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. Truth Be Told

    The Republicans are idiots. The economy problems started when Bush took office 8 years ago...the abortion rate has gotten higher...the country is falling apart...the unemployment rate is higher...Wall Street is a mess...and we've lost the respect of the world....I guess the Republicans won't acknowledge a recession until we've actually hit the next Great Depression.... as Republicans keep their eyes closed because their pride won't let them either vote for a Black man or for a "liberal" ticket. News Flash...the GOP deceived you for 8 years...all party lines and "bs" aside... we can't afford four more years of this!

    OBAMA/BIDEN '08 – WE NEED YOU DESPERATELY!

    September 16, 2008 12:48 pm at 12:48 pm |
  2. Barbara - NC

    The abortion blog closed – no birth control, no abortions.

    This leads me to believe the ONLY way to prevent unwanted pregnancies is to castrate all males.

    Try that one you evangelical republican men.

    Better yet, put your name on a list to be financially and physically responsible for the next unwanted baby – no preferences what color, what illness – NEXT ONE

    September 16, 2008 12:49 pm at 12:49 pm |
  3. Al - Queens NY

    The silence exhibited by both Colin Powell and Condolezza Rice proves that Obama's presidential run is fueled by the simple notion of electing the 1st black american president. Powell and Rice have political beliefs that are the complete opposite of Obama. But they are struggling to put these differences aside for the sake of history. Translation if Obama was white they wouldn't even consider him for 1 second.

    September 16, 2008 12:49 pm at 12:49 pm |
  4. jfs Memhis, Tn

    McCain has left himself open on this when he admitted he is weak on economic issues. Palin has experiencied handling state revenues that have come MOSTLY from oil companies and their HUGE profits .Even then she was govenor during the oil companies boom years. Who couldn't balance budgets with all that greed . Sorry Republicans, you have messed this economy up big time and now it is up to the Democrats to fix it just as they did in the 30's, 40's, early 60's, and 90's. The time is now....and we cannot wait a moment longer.

    September 16, 2008 12:49 pm at 12:49 pm |
  5. the truth now

    LOne star wolf you are an idiot. The democrats don't have enough of a majority to do much of anything without fear of a veto from the bush. In reality the republicans are still in control. Wakeup and smell the dog crap!!!!!!!!!

    September 16, 2008 12:49 pm at 12:49 pm |
  6. sm

    And what has come out of this is very revealing.

    The Dems have put the blame on the Government or the GOP.
    McCain has put the blame on Wall Street.

    The US Financial market works on CAPITALISM.

    If the Government is to take the blame then the US must have in place a COMMUNIST – SOCIALIST government.

    I firmly believe that Obama bin BIDEN will move the US closer towards SOCIALISM with an even bigger government.

    Their Health Care Plan is another eye opener.

    Obama is too far to the LEFT.

    That is why to date he has not defined "CHANGE",

    September 16, 2008 12:49 pm at 12:49 pm |
  7. Bulldog

    The Reason for America’s Financial Crisis:

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.

    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrates objected against it. Phil Gramm indroduced this bill was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? If you do then vote for McCain.

    September 16, 2008 12:51 pm at 12:51 pm |
  8. For McCain in PA

    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 12:52 pm at 12:52 pm |
  9. Daryl in Seattle

    The Dems should never have to be on defense considering the mess these so-called Republicans have put us in. I think the real Conservative Republicans, the ones who actually use their brains, know better than to vote for more gangsters disguised as politicians. If McCain takes office, he'll just be an old guy in a suit who lets these corporations and lobbyists continue to run our country into the ground. Our occupation in Iraq will never end, meaning our tax dollars will continue to go towards the Haliburton's of the nation who charge us $30 bucks just to make a cheeseburger for one soldier over there. Palin will then appoint every childhood friend she can find to staff her office and it will be like watching the political version of the movie 'Clueless' as she is put on strings, told what to do, and continually gets herself into mischief while her husband, "The First Dude", helps her make bad policy decisions even though he isn't an elected official. I mean, what does that guy do for a living?? He's on the campaign trail with her every single day! Does the show "Married with Children" mean anything to you guys??? haha

    September 16, 2008 12:52 pm at 12:52 pm |
  10. Country (club) First

    Joe Kiloz,
    Do you know what deregulation is? It happened under the Republican majority, in addition to record-breaking deficits. Now, these same Republicans hold the record for most filibusters of any Congress while in minority. Enough.

