September 16th, 2008
09:00 AM ET
10 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. Listen Up...

    Note about the abortion ad. This is McCain's way of saying stop thinking about the's about abortion stupid!

    September 16, 2008 12:58 pm at 12:58 pm |
  2. Jack

    I listened to John McCain's economic adviser this morning on NPR and it looks like they want more deregulation as the answer to the economic problems that we are facing.

    This is exactly how the Phil Gramm, John McCain and the republicans got us into this mess to start with and now they want more of the same?

    I don't have that much left in my 401K account and they want to steal that too?

    Regulation was put on the financial market after the Great Depression and now the republicans are going to repeat the mistakes of Herbert Hoover and get us into another depression!

    It really is time for a change and the republicans are not going to change their stripes – we need a Democratic President.

    September 16, 2008 12:58 pm at 12:58 pm |
  3. Stacy from Loudoun County VA

    Truth be told, all hands were asleep at the wheel on this both Republican and Democrat, the Executive and Legislative braches and the media. Let’s also included the greedy businesses and the people who thought an ARM was a brilliant idea. The whole system failed. And truth be told, it is going to take all of us to fix this mess.

    September 16, 2008 12:59 pm at 12:59 pm |
  4. R. Cooper

    Yeah, and Obama is now up in the polls, yet you still have him dead even with McCain. Why does CNN report the "poll of polls" when it favors McCain, but despite the near crash of Wall Street, which is in favor of Obama, there's no mention of it effecting the polls. It is what is, my friends. Believe it. Accept it. Have no fear, Obama will be the next President of the USA!

    September 16, 2008 12:59 pm at 12:59 pm |
  5. Tired of the Lies

    The greatest lie the devil may have told was convincing people he didn't exist....

    But the greatest lie the Republicans have ever told is launching three times as many filibusters in the last two years than any other congress in history, and then blaming the "do-nothing" nature of this congress on the Dems.

    Fact: For 8 years the Bush presidency slashed government revenues but increased government spending, resulting in record debt and enriching foreign powers. For 6 years the Repub congress deregulated industry. Then the GOP lost congress but subsequently blocked most ensuing Democratic legislation nevertheless.

    Now we're living the consequences of Republican policies and tactics, and the Repubs claim it's not their fault, so put them back in power and let them do more of the same.

    Sounds good to me!

    September 16, 2008 12:59 pm at 12:59 pm |
  6. Anonymous

    I said it early on: if this race is close come October, the racism roiling just under the surface is going to become overt. It's only the middle of September, and it's started already from the few wing-nuts on the Ticker. This will get really ugly really soon.

    September 16, 2008 01:00 pm at 1:00 pm |
  7. Linda from Prescott AZ

    Obama will be the next president of the US.
    There is no way that people of good conscience could vote for McCain, it is insane.

    September 16, 2008 01:01 pm at 1:01 pm |
  8. Debby

    Yes Obama and you have benefited more than McCAin from one of these failed investment banks. Obama on the economy is a joke when there is a 28thousand a plate fundraiser going on for him tonight with Babs singing and charging 2500 smackers a piece to get in. I guess the economy isn't giving the elite any problems.

    September 16, 2008 01:01 pm at 1:01 pm |
  9. Leslie from Nevada

    Bills have to go through more than just congress. The president has the power to veto. Let's not forget who started the calamity. $10.3 billion a month spent in Iraq really does add up.

    September 16, 2008 01:01 pm at 1:01 pm |
  10. Jorge

    In comparing stock market averages from 2001, when Bush took office, to 2008, factor in inflation, which is 1.24. Therefore a Dow Jones Average of 10,000 in 2001 would be equivalent to 12,400 now.

    As for blaming the Democrats for the current mess, factor in the fact that Bush threatens to veto and the Senate Republicans filibuster or threaten to filibuster any substantive change in the status quo the Democrats try to put forth.

    Deregulation is a Republican battle cry.

    September 16, 2008 01:01 pm at 1:01 pm |
  11. sarah1

    hey cnn when are you going to report that story about your obama trying to undermine the us government with regards to troop withdrawal in iraq. considering the fact that YOUR candidate has committed a FELONY under the logan act i would think you people would stop cheerleading for him.

    September 16, 2008 01:01 pm at 1:01 pm |
  12. Barbara - NC

    I wonder if Sara will put Air Force One on EBAY?

    Interesting thought. Would a 727 carry a president and 10 or 20 people? Hmmmmmmm

    Would that save any fuel?

    September 16, 2008 01:02 pm at 1:02 pm |
  13. Luis

    What a sad state we are in if we are this close to electing a completely unqualified clown like Obama to our highest elected office.

    The true end of an empire........................

    Vote McCain or join the insane.....

    September 16, 2008 01:02 pm at 1:02 pm |
  14. annie - former democrat

    Looks like obama should have checked out the Logan's Act before he went to Iraq and asked them to delay US troop withdrawal until AFTER he was elected!

    The Logan Act (18 U.S.C.A. § 953 [1948]) is a single federal statute making it a crime for a citizen to confer with foreign governments against the interests of the United States. Specifically, it prohibits citizens from negotiating with other nations on behalf of the United States without authorization.

