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. veterans' for obama

    Yeah just remember if you have 8 houses, make more than 5 million, "the economy is sound." JMac...your so out of touch, it makes me laugh. However I refuse to let the future of this great country that I have fought for, or my children take a chance on you!

    September 16, 2008 01:17 pm at 1:17 pm |
  2. Kyle, WI

    McCan't is not the person for America. We need real change, not trumped up change that really isn't change, but John will tell us that it is.

    For the Change We Need!

    September 16, 2008 01:17 pm at 1:17 pm |
  3. Phil Newton in Murphy, Oregon

    This is what he said in April. The same garbage he spouted yesterday:

    McCain: Americans Have Seen Great Economic Progress Since Bush Took Office.

    "Since President Bush took office, I think if you look at the overall record and millions of jobs have been created… you can make an argument that there’s been great progress economically over that period of time,” McCain said. (“Money & Politics,” Bloomberg, 4/17/08)




    September 16, 2008 01:19 pm at 1:19 pm |
  4. lisa let me get this straight....John McCain will fix the economy without doing anything differently than Bush? That makes sense...
    Bush has had his head in the sand (and other places) for 8 years...what is 4 more.
    .Maybe McCain and Palin...or as I would call them..."Incontinence and Incompetence"... can distract everyone with another preemptive war....what's a few more trillion dollars down the drain? The "fundementals" are sound....we can take it....
    My God this whole McCain/Palin scenario would be funny if it was not sooooo scary....

    September 16, 2008 01:21 pm at 1:21 pm |
  5. George from Staten Island

    How could that be? both dems and repubs are equally at fault with this messy economy, they (congress and the senate) aren't doing enough to help they're attacking each other and in three weeks aonther well deserved vacation.... ah the pleausre of being on of them

    September 16, 2008 01:21 pm at 1:21 pm |

    O B A M A-–P R O B L E M---H E --–D O E S---N O T---

    H A V E---A ---T A N G I B L E---H I S T O R Y---O F---

    E V E R--–A C C O M P L I S H I N G--S O M ET H I N G---

    B I G---I N--–G O V E R N M E N T

    September 16, 2008 01:21 pm at 1:21 pm |
  7. winningside

    Obama and Biden are just as responsible for the problems for Wall Street, Biden Son Hunter is a Lobbist, or should I say He was! But he Convently step down! **why did he get his millions before anyone could find out he was a Lobbist, **Biden is Just as Responsible, He Had his Hands in the till of the American people pockest!! But Nope The CNN Channel dont have the Balls to Air this WHY? Just Remember Obama and Biden When you Point One Finger Three are Stiring Back at you, what in your Secret Clost will come out, you are not off limits either, and if Cnn has any Guts they will investagate this thing about Hunter Biden,

    September 16, 2008 01:22 pm at 1:22 pm |
  8. kevin

    Joe Kiloz,

    How is that democratic majority going to get anything accomplished with a president who vetoes anything that they try to produce which he doesn't agree with? Although they are a majority they don't have the numbers to make legislation veto-proof.

    September 16, 2008 01:22 pm at 1:22 pm |
  9. Victoria Anderson - Seattle, Washington

    The abortion Blog / LoL on McShame and the Blackberry / And now Palin with her Alaska issues.... This is crazy! Reps got the nerve to say Dems are losing, are you serious. Obama/Biden got this all the way to the White House.
    You must be a real stupid dummy or clearly a racist or someone who own 7 homes and does not understand the average american to vote for the McShame/Sorry ticket.... This is a real joke.

    September 16, 2008 01:22 pm at 1:22 pm |
  10. S. Boatman

    This Is What Happens When Republicans Are In Charge! I Aint Wait To Vote For Obama!

    September 16, 2008 01:22 pm at 1:22 pm |
  11. Obama/Biden 08

    Of course! It all makes sense! We need to change Washington by giving the establishment the highest office again! What a brilliant idea!

    September 16, 2008 01:22 pm at 1:22 pm |
  12. mitchell

    mccain discovered fire, long before inventing blackberries.

    September 16, 2008 01:23 pm at 1:23 pm |
  13. the truth now

    You invite me to make a comment then you don't post it. Sounds like you don't practice what you preach.

    September 16, 2008 01:23 pm at 1:23 pm |
  14. Seattle Voter

    What happened WITH the SURPLUS? It started with ENRON, THEN OTHER FINANCIAL INSTITUTION, NOW AIG-I feel sorry for the people who are insured with AIG. You don't need to have a degree in ECONOMICS to know what is going on. I just hope voters will come to their senses and vote for the best candidate that can turn the economy around.

