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. jimmy

    THE FACTS SPEAK FOR THEMSELVES. DEMOCRATS TOOK CONTROL OF CONGRESS UNDER PELOSI ANDTHAY HAVE HAD TWO FULL YEARS !!!!! TO ENACT LEGISLATION TO PREVENT THE CATASTROPHY IN THE STOCK MARKET AND HOME FORECLOSURE PROBLEMS . THEY WENT ON VACATION WHILE AN ENERGY BILL WAS PENDING IN CONGRESS AND NEEDED A VOTE . NOW , BELATEDLY, THE DEMS ARE "RECONSIDERING" VOTING FOR OFF SHORE OIL AND GAS DRILLING AFTER THEY
    REALIZED THE AMERICAN PEOPLE ARE OVERWHELMINGLY IN FAVOR OF OIL DRILLING AND ALTERNATIVE SOURCES OF ENERGY. TWO YEARS IS A LONG TIME AND THERE WAS ENOUGH TIME FOR THE DEMS TO START ENACTING LEGISLATION FOR OUR COUNTRY. AT THE VERY LEAST: PROPOSALS , RESOLUTIONS , INITIATIVES TO ""DO SOMETHING""
    .ALAS , WE HAVE TO AGREE WITH WHAT SENATOR MCCAIN HAS SAID REPEATEDLY: THE OPPOSITE PARTY WILL FOREGO A VACATION IF THEY WERE VOTING FOR A VACATION OR A PAY RAISE.

    September 16, 2008 01:06 pm at 1:06 pm |
  2. jr california

    T H I S——-J U S T——-I N——-K I L O Z——-H A S——-N O——-I D E A——-W H A T——- H E ' S——-T A L K I N G——-A B O U T——-A N D——-A P P A R E N T L Y——-N O——-L I F E——-CUZ——-I T——-T A K E S——-F O R E V E R——-T O——-T Y P E——-L I K E——-T H I S

    H O W——-A B O U T——-N A H H H H——-B R A H H H H?

    September 16, 2008 01:06 pm at 1:06 pm |
  3. Farrell, Houston, Tx

    Have you, the taxpayers, forgotton the Lincoln and Savings and Loan scandal created by John McCain aka Keating 5 that you paid $3.6 billion dollar for the bailout. Well, look at what's happening now and further how deep Is John McCain with Silver Bank that also failed and guess who the CEO of that bank was, none other than John McCain's son. Now John McCain wants the American people to put trust in him in this failing economy. I'm not willing to bail John McCain and his failures out again in my life while he and his family are basking in the sun while it's raining on the rest of America. Enough is Enough.

    September 16, 2008 01:07 pm at 1:07 pm |
  4. DWoods

    It seems McCain just doesn't get it. Workers will strengthen the economy. In fact, we have an overflow of workers and able-bodied people who are ready to go on day 1. The questions becomes where are the jobs? The answer is gone. Gone from your community, city, state, and country. McCain is full of the same. McCain, McShame, and McSame all rolled up in one and that's just a bit too much. Don't blame it on Congress or Democrats, blame it on the people who have been in control for the last 8 years spending at an outrageous rate. We can start with the unwarranted war, which was the beginning of an unstable economy!

    September 16, 2008 01:07 pm at 1:07 pm |
  5. Mark, B'ham., Al.

    Obama knows about as much about the economy as a fighter pilot. How is he going to create all these new jobs, put the people on the govenment payroll? Industry creates jobs and he plans on taxing them more and raising the minimum wage to please his Union Lawyer Buddies and leave more jobs to go overseas until we work for two dollars a day. Obama may make a great cheerleader for the economy like Bill, but being a liberal like he is he will over regulate not regulate to make it work for Americans.

    September 16, 2008 01:07 pm at 1:07 pm |
  6. Linda from Prescott AZ

    Yep the dems have had the majority since 2007. However, hot a big enough majority to undo the mess the republicans have made since 94.
    Quit blaming the Dems, the republicans under bush/chaney and worked this demon economy into the current mess and mccain/pailin will continue their policies and failed administration.

