Dueling Campaign Ads on the Faltering Economy

It's totally the economy, stupid! With yesterday's trouble on Wall Street adding to economic unease (higher gas prices, the mortgage crisis), Barack Obama and John McCain addressed the economic climate.

Which presidential candidate would be better suited to lead during these tough economic times? ( polls)

McCain first said the "fundamentals of our economy are still strong...I promise you, we will never put America in this position again. We will clean up Wall Street." (video) but later shifted saying the fundamentals are "at great risk." And he also claimed that the fundamentals he meant were American workers, innovations, etc. to use them as a buffer in case Obama attacked. This morning, McCain suggested putting together a 9/11 Commission-style panel to understand what happened with the economy.

And the Democratic presidential did seize on the "fundamentals," saying McCain was "out of touch." (Here are both candidates' statements about the economy.) Obama's campaign also used the Republican's words against him three times in an ad that also uses footage of yesterday's Wall Street chaos:

McCain also ran an ad starting this morning, proclaiming that he and Sarah Palin would be able to reform Wall Street and take care of the country:

However, the NY Times reports McCain's "record on the issue, and the views of those he has always cited as his most influential advisers, suggest that he has never departed in any major way from his party’s embrace of deregulation and relying more on market forces than on the government to exert discipline." Obama's approach would involve more regulation, which he's been touting for a while. An Obama advisor told Politico, "McCain spent the last year-and-a-half either saying nothing or espousing sympathy for the viewpoint that government oversight and regulation were the problem."

Mayor Bloomberg did say that the fundamentals of the economy were strong--but he meant the underlying fundamentals, "its diversity, its hard work, its good financial statements, its broad capital markets, its enormous natural resources.” Overall, the Wall Street Journal finds, both candidates don't have many strengths in terms of dealing with the economy. Slate has an article about how the bad economy doesn't really help either candidate much.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on September 16, 2008 10:24 AM

Comments [rss]

Pull My Finger

#31

You blow!

MrCow

how would lowering taxes make new jobs?

soopaman

#30

Genius!

Pull My Finger

OBAMA BLOWS

chiefeditor

So do we believe the reform message or decide that the guy can't see reality? (Rhetorical question, obvs.)

birdmechanical

EastRiver

The thing that fails about how the Democrats in congress "failed", is that it belies the actual make up of congress. Democrats have a bare majority, and most proposals can't make it out the door in fear of being voted down or being vetoed by the president.

Once we elect more Democrats in congress that can actually override the Republicans and the veto, then you can blame things on the Democrats.

Otherwise, you have to blame Republicans for impeding the things Democrats have tried to do.

@TK

And if you think being old has nothing to do with the presidency I think you would be wrong.

I mean, do you think that with the way technology is influencing everything, and how increasingly that a person needs to be able to make decisions with knowledge of the technology in place, do you think ignorance on that issue wouldn't hurt policy or the execution of policy? I should have the right to think about that in regards to policy.

Or do you think that our concern with his age and health are not a good consideration when thinking about the vice president he picked?

Or what about when he apparently seems confused or forgetful. I understand we need to be careful about any jumps to conclusions or unfair accusations...but do you not think that the issues of aging and mental acuity should be ignored when voting? Even if it isn't due to age, it can be a concern.

I think trying to compare age and skin color is comparing apples and oranges. One's the color of your skin, one is about your physiological make up and changes that actually happen to you.

But you're right if you're just saying we shouldn't jump to conclusions based on any of those things but let the candidate stand on their own merits.

Bottomless Chips

What's worse? Someone who knows nothing (McCain) about economics, or a Keynesian (Obama)?

I think I'd almost prefer to take my chances with the know nothing.

The Man Bat

I can't wait until Nov.5th. America will wake up with President- Elect Obama and the tubes will be just FILLED TO THE BRIM with a very vocal minority of crybabies. Obama is President already and most of you bushbots haven't even noticed yet.

soopaman

My theory is that the dems. are looking to be down with the hommies. Just think in the future they will be able to say "Im not a racist I voted for Obama".

They want a Ghetto pass (http://gawker.com/tag/ghetto-p... ). Thats why the get the buttons on their bags for the train ride to Red Hook. Its the whole Hip Hop revolution. lame ass white people want to be down with da hood. Doesnt matter anyway the party as a whole set its self up for failure and that will be the end result. Maybe next election the Dems. will nominate Eminem.

rdc

@gossipgirl:

I agree completely.

S.D.

gossipgirl, Um, that would be why I put:

a "9/11 commission" on the Economy.

Does anyone really think we need a "9/11 Type commission" on the Economy??

but it's great that he pulled "9/11" into the discussion...

TK

EastRiver, dont you know that young black people are better at being presidents than old white people? Oh and that @ 66 Joe Biden is still young.

I am the only person that thinks hating McCain b/c he's old isnt that far away from hating Obama b/c he's black and has a traditionally muslim name? I've said it before, a bigot is as a bigot does.

jibbly

zstone, exactly.

Oh and you can have as much offshore drilling along the costal US and we'd still be buying 99% of our crude oil from foreign sources. If you really want to put a real effort into curbing that, why don't you stop using electricity produced from oil and stop using any vehicles that consumes oil based fuels and stop eating corn and corn based products (including most beef and poultry) and refuse to buy things packaged in plastic?

Why do you hate America?

(insert giant :rolleyes: here)

EastRiver

No, they just vote on spending, taxes and regulations. I think I read something somewhere about checks and balances i.e. that thing we elected the Democrats to do in 2006 and they have utterly failed at.

zstone

^ not running for president

EastRiver

The is guy is 72 years old for crying out loud.

23 Senators older than McCain:

Robert Byrd (D-WV) - 90

Ted Stevens (R-AK) - 84 - probably on his way out

Frank Lautenberg (D-NJ) - 84

Daniel Inouye (D-HI) - 84

Daniel Akaka (D-HI) - 84

John Warner (R-VA) - 81

Arlen Specter (R-PA) - 78

Jim Bunning (R-KY) - 76

Ted Kennedy (D-MA) - 76 - probably also on his way "out"

Dick Lugar (R-IN) - 76

Pete Domenici (R-NM) - 76

Dianne Feinstein (D-CA) - 75

Chuck Grassley (R-IA) - 74

Robert Foster Bennett (R-UT) - 74

Orrin Hatch (R-UT) - 74

Richard Shelby (R-AL) - 74

Carl Levin (D-MI) - 74

Jim Inhofe (R-OK) - 73

Herb Kohl (D-WI) - 73

Pat Roberts (R-KS) - 72

George Voinovich (R-OH) - 72

Barbara Mikulski (D-MD) - 72

Elizabeth Dole (R-NC) - 72

John McCain (R-AZ)

JMH

We're going to clean up wall street by deregulating and... oh crap.

Steven

McCain is out of touch with the world today. The is guy is 72 years old for crying out loud. Do we really need another old fart in Washington who thinks it's the 60s and 70s?

Felix Hoenikker

Any guesses for the next bubble?

NannyState

Oil has fallen over $50 per barrel in just two months and without any drilling! All you have to do is allow your big banks and brokerage houses to collapse. It's cheaper and more environmentally friendly.