    September 16, 2008 01:23 pm at 1:23 pm |
  15. Bill Charlotte,NC

    Today, Douglas Holtz-Eakin, a McCain senior DOMESTIC adviser said the following about McCain's policy on the economy...

    "a president isn’t someone who needs to be heavily involved in policy specifics, which should be handled by “quality” advisers."

    In other words, McCain does not plan on being HEAVILY INVOLVED in policy specifics. Why? Because he, by his own admission he doesn't understand economic issues.

    So, when your country is tanking economically, we are supposed to replace the same party with the same party led by a man who does not plan on being "HEAVILY INVOLVED, because he doesn't understand it!

    How stupid do these people think we are.

    Oh, by the way, Holtz-Eakin also claimed that McCain is responsible for the Blackberry. That is what he said.

    No wonder we keep falling for the same line about a "bridge to no where."

    September 16, 2008 01:23 pm at 1:23 pm |
  16. LifeLongDemocrat

    The economy always does better under a Democratic regime. McCain said recently that he doesn't know much about economics so why are we even asking him. Palin needs to go back to Alaska to ensure tht the streets and highways are plowed. She is a know-nothing who thinks she knows everything.

    The American people will continue to suffer under a McCain/Palin administration.

    Go back to Alaska and Arizona!

    September 16, 2008 01:24 pm at 1:24 pm |
  17. TJ Johnson

    Obama, as a US Senator (you know, all that wonderful experience he has had?) is as responsible for the "US Government" as anyone else. If he could have fixed it, he already would have. We live in a commerce-driven economy - it's really up to the citizens of this country to fix our own stuff. We loved it when we could get credit without having to qualify; now we don't love it so much???

    September 16, 2008 01:24 pm at 1:24 pm |
  18. Jamie

    It should put the democrats on defense.

    It's democrat policies that have helped create this mess.

    Google Congress and housing finance 2003.

    Congress was pressuring Bush to allow people with bad credit to get loans.

    Bush was trying to get some oversight on the housing credit corps.

    Then look at who gets the most money from the housing credit corps.

    That would be Obama.

    Follow the money.

    September 16, 2008 01:25 pm at 1:25 pm |
  19. gt

    i am glad mr credt card is the new mouth for obama

    September 16, 2008 01:26 pm at 1:26 pm |
  20. GOP Woman for Obama

    Yeah everything started going wrong in January 2007...give me a break!!! If you think this has been a good ecomony for the last 8 years then you are living a lie – or you are John McCain! This is a George W. Bush mess, the Iraq war has drained us, our federal debts have crippled us, and the lack of executive oversight is killing Wall Street.

    For the first time ever I'm voting for a Democrat and I couldn't be more proud!

    September 16, 2008 01:26 pm at 1:26 pm |
  21. Irma in North Carolina

    Yes I believe that Obama is the man to fix the economy. May be things will turn around. Like Sarah said it was a task from God for the Iraq war. Maybe finally it is a task from God to bring down Sarah and John in this election. I just dont see how the american people can believe in these two thugs.

    September 16, 2008 01:27 pm at 1:27 pm |
  22. Baze

    Nah, we have a candidate who believes the economy is sound, and his running mate can see Russia from her house. What a great pair!


    September 16, 2008 01:27 pm at 1:27 pm |
  23. Scott Tucson

    Well I guess if Obama and his side kick old Joe were to win the WH, than we can lay the blame on any and all hurricanes, stock market crashes, higher payroll taxes, terrorist attacks, Russian invasion of it's neighbors, teenage pregnancies, Iranian expansion of the Middle East, screen writer strikes and the oil crisis on Obama and the Dems. Guess it's a fair exchange.

    September 16, 2008 01:27 pm at 1:27 pm |
  24. MIKE chicago

    For McCain in PA
    I dont know where you get your facts, but pls you are as misleading as McCain and the rest of the GOP. The last 4 yrs has been consistence rise in pump price, Consumers have been on the receivig end. The nation deficit was as high as never before. What are u exactly talking about. By 2005 we had owe china too much and now we owe excess

    September 16, 2008 01:28 pm at 1:28 pm |
  25. Felly

    McCain is too old and forgetful to remember anything, not to talk of running the larget economy in the world.

    September 16, 2008 01:29 pm at 1:29 pm |
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