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Wednesday, October 15, 2008

Dem Campaign Chatter 10-15-2008

George Wenschhof

Today, Obama is in Hempstead, New York - the last presidential debate is tonight at Hofsta University and will begin at 9:00 PM ET. It will be broadcast on CNN and MSNBC - check your local listings for other channels.

Biden continues to campaign in Ohio. He will be in Athens, Lancaster and Newark today. Michelle Obama is in Fort Wayne, Indiana before heading to Hempstead, New York to join her husband at the debate. When I was going to undergrad school at Manchester College in North Manchester, Indiana, a friend's father when visiting, would treat us to a steak dinner at Johnells Restaurant in nearby Fort Wayne - I remember it was fantastic.


Dow drops after President Bush addresses the nation - keeping his streak going. Yesterday, after a huge gain on Monday, the Dow retreated and closed 74 down. Every time after the president has addressed the nation on the economic crisis, the Dow has fallen. Today, at the early going the Dow is down 320 and is below 9000 again. Dismal third quarter retail reports are out and the federal deficit for this year is currently at 455 Billion. You can read more here.


Obama's lead growing in national polls - the NY Times/CBS poll released yesterday taken from 10-10- to 10-13-2008 ha sit Obama 53% and McCain 39%. You can read more here. The LA Times/Bloomberg poll taken over the same time period, has it Obama 50% and McCain 41%. you can read more here.


Economic plans of Obama and McCain will be a focus at tonight's debate - the McCain campaign is desperately trying to begin anew as they finally released yesterday their economic plan for the country. In addition to the obvious Republican Party position of lowering the capital gains tax, he also has proposals aimed at trying to appeal to retirees. The trickle down theory of a capital gains tax has never worked and the proposal aimed at retirees is aimed at encouraging them to withdraw from their 401Ks without a penalty - this at a time when the stock market is in flux and we want to encourage people to keep their money in their retirement accounts. Also, keep in mind, retirees are a significant voting block in 5 swing states so he is trying to capture their attention and their vote. His proposal in regard to troubled mortgages has economists from the right and left scratching their heads as they try to figure it out. Here is a link to the McCain economic plan.

The Obama campaign has a more comprehensive approach to the problem. Obama calls for tax relief for 95% of Americans - those earning less than $250,000.and an end to the tax cuts to the wealthy enacted under the Bush administration and supported by Senator McCain. Job creation is needed and Obama proposes a program to put people to work rebuilding the aging infrastructure of the country. He believes in supporting small businesses as they are the source of many new jobs and he believes the U.S. trade practices need to be examined. In addition, he plans to address predatory credit card practices. Here is the link to the Obama economic plan.


Christopher Buckley resigns from the National Review - the publication founded by his late father. Conservative readers were outraged after learning he has endorsed Barack Obama. You can read more here.


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