues. Palin just dont have a clue. I also fell more comfortable with Biden asa vp than Palin. Her skills a very limited.
Posted by: Jerry | Sep 16, 2008 9:03:46 AM
WOW!!!! -500
WAKE UP AMERICA...THE REPUBLINCANS MUST GO.........I AM A REPUBLICAN AND ILL BE DAMM IF I SUPPORT MCCAIN/PALIN TICKET......THE HAVE BECOME THE LAUGH DUR TO THE DIS HONESTY OF MRS...PALIN
Posted by: BILL | Sep 16, 2008 9:06:37 AM
This is a big mess the republicans have made ,you all happy???? Can we do with more of this crap???? Time for REAL change my gosh people what more has to happen to this country before you understand that McCain has been there for 26 years and part of this is his fault>>>>> WAKE UP Think before you vote plzzzzzzzzzzzzzzz....
Posted by: indp voter | Sep 16, 2008 9:14:04 AM
Last 2 years the DNC (do nothing congress) has been in charge.
And the economy can be that bad for Obama's "friends".
They are willing to pay $28,500 a plate for a fund raising dinner hosted by "Babs".
How about using some of that money to help the Hurricain victims?
And how about Obama's running mate -- generous Joe. He donated less that .1% of his salary to charity.
Posted by: susie | Sep 16, 2008 9:22:41 AM
Please think before you vote...we are in a huge crisis. Who is in charge? Bush and his cronies...And the congress in always deadlocked because of the republicans...
We will be in a Depression if you vote for Dumb (McSame) and Dumber (lipstick queen).
I heard people say, she's hot! or she gave (read) a good speach.
Have we all lost our minds? I know I haven't...OBAMA/BIDEN 2008
Posted by: Barb | Sep 16, 2008 9:30:07 AM
same team
same tactics
same outcome
throw the bums out
how'd the last 8 work for ya?
ask McCain who Phil Gramm really is...about what he wrote when writing McCain's economic platform
and how that differs from all the years he has spent taking money as the Number one lobbyist for deregulatio in the banking and mortgage industries...
Mccain is "changing" our regulation by hiring the guy who pushed for the deregulation in the first place...
(Gramm received 750k just last year alone in lobbyist money to do so)
same team
same tactics
same outcome
9th year
throw the bums out.
Posted by: dl | Sep 16, 2008 9:31:22 AM
susie,
As an American citizen, how much did you give to charity?
Posted by: zen | Sep 16, 2008 9:31:44 AM
susie
there is one big blame for this mess
deregulation
the overwhelming captain of deregulation?
the guy who wrote Mccain's economic platform.
the same guy who received 750k last year alone to fight for deregulation in the banking sector.
Phil Gramm
Same team
same tactics
same outcome
9th year/
throw these bums out.
Posted by: dl | Sep 16, 2008 9:33:44 AM
McCain says he knows how to fix it...but we need a "9/11 Commission" to figure out what to fix??? Because he has no clue!! Hasn't he been part of the "old boy network" in Washington for the past 26 years? No more Bush/McCain. It's time for Change.
OBAMA/BIDEN '08
Posted by: jlk | Sep 16, 2008 9:42:12 AM
Reminder to Obama: Bush wanted to tighten oversight with a new regulatory board for Fannie Mae, Freddie Mac, and other government recipients for the express purpose of addressing bad loan practices — and Democrats blocked it.
The New York Times reported on this 5 years ago:
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.”
This should have been a no-brainer, right? With hindsight, we can see that the Bush administration had accurately diagnosed the problem in the lending market and had a plan to address it. Fannie Mae and Freddie Mac reluctantly supported the plan. However, Democrats objected:
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are NOT FACING any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Posted by: carl | Sep 16, 2008 9:54:26 AM
LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE POW MOM POW MOM POW MOM POW MOM POW MOM POW MOM LIE LIE LIE LIE LIE LIE LIE
VOTE REPUBLICAN!!!
Posted by: mike | Sep 16, 2008 9:58:25 AM
It would be amazing if Obama had anything intelligent to say about the economy. All he does is wave his arms and engage in personal attacks. Today, he came out with a commercial that attacks a single sentence of a McCain speech and never once mentioned a single syllable about what he'd do with the economy. Not a single syllable!
Obama: Negative and shallow!
Posted by: dl | Sep 16, 2008 10:15:41 AM
How about using some of that money to help the Hurricain victims?
And how about Obama's running mate -- generous Joe. He donated less that .1% of his salary to charity.
Posted by: susie | Sep 16, 2008 9:22:41 AM
How do you know they haven't. And it's no one's business how much someone donates to charity.
Posted by: erin | Sep 16, 2008 10:30:12 AM
erin
We do know that millions of Obama's donations went to an expensive European trip, multiple rock bands, a football stadium, president seal and other wasteful purposes. When one donates to Obama, expect squander!
Posted by: dl | Sep 16, 2008 10:49:20 AM
Instead of a commission, maybe McCain could ask his buddy Phil Gramm to explain what a credit default swap is, and why they are allowed to be used as insurance w/o the normal regulation of a typical insurance policy, and what they have to do with the current meltdown. If Gramm isn't available, maybe McCain can just "do a Google."
Posted by: Jim G. | Sep 16, 2008 10:49:36 AM
This just further illustrates how far out of touch McCain truly is. Republican Herbert Hoover said the economy was fundamentally strong just before the market crash of 1929, followed by the Great Depression. McCain just doesn't get it.
Posted by: Wm. J. LePetomaine | Sep 16, 2008 11:36:58 AM
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