Campaign War (September 23)
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The news of the day is Senate Banking Committee questioning Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson over their $700b bailout plan for the Finaincial firms on Wall Street. Political events revolve around that news.
- Sarah Palin has not been available to the Press, has given only two interviews (compared to Joe Biden’s 80 interviews) and the whole campaign has believed Press is treating her unfairly. As a result of the escalation, Press is considering boycotting Palin’s UN event in the wake of the news that Wall Street Journal reporter Elizabeth Holmes would not be allowed to cover the event.
The campaign had originally indicated that the print reporters following her campaign would be among the small group of journalists allowed to attend the so-called “pool sprays” before Palin’s meetings with dignitaries on the sidelines of the U.N. meetings.
But the imbroglio began developing Tuesday morning when Palin’s handlers informed the small print press contingent covering her campaign that the print reporter designated to cover the events, Elizabeth Holmes of the Wall Street Journal, would not be allowed to cover the sprays.
- John McCain is campaigning in Ohio today and is opposing any big compensation for executives in case the bailout plan goes through -
“In any solution, we must see accountability, we must see transparency, and we must make sure taxpayers’ dollars don’t line the pockets of executives,” he said.
However, President Bush is not supporting any limit on the executive pay as a “punitive measure”.
We certainly understand and are sympathetic to the sentiment regarding the pay of CEOs and senior management of these firms, but we have to focus on the problem, and the problem is that we need these firms to participate in the program and sell us this debt. Having punitive measures would provide a disincentive for firms to participate, and that would make the program much less likely to succeed.
How John McCain and Bush would resolve this difference is yet to be seen. Or is it good cop/bad cop?
- AFP reports Obama is ahead of John McCain in four key states - Colorado (49/45), Michigan (48/44), Minnesota (47/45) and Wisconsin (49/42). Pollster.com shows Obama leading John McCain 229 to 166 in terms of Electoral Votes with 143 Electoral Votes ready for toss up.
- Barack Obama campaigning in swing state Florida said the bailout plan should not be a welfare plan for executives -
“This plan cannot be a welfare program for Wall Street executives,” he said at a news conference.
Decisions on how to spend that $700 billion cannot be left solely in the hands of the Treasury secretary, Obama added. An independent board should be chosen by Democrats and Republicans “to provide oversight and accountability at every step of the way.”
- [Update 1] Hitting back on economic theme, Barack Obama has launched a new TV ad called “Destination” accusing John McCain of John McCain of supporting tax breaks for businesses that operate in the shelter of Bermuda.
“It’s more than just a vacation destination for John McCain,” the ad says of the island. “McCain went to Bermuda… and while he was there pledged to protect tax breaks for American corporations that hide their profits offshore. And grateful insurance company executives and their lobbyists who benefit from the tax scheme gave McCain $50,000. John McCain. He took a vacation, and so much more. And we get more of the same.”
- [Update 2] Howard Dean is really mad at John McCain for running a dishonorable campaign.
“At this point his campaign has sort of deteriorated into just a really dishonorable campaign,” Dean said on MSNBC. “He says we’re opposed to clean coal. That’s not true. He says Obama’s going to have huge tax increases. That’s not true.”
“John McCain is simply making stuff up.”
- [Update 3] FactCheck.org rejects John McCain’s “chicago” ad on truthiness.
A McCain-Palin ad says that Obama was “born of the corrupt Chicago political machine” and implies that the candidate himself is corrupt by association with four local political figures. But the ad’s implication and many of its supporting details are false. In fact, this is a particularly egregious example of ricochet sliming:
