September 16th, 2008
09:00 AM ET
6 years ago

Wall Street turmoil puts Democrats back on offense

Sen. Barack Obama has tough words for Sen. John McCain during a stop Monday in Pueblo, Colorado.
Sen. Barack Obama has tough words for Sen. John McCain during a stop Monday in Pueblo, Colorado.

WASHINGTON (CNN) - Ever since Sen. John McCain picked Alaska Gov. Sarah Palin for his running mate more than two weeks ago, the Republicans have dominated the headlines.

But as the recent failures of major investment banks on Wall Street remind voters of troubles facing the economy, the Democratic ticket of Sens. Barack Obama and Joe Biden has been able to get back on offense.

"We have reached another major turning point in the campaign. John McCain had all the momentum coming out of his convention with Sarah Palin and dominated the news, [and] was on offense right to the end of this last week," said David Gergen, a CNN senior political analyst. "And there is the opportunity for Obama to seize the momentum back on his side. I don't know if he's going to do it or not. He is trying."

The McCain campaign is not ceding the mantle of change to Democrats, however. It is portraying the Arizona Republican as the best candidate to shake up the Washington bureaucracy that allowed the financial crisis to occur.

Full story


Filed under: Candidate Barack Obama • John McCain
soundoff (172 Responses)
  1. Tom in CA

    McCain always says "…I know how to fix it and I know how to get things done." Those things are – fix Washington, fix the economy, capture Osama bin Laden, etc. Unfortunately, McCain offers no specific remedies during his appearances.

    McCain is Palin's moose caught in the headlights.

    September 16, 2008 01:54 pm at 1:54 pm |
  2. anonymous

    All the idiotic comments are just plain that – IDIOTIC. All the people blaming the republicans should lose their savings for being so stupid. Look at all the CEOs, corporate and stock broker greed. Therein lies most of the problem with Wall Street!! GREED! The love of money.....

    September 16, 2008 01:55 pm at 1:55 pm |
  3. PA Independent

    And the Republicans claim we should vote for them because John MCCain has learned all about the economy since March of 2008 (no further comment needed there), and Palin has all sorts of executive experience.

    Executive experience of what, exactly?

    Six years in a town half the size of the one I live in, where we have a very competent part-time mayor who owns and operates his own small business in addition to the "demands" of governing. Small town mayors do a lot of important things, but dealing with national and International policy is not among them.

    Then there's her less than two years as Governor of a small state (in every way but geographically) that is politically, economically and culturally isolated from the rest of the U.S. Her televised interview showed me she knows a lot about Alaska (but not as much as she thinks she does if she insists 20% of our energy is produced there), but next to nothing about the rest of the nation she is campaigning to run if something were to happen to John McCain. Scary stuff.

    In both of these executive jobs she raised ethical questions, bellied up to the pork trough, and made "interesting" executive decisions like conducting political campaign work from her Mayoral office and running official state business through a personal Yahoo e-mail account. Now her claim to sufficient foreign policy experience is that you can see Russia from an island off the coast of her home state.

    Yes, she is candidate for Vice President – to be Number Two to the oldest man ever to run for a first term as President, who has already had cancer four times. In these circumstances, we canno tafford another Dan Quayle (or worse) to be a septugenarian's heartbeat away from the Big Red Button.

    September 16, 2008 01:58 pm at 1:58 pm |
  4. Independent for McCain

    For McCain in PA,
    I"m going to use my comments to repeat yours since they were so brilliant!!!!

    Some FACTS for the Liberals to think about:
    George Bush has been in office for 7 1/2 years. The first six the economy was fine.
    A little over one year ago:
    1) Consumer confidence stood at a 2 1/2 year high;
    2) Regular gasoline sold for $2.19 a gallon;
    3) the unemployment rate was 4.5%.
    4) the DOW JONES hit a record high–14,000 +
    5) American's were buying new cars, taking cruises, vacations overseas, living large!…
    BUT American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress and yes–we got 'CHANGE' all right.
    In the PAST YEAR:
    1) Consumer confidence has plummeted ;
    2) Gasoline is now over $4 a gallon & climbing!;
    3) Unemployment is up to 5.5% (a 10% increase);
    4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices still dropping;
    5) 1% of American homes are in foreclosure.
    6) THE DOW is probing another low~~
    YES, IN 2006 AMERICA VOTED FOR CHANGE…AND WE SURE GOT IT! ….

    REMEMBER THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS.

    AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS, ABSOLUTELY NOTHING.

    NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS GOING TO REALLY

    GIVE US CHANGE ALONG WITH A DEMOCRATIC CONGRESS!!!!

    JUST HOW MUCH MORE 'CHANGE' DO YOU THINK YOU / WE CAN STAND?

    September 16, 2008 01:58 pm at 1:58 pm |
  5. SPQR753

    POOR O-L-D M-A-N: he doesn't get it!!!!

    September 16, 2008 01:58 pm at 1:58 pm |
  6. Spencer from VA

    Campaigning in Florida with Jeb Bush on stage with you shows poor judgement on your half McSame.

    September 16, 2008 01:59 pm at 1:59 pm |
  7. SONGBIRD MCCAIN

    Here's a little history lesson nutshell. Foreign investors wanted to put money into the US. Greenspan said no and made it fiscally undesirable for them to do so. So foreign investors wanted a nice secure area with high returns: mortgage bonds. The Enron loophole allowed all the big finance companies (that are now receiving taxpayer money in this administration's version of corporate welfare/corporate socialism) to race each other to buy as many mortgages as possible.

    September 16, 2008 01:59 pm at 1:59 pm |
  8. SONGBIRD MCCAIN

    As the foreign investors bought more and more, there was more incentive to create and find even more mortgages. They were all bundled together – good mortgages and risky ones. It didn't matter if they were all risky, since there was no oversight and the money was flowing. When the music stopped all those companies were left holding the bag and cried to the GOP gov't to bail them out.

    September 16, 2008 01:59 pm at 1:59 pm |
  9. SONGBIRD MCCAIN

    Make no mistake about it. This economic crisis falls completely on the laps of fiscally conservative republicans who reject common sense regulation as well as the current Bush administration which has basically failed in every single action it has taken. And my friends, McCain will continue these policies. So if you reward the GOP by electing McCain, get ready for another Great Depression.

    September 16, 2008 02:00 pm at 2:00 pm |
  10. Reed

    After the whole Wall Street disaster, it's amazing how many people will vote for the same party that got us where we are today. The vast majority of Americans are easily fooled and even more easily led.

    OBAMA is our only hope for change!

    September 16, 2008 02:01 pm at 2:01 pm |
  11. BOBBY K. FROM BIRMINGHAM, AL.

    We need some help America!!!!! It would be insane for people to vote a Republican back into the White House after the current Republicans are ruin this country!!!!!!

    When will America finally WAKE UP!!!!!!!!
    When we are in a DEPRESSION and in a WAR WITH RUSSIA< CHINA, and IRAN!!!!!!!!!!

    I don't want to sound like a PUNK but WE NEED TO GET OUT OF IRAQ, IMPEACH BUSH and HAVE PALIN'S INVESTIGATION with TROOPERGATE!!!!!!!!

    CNN post this

    September 16, 2008 02:01 pm at 2:01 pm |
  12. Christy F

    Wait! But our economy is fundamentally sound!

    September 16, 2008 02:01 pm at 2:01 pm |
  13. Election Watcher

    Obama the fear monger

    September 16, 2008 02:02 pm at 2:02 pm |
  14. This Won't Work Either

    "Today we are seeing tremendous upheaval on Wall Street. The American economy is in crisis. Unemployment is on the rise and our financial markets are in turmoil. People are concerned about our economic future. But let me say something: this economic crisis is not the fault of the American people. Our workers are the most innovative, the hardest working, the best skilled, most productive, most competitive in the world. My opponents may disagree, but those fundamentals of America are strong."
    –John McCain
    -------------------------------
    First of all, his opponents disagree that the "fundamentals of the economy are strong", which is what John initially said yesterday. He came back out and change the definition of "fundamentals" to mean workers or people (damage control). Now he's trying to say that his opponents are against workers, which is not true. His opponents are against John saying that the economy is strong on a day when Wall Street was having a crisis.

    John is a liar, and he still doesn't know anything about the economy.

