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Posted by on Sep 21, 2008 in Economy, Politics | 5 comments

Obama, McCain And The Wall Street Economic Crisis

Has the Wall Street meltdown and news of the bailouts tossed a new, unprecedented dynamic into the Presidential race? And how have Republican Sen. John McCain and Democratic Sen. Barack Obama fared? The video below shows an interesting discussion of this on the Today Show. Note that former Bush spokesman Ari Fleischer is critical of both Obama and McCain.

https://www.youtube.com/watch?v=<iframe height="339" width="425" src="http://www.msnbc.msn.com/id/22425001/vp/26787875#26787875" frameborder="0" scrolling="no"></iframe> Click here for reuse options!
Copyright 2008 The Moderate Voice
  • Jim_Satterfield

    Fleischer was lying. Plain and simple. First his claim that this kind of situation has happened before during a campaign it either displayed his ignorance or his duplicity. Nothing like this has happened in the middle of a Presidential campaign before. When he claimed that the only source of the current problems was the people applying for mortgages they couldn’t afford and it had nothing to do with bankers pushing them and the “creative” repackaging of mortgage backed securities that were repackaged yet again in an attempt to hide the risks involved he moved into the realm of distortion so massive that he should be asked to join the McCain campaign any time.

  • JSpencer

    Fleischer seemed inclined to lay blame for the situation at the feet of the American people, and while they deserve their share, this isn’t a tack either Obama or McCain is likely to take if they want to stay politically healthy. Myers is right, the emphasis on deregulation starting with Reagan and continuing up to the present is really what allowed this to happen. Maybe we can finally admit that letting the unfettered free market do it’s thing is NOT rational economic policy. We’ll see who fares better with this over the next days and weeks, but it seem to me Obama has the best opportunity to benefit. That said, I don’t expect McCain to feel constrained by honesty in how he positions himself relative to this mess. Sure would be nice to see them talk candidly about thier ideas for solutions though.

  • StockBoySF

    30 seconds into the video Ari says, “He [Bush] hasn’t taken questions since early August, Matt, well before this crises really hit and I think it does come down to campaign politics. He doesn’t want to get in the middle of questions that would probably hurt John McCain more than anybody else because unfortunately, I say it sadly, the president’s not popular.”

    Didn’t John McCain come out last week and say that Obama was playing politics with the economic crises.

    So let me get this straight, it’s OK for the president to step out of the picture and forgo his responsibilities (reassuring the American people during a time of crises) because his comments might hurt the candidate he supports and help his opponent….

    Am I even in reality any longer? We’re in what many economists call the worst financial crises in 50 or 100 years and Bush wants to play politics with it? You know, I really shouldn’t be surprised since Bush has played politics all along with the Iraq war…. And so is it safe to assume that McCain agrees that Bush should stay out? I haven’t heard McCain ask for the president to speak up on the issue….. If John McCain really did place country first he would implore the president to actually do his job.

  • Mike_P

    Obama won’t say it because it might alienate some of those he’s trying to woo, and because it’s better politically to tie it to “McCain-Bush economic policies.” McCain won’t say it because he’s championed these policies for 26 years. What’s not being said? This is the end result of 30 years of Reaganomics. Supply-side, “trickle down” or more fitting, “voodoo economics” as GHW Bush once so accurately put it.

    Whatever it’s called, there’s a straight line across the decades to the last three weeks of economic news. The house of cards is collapsing, and the taxpayers are being handed the bill as Niagara Falls comes trickling down on us.

  • OJH

    They’re all just looking after their own skin. No one is concerned for the person next to them and this is especially true of the politicians – they’re just watching their own back. This is the whole problem we face in the world today. This is exactly why we are sitting in the middle of an economic crisis which is felt on all 4 corners of the earth. Michael Laitman has an interesting article on this, read it here http://tinyurl.com/4o6gqd. It may open your thoughts a bit.

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