    September 16, 2008 01:02 pm at 1:02 pm |
  15. Deb in Vegas

    How did the President of the US or even Congress have to do with the Real Estate market collapse and the subsequent collapse of several mortgage giants and banks?

    Neither the President nor Congress provided loans to people who clearly could not afford them once the ARM period was over.

    When I applied for the mortgage for my house, I don't remember seeing any members of either the Executive or Legislative branches of the government in the room with me, my husband, and the loan officer. I knew how much I could afford. I knew that based on the earnings of my household that I could not afford a million dollar home.

    It's easy to blame the government when decisions, both by the banking industry and consumers, turn out to be wrong ones. But this may be the one time I will defend both the President and Congress.

    The collpase of the real estate market set the wheels in motion for everything currently happening on Wall Street. The anger needs to be directed at the shady mortgage brokers who convinced people thay could afford houses they clearly couldn't and for those people who KNOWINGLY bought houses they couldn't afford.

    September 16, 2008 01:02 pm at 1:02 pm |
  16. faye, NV

    McCain who has voted with Bush Adm over 90% have shown that his decision making is not sharp neither keen on what is best for we the people.

    McCain policies is best for the rich and not the poor.

    September 16, 2008 01:02 pm at 1:02 pm |
  17. jr california

    vperry September 16th, 2008 12:31 pm ET
    I am scared that Obama is a fascist.

    ummmmmm, maybe look up the definition of "fascist" or "fascism"? just a thought...

    September 16, 2008 01:03 pm at 1:03 pm |
  18. Pam

    vperry September 16th, 2008 12:31 pm ET

    I am scared that Obama is a fascist.

    I am scared that you're allowed to vote.

    September 16, 2008 01:03 pm at 1:03 pm |
  19. MurphyMorseJohnson

    The Dow Jones' 500 point drop was yet another illustration of how Republican economic policy has failed. The timing of McCain's remarks simultaneous to the Dow Jones' disaster that the economy is good illustrates McCain will do nothing to fix the failed policy. After all, if McCain feels the economy is good already, he won't fix what he doesn't feel is broken. Add the fact that McCain has sided with Bush/Republican economics 90% of the time. The net result–the policy of McCain/Bush Republican economics does not amount to change–it embodies the status quo of an economy they feel is good. The smoke screen around McCain's use of the word "change" has been lifted once and for all. It should now be plain for the electorate to see. Only the Democrats will change the economy and must take the offense to implement such change.

    September 16, 2008 01:03 pm at 1:03 pm |
  20. NO-NO-NO

    P R E S I D EN T--H AS-–N O T H I N G-–T O--–D O-–W I TH--

    R E G U LA T I N G--W A L L ---S T R E E T---D E M O C R A T I C-

    C O N T R O L LE D--C O N G R E SS ---I S ---I T S --O N L Y–

    A N D--C H I E F--R E G U L A T O R

    September 16, 2008 01:03 pm at 1:03 pm |
  21. Community Organizer

    Apparently McCain was able to both "regulate and de-regulate" the economy.

    That shows a real understanding of how the economy works.

    Talk about "quality" advising.

    September 16, 2008 01:03 pm at 1:03 pm |
  22. Cheesehead, WI

    After McCain lost in the 2000 South Carolina primary, he did something unexpected: He confessed to lying about how he felt about the Confederate battle flag, which he actually hated. "I broke my promise to always tell the truth," McCain said. Now he has broken that promise so completely that the John McCain of old is gone forever.

    The precise moment of McCain's total lose of honor did not came, at some press conference or on the Sunday shows but on "The View”, Joy Behar, took McCain to task for some of the ads his campaign has been running. One mischaracterized Obama on “lipstick on a pig” - an Americanism that McCain himself has used. The other declared Obama supported teaching sex education to kindergarteners.

    "We know that those two ads are untrue," Joy said. "They are lies."

    FREEZE!! Close in on McCain. This was the moment. He has been avoiding the press. The Straight Talk Express is now just a slogan like "Home Cooking" or "We Will Not Be Undersold." Until then, it was possible for McCain to say that he had not really known about the ads, that the formulation "I approve this message" was just boilerplate. But he didn't.
    "Actually, they are not lies," he said.
    Actually, they are.

    Now you know the meaning of what Cindy said “they cleaned us to the bone” to reveal the “new repulsive McCain”.

    September 16, 2008 01:03 pm at 1:03 pm |
  23. Arizona Demo

    Let's see, who sits down with Lobbists and writes legislation. Who until recently had control. Oh, thats right Republicans. This meltdown started the day Bush was elected. I seem to recall we had a surplus, the economy was humming along UNTIL WE GOT STUCK WITH THIS ADMINISTRATION. No control on hedge funds, etc, just all the "friends", does anyone remember ENRON?????, THE KEATING 5?????BFF OF MCCAIN??????

    September 16, 2008 01:04 pm at 1:04 pm |
  24. Proud to be American

    The Democrates know how to fix the Ecconomy the Republicans know how to mess it up... Guess who turn it is now?

    Obama and Biden 2008!

    September 16, 2008 01:05 pm at 1:05 pm |
  25. Barbara - NC

    I trust the Constitutional Scholar.

    I do not trust the Navy maverick (maverick=unpredictable and reckless)

    September 16, 2008 01:06 pm at 1:06 pm |
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