    September 16, 2008 12:53 pm at 12:53 pm |
  11. Eric

    lol! I love to get on here and read post by liberals, it makes me feel smart :)

    September 16, 2008 12:53 pm at 12:53 pm |
  12. Bulldog

    The Reason for America’s Financial Crisis:

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.

    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrats objected against it. Phil Gramm introduced this bill and was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today along with the banking lobbyists he is employing in his campaign. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? If you do then vote for McCain.

    September 16, 2008 12:53 pm at 12:53 pm |
  13. John

    Blame Bush and Mc Cain on the economy is what the republicans will want you all to believe. It show how ignorant they are.

    September 16, 2008 12:53 pm at 12:53 pm |
  14. Glenn; Bakersville, NC.

    You can't hold the Democrats responsible when you have a President who threatens to veto any legislation that would help the "working man" and there are still enough republican congressmen in the house to ensure no veto gets overridden without it benefiting their reelection efforts.

    November will change all of that though. Democrats will own the House, Senate, and the White House! Maybe then we can undo a small part of the damage that the Bush administration has done to this country.

    I personally just hope that a President Obama will not interfere with the War Crimes tribunal when Bush is arrested and held for trial for war crimes and atrocities to humanity by his war in Iraq. If they can take Slobodan Milosevic to trial, they should definitely take Bush on the same charges. He is the true "Butcher of Baghdad" or "Annilator of Iraq". I'd love to see him at the Hague, and pray for it nightly.

    September 16, 2008 12:54 pm at 12:54 pm |
  15. Dave, Illinois

    So let me get this straight: Obama and McCain are US Senators serving in the same Senate under Democratic control for the last two years and McCain is the blame for the economy, but Obama is not? Wow, the Dems must have put McCain in control of the Senate instead of Reid. No wonder Reid despises McCain!
    Oh yeah, for you Obamites that do not know how to use a search engine and are junping all over the "Blackberry" comment made by a McCain advisor – here is the exact quote:
    “Telecommunications of the United States, the premiere innovation in the past 15 years, comes right through the Commerce Committee. So you’re looking at the miracle that John McCain helped create,” said Holtz-Eakin. “And that’s what he did. He both regulated and de-regulated the industry.”
    No claim was made by McCain or his staff about inventing the technology – just about legislating the environment to make innovation attractive. You Obamites are really a piece of ....work.

    September 16, 2008 12:54 pm at 12:54 pm |
  16. America think for you

    I am a Democrat and I am voting for McCain. Oh no! Why are you betraying Barack? You why! Because John McCain had invented the blackberry. I love my blackberry. McCain is know Washington for 30 years, Barack is new to Washington. McCain is smart and does not understand the economy and I am thrill to vote for McCain. McCain is rich and Barack is not. McCain has many houses and Barack does not. If I Americans get evicted from their homes they can get a room each from McCain. McCain is the real deal that will shake up Washington and himself because he is an insider. Sarah Palin is a foreign policy expert because she can see Russia from Alaska Joe Biden cannot see Russia from Delaware. This why I am not voting for McCain.

    September 16, 2008 12:55 pm at 12:55 pm |
  17. Kiah G.

    David Gergen he will do it and he is doing it. If he can't steal the momentum on discussing real issues related to the American people vs. lipstick then you're NOT doing your job.

    September 16, 2008 12:55 pm at 12:55 pm |
  18. Get Real

    I am so tired of hearing the pathetic lies and excuses that are flowing out of the McCain Camp. "The economy is fundamentally strong".... "Well what I meant to say was that the workers are strong". Give me a break. When is america going to WAKE UP. Do you really want 4 more years of the last 8 we just endured. Palin isn't going to cooperate with the Alaska gov't regarding troopergate. Wow what a surprise... just like Karl Rove got out of jail, none of Bush and Cheney's records needed to be turned over in investigations because it was Executive privileage. Yeah, let's just go on with the same corrupt politics we have been dealing with for the last 8. Cindy McCain felt attacked by The View.... Why because they actually wanted an answer and a straight one to a question on the American public's mind.