    OBAMA/BIDEN 08 and 12

    September 16, 2008 01:07 pm at 1:07 pm |
  7. Yes We Can

    Lone Wolf /Donna how about the idiot that vetoes most everything at the endgate over and over I forgot his name but his initials are GWB.
    If you believe even a President after 8 years of thiscrooked mess and war they started could repair what tyhese crooks have done over night you are dreaming
    /Now have McBush the 2nd andMcCheney = McPhailing Moose doing nothing except lies lies lies the same as the old crooks we have had for 8 years .

    September 16, 2008 01:07 pm at 1:07 pm |
  8. Leona, NH

    Joe Kiloz,

    You can blame the lastest fiasco on the Dems, but it won't work. George W. Bush and the Rupublicans ran the White House and the Congress for 6 years out of 8. George W. bragged about how he had a mandate from the American people when he won in 2004.

    So, the Dems are clear and so is the rest of America as to who's to blame for one to the worst days on Wall Street yesterday. That, coupled with the fact that John McCain said the "fundamentals are strong", shows he's out of touch.

    Obama/Biden 08

    September 16, 2008 01:07 pm at 1:07 pm |
  9. faye, NV

    How can the Dem do anything in Congress when we have a fail President?

    September 16, 2008 01:08 pm at 1:08 pm |
  10. OBAMA the REAL Change

    ABORTION is NOT the cause for Wall Street CRASHING, and it’s not why 98% of us STRUGGLE, we struggle because of this sorry economy. McCain saying that the economy is fundamentally strong when (nothing about the damage of Abortion being the reasons for) gas prices sky high, a war that is killing our families in record numbers, food cost is sky high, records of enormous housing foreclosures. Abortions…isn’t that the same ISSUE that Bush USED his FIRST & SECOND election POINTS he used to fool voters the last two elections? If people don’t have money for food, gas, homes, ect…Abortion will be the least worry on our list.

    If Abortion was one of the MAIN problem we struggle with today, the REPUBLICAIN candidates would be USING some other REASON to steal your votes.
    Obama/Biden 08

    September 16, 2008 01:09 pm at 1:09 pm |
  11. Eric

    Urgent news flash, the Straight talk Express has just ran off the tracks. It has been confirmed that the GOP has lost several Train cars that were containing lies. McCain said in brief statment that the crash was caused by a lack of leadership and vows that McCain/Palin will reform this campain. It is also rumered that Sarah Palin's brain was being uploaded with more of the same and that some of the data may have been lost at the time of the derailment. The GOP say's they will not even consider replacing the lost with the truth because "It would be to risky"

    September 16, 2008 01:09 pm at 1:09 pm |
  12. Steve, New York, New York

    America PLEASE!!!!

    Forget this nonsense about lipstick, or moose hunting.

    Who do you think is going to get us out of this financial mess: Obama and Biden, or Mr. Bomb Bomb Iran and "Church Lady?"

    September 16, 2008 01:09 pm at 1:09 pm |
  13. Bob Indianapolis, IN

    This current meltdown is a flash back to the one caused by the deregulation during the reign of St. Ron Reagan and his buddy Donald T. Regan. Anyone remember the Depository Institutions Act of 1982 that was supposed to "revitalize" the housing industry by freeing up the S&Ls to make more loans. We know how well that went. People who can't remember history are doomed to repeat it.

    September 16, 2008 01:10 pm at 1:10 pm |
  14. Scott Tucson

    Seems to me the dems have been in charge for the past few years so it's their mess too. Remember, Pelosi and Reed have lower poll numbers than GWB.

