Wednesday, September 17, 2008

It's the stupid economy

Barack Obama has been handed perhaps his strongest weapon with the collapse of Lehman Brothers and the global markets slide. John McCain is a self-professed economics novice, though he denies ever saying:

"The issue of economics is not something I've understood as well as I should," McCain said. "I've got Greenspan's book." McCain: It's about the economy
The economic gloom has put Barack Obama on the offensive.
"John McCain has spent decades in Washington supporting financial institutions instead of their customers," Obama told a crowd of about 2,100 at the Colorado School of Mines.

"In fact, one of the biggest proponents of deregulation in the financial sector is Phil Gramm -- the same man who helped write John McCain's economic plan," Obama continued. He said Gramm is "the same man who said that we're going through a 'mental recession,' and the same man who called the United States of America a 'nation of whiners.'"

"So it's hard to understand how Senator McCain is going to get us out of this crisis by doing the same things with the same old players," Obama said. Obama Ridicules McCain's Economic Response
McCain's Country First website has an economic plan: Jobs for America. Like Ronald Reagan he is promising to get the budget out of deficit. Ronnie failed dismally and with his commitment to tax cuts for the rich, McCain would too.

The rest of the world is watching to see how the U.S. handles the crisis. His plan doesn't mention better regulation of financial institutions. Yesterday, he embraced comprehensive reform. It's probably too little, too late. Expect a narrowing in the polls this week.

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