    Let's WAKE UP America..... They accused Obama of being a celebrity but when you look at the Polls we find out it's turning into a personality vs. issue race. Where is the substance of the people of the American public. We like lipstick and a hockey mom so we are going to vote Republican or are we so ignorant and shallow that some of my white counterparts cant vote for an African American, who actually is African-American and White. Oh Yeah, we keep forgetting that part don't we!!!!!!!!!! While he is part of the African American Race and the White Race ..... more importantly he is part of the HUMAN RACE and is focused on turning this Country around! Why don't we try to focus on that for awhile. Get your heads out of the sand and into the 21st century and look at reality.

    September 16, 2008 12:56 pm at 12:56 pm |
  19. jm for sc

    Joe, that won't work because the average voter with a mind of their own knows that the democrats only held a slight majority. It takes 2/3 majority to get things accomplished.

    Obama will be a president that will on veto when it is necessary not when it benefits the rich and the well to do.

    Obama/Biden 08

    September 16, 2008 12:56 pm at 12:56 pm |
  20. Spencer from VA

    I believe Sen. Obama will stay on offense for now on. The economy is something the GOP wants to stay away from. Sorry guys, it's issue #1. I bet the McLame camp will put a bunch of ads trying to divert the attention off of the economy. It won't work. You're in our crosshairs now Johnny boy!!!

    OBAMA/BIDEN 08

    September 16, 2008 12:56 pm at 12:56 pm |
  21. Andy - Atlanta, GA

    I don't know about McCain inventing the Blackberry... but BLACK BARRY (Obama) is about to invent him a new one!

    September 16, 2008 12:56 pm at 12:56 pm |
  22. jm for sc

    Joe, that won't work because the average voter with a mind of their own knows that the democrats only held a slight majority. It takes 2/3 majority to get things accomplished.

    Obama will be a president that will on veto when it is necessary not when it benefits the rich and the well to do.

    Obama/Biden 08

    Cnn, if I said that then why don't I see it?

    September 16, 2008 12:57 pm at 12:57 pm |
  23. Donna from Colorado Springs

    McCain is totally clueless about the economy and how to fix it. On the day of the wall street colllapse, he smugly said that the fundamentals of the econnmy were sound. Then, when called on his ignorant statement, he back pedals and says that people are the fundamentals he was referring to! The man couldn't find his butt with both hands and a flashlight! His republican band of idiots are solely to blame for this financial crisis, but he will find a way to blame the dems for this. He always does!The only change he is wants is a change of address for himself and his wife. The republicans can't even come up with an original slogan........they have to steal the dems slogan of CHANGE. He is absolutely Bush 44!

    September 16, 2008 12:57 pm at 12:57 pm |
  24. Michael

    Sen. McCain, i give you great praise for your service to our Country, but Sir you and your GOP cronies are completely out of touch with what is truely going on in this country.

    All you talk about is Ear-marks, but you own VEEP has asked for Ear-marks this year! I agree that, these pork-barrel projects need to be eliminated.
    What about the biggest ear-mark of all time, The WAR in IRAQ! A war that was started under completely false pretenses. Billions upon Billions of dollars later, the person most responsible for 9/11 is still at large.
    You want to tax our Heath Care premiums? It is hard enough to make ends meet now?
    But you want to extend the Tax Cut to Corporations and the Wealthy but do very little to help those that you claim is reason why "The Fundamentals of out Ecomnomy are strong"
    Your Running mate has said, over and over and over again that she will reform Washington, of which I might add include you.
    Your Running mate said that Alaska is responsible for 20% of the domestic oil production in the country, but it is more like 3.5%.

    People are claiming that the Democratically controlled congress is equally responsible, but the FACT is the Democrats do NOT have enough votes to override Pres. Goerge W. (Veto) Bush.

    I have head very little, even any thing from you about education.

    What about energy independance, other than "Drill Baby, Drill"

    What about the Housing Crisis?

    Social Security?

    Veterans care?

    Equal Pay for Equal Work?

    Minimum Wage?

    Sen. McCain, you talk about Country First, but what Country are you talking about? It seems to me that you are Talking about the "Country Club"

    Thank you,

    Michael from Nevada

    Obama / Biden

    September 16, 2008 12:58 pm at 12:58 pm |
  25. Emily

    What is the plan of Obama to fix the Wall Street?

    Is he planning to restrict short selling? Is he planning to change the way SEC monitors the market? Or is his capital gain tax going to help prevent this? Maybe, he should limit real estate sales tax exemption for people with millions incomes. They are the ones who were flipping real estate then to put us in this situation.

    September 16, 2008 12:58 pm at 12:58 pm |
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