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. Typical White Person

    Uh...for all you Bots who are blaming Bush for this, it was Bill Clinton in 1999 that deruglated the banks removing the safegards that were put in place in 1933 to keep this very thing from happening...again.

    Do a search on "Financial Services Modernization Act of 1999" for some unbiased reporting on this.

    There is plenty of blame to go around since a Republican Congress also signed off on it but wasn't veto-proof. Try being objective for once.

    September 16, 2008 01:30 pm at 1:30 pm |
  2. Laverne

    It is amazing how the American people refuse to hold the Bush and Republican administration to the fire for what they have done to this country for the past 8 years, simply AMAZING how they can turn the cheek to what is staring them right in the face just because they do not want to support Obama. By the way, Obama is half white and half black. Maybe America would feel better if the half white was more visible. God help us all!

    September 16, 2008 01:32 pm at 1:32 pm |
  3. Ken, Pisgah Forest NC

    McCain's chief economic wonk, Phil Gramm, is the person most responsible for the mess we are in today. It was the deregulation of banking that has his fingerprints on it that has come back to haunt us. How can McCain be the master of change when it is his people who got us into this mess? His idea of change is to tell us to stop whining.

    He is not the Change we Need.

    September 16, 2008 01:32 pm at 1:32 pm |
  4. Kel in Auburn, AL

    How do you solve problems over the next 4 years that you have screwed up over the past 8? That's a question every American should really think about.

    September 16, 2008 01:33 pm at 1:33 pm |
  5. P O Dubya

    JOE KILOZ-you are delusional. The Democrats have had a one vote majority in the senate. That one vote would be Joe LIEberman. In the senate they have less than the 2/3 required to override a veto. Combine that with the Republicans filibustering like it's the newest break dance, and their hands are effectively tied. The mess we are in now is a direct result of the foxes being allowed to guard the henhouse
    Al in Queens-Colin Powell has made many statements praising Obama. Do a little research.

    September 16, 2008 01:34 pm at 1:34 pm |
  6. Mark, B'ham., Al.

    I hope you Obama Fans think Europen Socialism/Welfare State is what you want because listening to Obama's speeches during the pirmaries that is his and the liberal left in the House and Senates' goal! High Taxes, Nanny State for what you can eat,drive, put your thermostat on, and Unions telling you can go no where because they have a national rail, bus,and trucker strike. I saw that in Europe. Also rationed national health care where it takes months to start chemo-theropy when you have cancer and wait months for surgery. Maybe we will be like Cuba and charge union wages for work and the government give you $20.00 a month but provide everything for you?

    September 16, 2008 01:34 pm at 1:34 pm |
  7. Phil Newton in Murphy, Oregon

    McCain's economic advisor is Phil "Nation of Whiners" Gramm, whose insanely stupid deregulation led to the mortgage meltdown.

    And McCain is going to FIX this?

    Yeah. Tell me another one.

    OBAMA 08

    September 16, 2008 01:35 pm at 1:35 pm |

    Don't lie obama..........the democrats have been in power for the last two years and the economy has gone down the tubes.

    September 16, 2008 01:36 pm at 1:36 pm |
  9. jim bob

    The Democrats just like 2004 with john K they tried to pander to everyone. Obama is doing the same thing. He looks weak and does not know how to fight.

    The Democratrs need some new advisors theirs suck, stop reading and start attacking. be a Man and step up to the plate and play the game.

    8 years of absolute horror for all of our lives and McCain is a joke and he is ahead in the polls?.

    Democrats you should be ashamed of how stupid you are. FIGHT, stand for something. You are all weak and worthless that is why you lose.

    Obama the change message is old and stands for nothing . Just for once take a stand .

    YOU LOOK AND TALK WEAK!!!!!!!!!!!!!!!!!!!!!!!!

    September 16, 2008 01:36 pm at 1:36 pm |
  10. Linda K.

    Even if the Democrats had total control for the past two years (which they didn't due to Bush vetoes and Republican filibustering) you can't blame the Democratic congress for the economic mess we're in. That's like completely blaming Hoover for the Great Depression.

    These things take time. I think it goes back to Reaganomics and the good old "trickle-down" theory. Bush magnified that, giving business free rein with no regulation or oversight. That's why we're in this mess.

    September 16, 2008 01:37 pm at 1:37 pm |
  11. Irene

    Deregulation.....GREED.....the Bush/McCain philosophy = The Economic Disaster we are in.

    Four more years.......DON'T THINK SO!

    OBAMA / BIDEN 08

    September 16, 2008 01:37 pm at 1:37 pm |
  12. Cleo

    Do you think you could print this one CNN? Wake up America,,,,we need Obama as president. MCain is just more of the same along with his lying Sarah. I have now lost all respect for MCain. He has no integrity left. Obama/Biden 08

    September 16, 2008 01:39 pm at 1:39 pm |
  13. Jim

    How is McCentury going to change what he can't see is broken? He thinks the economy is fundamentally sound! It's ironic yet fitting that he was actually quoting Herbert Hoover when he said that!