    Obama/Biden 08

    September 16, 2008 02:02 pm at 2:02 pm |
  15. California Voter

    Frankly, both the democrats and the republicans are responsible for the current economic crises. Neither party stood up to the financial interests and sought to maintain some limitations on the market. Greed gets in the way of common sense, and like children who have no boundaries or limitations set, adults let greed take over . . . .!!!! We need leadership that can step up to the plate and make sure that sound regulations set limits that would preclude another Enron debacle, dot.com bust, housing mess, oil market manipulation and the immediate financial market meltdown.

    September 16, 2008 02:03 pm at 2:03 pm |
  16. Janice

    I see from these comments, Obama definitely has cornered the ignorant un-educated vote.

    September 16, 2008 02:03 pm at 2:03 pm |
  17. Don

    John McCain needs to be careful in his accusations of greed and corruption in Wall Street. Does he imagine the investment bankers are Democrats?

    September 16, 2008 02:05 pm at 2:05 pm |
  18. Southern view

    It's not the Washington bureaucracy, its the Wall Street bureaucracy and the corporate bureaucracy who happened to finance the Washington poiticians and buy their votes. Why, quite a few of those folks are on McCain's campaign staff.

    Yes, the Democrats have them too, but it's a tough sell for the corporate and Wall Street bureaucrats or Plutocrats would be a better word, to finance the Democrats.

    McCain has no leg to stand on regarding fixing the economy. Whatever experience he has, it's been part of the problem, not a solution. He admits himself he knows nothing about the economy. Americans should not be fooled into voting for Republicans because of abortion issues. Another two terms of the Plutocrat America could mean you won't be able to feed your children, not the ones you have or the ones you want to have.

    September 16, 2008 02:05 pm at 2:05 pm |
  19. Joseph

    For McCain in PA September 16th, 2008 12:52 pm ET

    Some FACTS for the Liberals to think about:
    George Bush has been in office for 7 1/2 years. The first six the economy was fine.
    A little over one year ago:
    1) Consumer confidence stood at a 2 1/2 year high;
    2) Regular gasoline sold for $2.19 a gallon;
    3) the unemployment rate was 4.5%.
    4) the DOW JONES hit a record high–14,000 +
    5) American's were buying new cars, taking cruises, vacations overseas, living large!…
    BUT American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress and yes–we got 'CHANGE' all right.
    In the PAST YEAR:
    1) Consumer confidence has plummeted ;
    2) Gasoline is now over $4 a gallon & climbing!;
    3) Unemployment is up to 5.5% (a 10% increase);
    4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices still dropping;
    5) 1% of American homes are in foreclosure.
    6) THE DOW is probing another low~~
    YES, IN 2006 AMERICA VOTED FOR CHANGE…AND WE SURE GOT IT! ….

    REMEMBER THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS.

    AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS, ABSOLUTELY NOTHING.

    NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS GOING TO REALLY

    GIVE US CHANGE ALONG WITH A DEMOCRATIC CONGRESS!!!!

    JUST HOW MUCH MORE 'CHANGE' DO YOU THINK YOU / WE CAN STAND?
    _____________________________________
    you are a joke, you think these problems just popped up. The housing market has been rooted as a fluke for over the past 6 years people were told it would not hold no one listened, Mr Bush has been king veto ever since the democratic congress was in place. you must have failed civics and political science

    September 16, 2008 02:06 pm at 2:06 pm |
  20. mac attack

    I think our government has failed- -since the gorvernment has been dominated by the repubs for the last eight years i'll vote to give the demos a crack for the next four to see if they can begin to clean up the mess created in the last eight. If that fails I'm outta here!

    September 16, 2008 02:08 pm at 2:08 pm |
  21. Tainopower

    this is the best ever happens to democrats so they rejoy , happyness is back , now we are going to win the white house then? Who care they got what they want. But whit no plan a candidate whit no experience it only going to get worst. Its ok they just going to continue blaming McCain for it.

    September 16, 2008 02:08 pm at 2:08 pm |
  22. The Fab One

    Funny how it wasn't tainted when Repugs went after Rev. Wright and Bill Ayers, and that was merely opinion based. This woman (if you can call her that) used her power to ruin someone's life in Alaska (which, living there, life is already ruined as it is).

    Sarah Palin and her hillbilly husband should go back to Alaska and stay there. She's like a Roman candle: shoots off spectacular fireworks for a brief minute, then goes dud.

    September 16, 2008 02:33 pm at 2:33 pm |
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