    September 16, 2008 01:10 pm at 1:10 pm |
  15. Cheesehead, WI

    R E P U B L I C A N S——-H A V E—H AD——A ——-M AJ O R I TY—–F O R——-1 2 ——Y E A R S——S I N C E——1 9 9 8—–H O L D——T H EM ——–A C C O U N T A BL E—–F O R——–W A L L——-S T R E E T—–M E S S

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

    Obama's plan to bring Socalism to America will destroy our "can do" attitude and any incentive to succeed. After all, if the government punishes people for success by higher taxes, what other outcome is possible?

    We sure won't have any incentive as Americans to strive for our American Dream in the socialist America Obama wants to create. The American Dream will die if Obama is elected. I do not want to do better for myself only so the goverment can steal more money and give it to those who are too lazy to GET THEIR OWN JOB and (I know it's a shock) WORK FOR THEIR OWN MONEY!!

    September 16, 2008 01:11 pm at 1:11 pm |
  17. Leona, NH

    Dear Paul,

    I hope you are right, and I hope the students will rise up for Obama. My nephew asked his mom for a stamp the other day. To her surprise he was sending in his registration to vote. We didn't make a big deal out of it, but we were jumping up and down. It is so wonderful that young people are aware of thier world, and want to make an difference.

    Keep up the good work Paul, I know you won't let us down.

    Obama/Biden 08

    September 16, 2008 01:11 pm at 1:11 pm |
  18. Joyce, FL

    For the first time since the Sarah distraction, I'm feeling better. For once the candidates are getting back to the issues I care about.

    Obama/Biden 08

    September 16, 2008 01:13 pm at 1:13 pm |
  19. Phil in KC

    Good! It's time we got back to the issues. And, right now, the economy is issue #1. The economy suffered under Bush 1, recovered under Clinton, then got even worse under Bush 2. In fact, it's the worst it's been since the Great Depression according to several experts. The Democrats could do no worse. In fact, things could only improve with a change in direction. We will not get that under John McCain.

    September 16, 2008 01:14 pm at 1:14 pm |
  20. Independent Women for Obama

    The Republicans thinks that lieing to the Americans is OKAY. We need to throw out these fools. Don't be fooled America.

    Obama/Biden '08

    September 16, 2008 01:14 pm at 1:14 pm |
  21. rick

    why is it the republicans fault, the DEM's are part of the government, so its both faults..

    September 16, 2008 01:14 pm at 1:14 pm |
  22. Mikey

    Al – Queens NY September 16th, 2008 12:49 pm ET
    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. _____________________________________________
    Really? Proves it? Sounds like your just trying to justify your own biased opinion. I'm a 50 year old white guy and I'm supporting Obama simply because he is the best candidate for President, and I felt strongly that way back when there were still about 15 candidates counting both sides. In fact, he's the best I've seen in 9 elections in which I have been eligible to vote. But, perhaps I am not constrained by some sort of racial bias – I try to look at things from a color blind point of view. I don't know about Rice, but I certainly think Powell does too.

    September 16, 2008 01:15 pm at 1:15 pm |
  23. Nick - Arlington, VA

    vperry September 16th, 2008 12:31 pm ET

    I am scared that Obama is a fascist.
    ---------------------------------–
    I am scared that someone would actually believe such foolishness

    September 16, 2008 01:16 pm at 1:16 pm |
  24. Virginia Voter

    I think since Iraq has been pretty much decided (Obama will end it, McCain will continue it) now the economy is at the forefront, because it continues to be dynamic despite continuing to fall. When it comes down to it, the economy not only drives the lives of Americans but will also drive the issue of Iraq as well – a poor economy will only mean a larger and larger deficit due to spending in Iraq.

    September 16, 2008 01:16 pm at 1:16 pm |
  25. Emma, San Jose, CA

    McCain's plan of how he will create needed jobs is empty of details. His
    comment about the "fundamentally sound" economy is not the only time he has contradicted himself. He currently takes positions that are a complete turn-around from what he said were right before, such as when he acted more like a gentleman who showed promise as a good leader.

    Goodbye to those days.

    September 16, 2008 01:17 pm at 1:17 pm |
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