    True change will happen when we change the party that's held executive power for the last eight years.

    No way, no how, NO McCain!

    September 16, 2008 01:39 pm at 1:39 pm |
  14. facts are facts

    I justed posted an opinion on why the McCain lies were designed to take the voters minds off the issues as voters knowing the issues would create more anti McCain votes than voters voting against him because of the lies and his pick of a ridiculous VP. CNN would not print. WHY??????????

    September 16, 2008 01:41 pm at 1:41 pm |
  15. bill

    mcbush is the best to shake up finacel corruption WHERE HAVE YOU BEEN LAST 24 YEARS MCBUSH these repubs will lie cheat steal whatever it takes where is the accountability NO MORE MCCAIN NO MORE PALEN YOU GET AFTER HER HILLARY

    September 16, 2008 01:42 pm at 1:42 pm |
  16. Jack

    Criticizing all of congress for this republican mess is just downright dishonest. George Bush and the republicans were the ones that broke the treasury and their past two years of veto's and filibusters have prevented the Democrats from trying to fix the republican mess.

    We need a Democratic President and a 60% majority in the Senate to really fix the country.

    September 16, 2008 01:43 pm at 1:43 pm |
  17. Vote anything but Republicans

    Truely, I can't believe this election is even divided. This should be a slam dunk for democrats. Have people lost their minds even thinking giving these Republicans another four years.

    September 16, 2008 01:45 pm at 1:45 pm |
  18. The Voice of Common Sense (Independent Voter - Charlotte, NC)

    How can the American worker be the strength of the economy, McSame, while that worker doesn't even have a job that allows them to work!!!???!!! I can't believe that so-called "educated" men and women say such nonsense!!! For McSame, maybe it has to do with him being rich and the American worker being out-of-work and poor? Out of Touch? Hmmm…I think so….

    Baldwin/Castle 08!!!

    September 16, 2008 01:45 pm at 1:45 pm |
  19. David P. Santa Rosa, CA

    Thank you Wall Street! Maybe even some of you will get a taste of what we "the little people" have been suffering through.

    I wonder how many millions were lost by the McCains yesterday?

    September 16, 2008 01:46 pm at 1:46 pm |
  20. rob

    Imagine that the Dems and Obama need the economy and wall street to go into the tank. I am starting to believe they are rooting for more and more economic problems.

    The more the american people hurt, the more the Dems think it is good for them. What a platform to run on.

    McCain may win in a land slide and bring congress with him.

    September 16, 2008 01:46 pm at 1:46 pm |
  21. ROGER

    Can anyone tell me what knowledge Sen. Obama has with the economy? I am being serious too...please no name calling. I would just like a straight answer as to what his credentials or experience with economic issues is. I don't see anything in his past related to this.

    September 16, 2008 01:48 pm at 1:48 pm |
  22. Michael

    Obama stand a better chance of winning the Washinton guba race if only the republicans will open their eyes and not vote him out been a black man...
    Obama for America.

    September 16, 2008 01:48 pm at 1:48 pm |
  23. Susan

    McCain is blubbering all day today. he cannot justify what Bush/Cheney and the boys have done. When you vote 90% of the time with Bush, you ARE BUSH, just the extended version. As Biden says, McCain=Bush 45! OBAMA/BIDEN )*!!

    September 16, 2008 01:50 pm at 1:50 pm |
  24. Candia

    "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."

    It would certainly help if the media would actually cover it – he is not only *trying*, he has been *doing* it for months – but the media, it seems, prefers to focus on absurdities.

    September 16, 2008 01:51 pm at 1:51 pm |
  25. gerry

    Obamas economy is looking pretty good...

    Tue Sep 16 2008 06:25:55 ET

    The nation's financials may be in a spiral, but cash is flowing into the Obama campaign faster than Marvin Hamlisch can play "Niagara"!

    Yesterday, Obama declared how we are in "the most serious financial crisis since the Great Depression."

    Today he will host a dinner in Beverly Hills - costing attendees $28,500 dollars each!

    Hundreds of high rollers, including some of the biggest executives in film, television and music, will munch gourmet chow and hang out with the candidate.

    Streisand will then sing at the five-star Beverly Wilshire, no doubt reviving the Depression-era standard "Happy Days Are Here Again" with new urgency.

    Obama is set to break a single-day fundraising record of $9 million.

    Tuesday's events in Tinseltown come after Obama racked up a record-breaking $66 million dollars in fundraising last month, beating his previous high mark of $55 million last winter.

    "The fundamentals of our economy are strong, but these are still very, very difficult times," rival McCain said, sunny-side up.

    "Sen. McCain, what economy are you talking about?" smiled Obama.

    So thats the economy he was talking about!!!!!

    September 16, 2008 01:53 pm at 1:53 pm |
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