Political commentators last night and this morning tended to score last night's presidential debate between Sens. Barack Obama and John McCain as a draw. However, because Obama appears to have the momentum and is leading in key battleground states, the apparent stalemate is being widely cast as a win for the Democratic ticket, with the New York Times, for example, saying on its front page this morning, "There was no indication that the debate did anything to change the course of a campaign that appeared to be moving in Mr. Obama's direction." McCain "was under pressure to alter the dynamic of the race, but "there were no obvious dramatic breakthrough moments" for him.
Network and cable anchors expressed similar opinions immediately after the debate last night. On NBC, Brian Williams said, "No devastating moments, no towering moments for either candidate." On CBS, Katie Couric said, "No knockout punches, really." CBS' Bob Schieffer added, "I think...McCain was more on the attack as it were, against...Obama. ... But if he was trying to rattle...Obama tonight, I don't know he anywhere came close to doing that. ... If there was a stare-down contest, I thought...Obama won that point," but "I don't think anybody really won on substance tonight." And on ABC, Charlie Gibson saw little evidence that McCain and Obama were able to differentiate themselves on policy, saying, "At times I heard the candidates say 'these are fundamental differences between us.' I'm not sure, unless you follow policy closely, you had a sense of discerning what those fundamental differences are."
On Fox News, Brit Hume said, "McCain had the more difficult task of needing to try to make something happen. He had to make a comeback of some kind. ... The question is of course, whether he was able to do that. Listening as an observer, I did not hear one of those memorable moments." Mort Kondracke added, "I did not hear any such moment. You are right. It was up to...McCain to change the game somehow."
In print media, the assessment that Obama won the exchange because McCain didn't deliver a "knockout" blow is practically unanimous. USA Today says there were "no big flubs or knockout punches by either man, nothing that signaled the sort of 'game changer' that McCain needed." The Wall Street Journal said McCain "needs to change the trajectory of the contest" but "it didn't appear that the Republican candidate had accomplished that goal." Similarly, the Washington Post reports on its front page, "McCain was under pressure Tuesday to shake up the race with a dominating performance, but the likelihood is that, as sharp as some of the exchanges were, the contest may not change significantly as a result." The Chicago Tribune says the debate "was short on the sort of fireworks that could alter the campaign's trajectory." In an analysis piece titled "In Debate, McCain And Obama Battle Mostly To A Draw," the Los Angeles Times also says that "if McCain's principal mission was to change the course of the campaign, it was difficult to find evidence that he succeeded." The Politico says McCain "needed to move the conversation beyond the economy, but a 500-point drop Tuesday of the Dow Jones Industrial Average made it virtually impossible." The AP adds, "There are still four weeks to go, but time is running out on McCain."
Candidates Display "Mutual Contempt" A second theme in the media this morning is the candidates' apparent distaste for each other, particularly McCain's attitude towards Obama. The Los Angeles Times says "the two made little effort to hide their seemingly mutual contempt." Roll Call reports the two candidates "at times seemed barely able to conceal their distaste for each other, with Obama impatiently seeking to carve out unalloted time to rebut McCain's charges and McCain referring to Obama as 'that one' and speaking about 'Sen. Obama and his cronies and his friends in Washington.'" On CNN, Wolf Blitzer said, "It's apparent that...McCain has some disdain, I think it's fair to say, for...Obama." In an analysis, the Dallas Morning News says that McCain "at times" could "hardly check his disdain for his younger, less experienced rival, even referring to Mr. Obama as 'that one' a moment sure to be replayed this week and portrayed as an insult."
CBS News reported on its 'From the Road' blog that the Obama camp "has seized John McCain's 'that one' comment...and are now using it to argue that McCain was uncomfortable and that he looked angry." On NBC, Chuck Todd said, "I think clearly the Obama campaign is pushing this 'that one' moment. They're pushing it hard. They have already e-mailed it around a half dozen times to reporters."
CBS Poll: Plurality See Obama Win On CBS, Sharyl Attkisson reported on "the results of our scientific insta-poll, the most important question, of course, in a lot of people's minds, who won the debate? McCain won 27% said, Obama 39%. And a rather large percentage of our uncommitted voters saw it as a tie, 35%. Were minds changed tonight? Not many. Of the uncommitted voters who took part in our survey, 70% said they're uncommitted. 14% are committed to John McCain after tonight's debate, 15% are now committed to...Obama."
Sen. Barack Obama continues to lead national polls of the presidential race. Four polls, including three tracking polls, show Obama leading by 7-9 points. The Gallup daily presidential tracking poll of 2,747 registered voters taken October 4-6 shows Obama leading McCain 51%-42%. The Battleground tracking poll of 800 likely voters taken October 1-2 and October 5-6 shows Obama leading McCain 50%-43%. The Rasmussen Reports automated daily presidential tracking poll for October 7 shows Obama leading McCain 52%-44%. A new Ipsos/McClatchy poll of 858 registered voters taken October 2-6 puts Obama ahead 47% to 40%.
Two tracking polls shows a considerably tighter race. The Diageo /Hotline daily presidential tracking poll of 908 likely voters taken October 4-6 shows Obama leading McCain 46%-44%. The C-Span/Zogby daily presidential tracking poll of 1,220 likely voters taken October 5-7 shows Obama leading McCain by 47%-45%.
A seventh poll falls in between the two groups. An American Research Group poll of 1,200 likely voters taken October 4-6 shows Obama leading McCain 49%-45%.
A survey of state polling data released in the last 24 hours shows Sen. John McCain trailing in many states carried by President Bush in the last two elections, while Sen. Barack Obama appears to be successfully defending those carried by the Democrats in the last two contests.
Obama Edges McCain In Florida A Mason-Dixon poll of 625 registered Florida voters taken October 4-6 shows Obama leading McCain 48%-46%.
Obama Up In Two Ohio Polls A CNN /Time/Opinion Research poll of 749 likely Ohio voters taken October 3-6 shows Obama leading McCain 50%-47%. A Public Policy Polling (D) survey of 1,239 likely voters taken October 4-5 shows Obama leading McCain 49%-43%.
Obama Holds Big Lead In Two Pennsylvania Polls A SurveyUSA automated poll of 653 likely Pennsylvania voters taken October 5-6 shows Obama leading McCain 55%-40%. A Rasmussen Reports automated poll of 700 likely Pennsylvania voters taken October 6 shows Obama leading McCain 54%-41%.
Two Polls Show Tight Race In Indiana A Research 2000/WISH-TV poll of 800 likely Indiana voters taken September 29-October 3 shows Obama and McCain tied at 46%. A CNN /Time/Opinion Research poll of 677 likely Indiana voters taken October 3-6 shows McCain leading Obama 51%-46%.
Race Close In North Carolina A CNN /Time/Opinion Research poll of 666 likely North Carolina voters taken October 3-6 shows McCain and Obama tied at 49% apiece. A SurveyUSA automated poll of 617 likely North Carolina voters taken October 5-6 for WTVD-TV Raleigh shows McCain leading Obama 49%-46%.
Obama Up 6 In Colorado An Insider Advantage /Poll Position survey of 485 likely Colorado voters taken October 6 shows Obama leading McCain 51%-45%.
Obama Up In 2 Nevada Polls A Research 2000/Reno Gazette-Journal poll of 600 likely Nevada voters taken October 3-6 shows Obama leading McCain 50%-43%. An Insider Advantage /Poll Position survey of 468 likely voters taken October 6 shows Obama leading McCain 49%-47%.
Obama Up 8 In New Hampshire A CNN /Time/Opinion Research poll of 813 likely New Hampshire voters taken October 3-6 shows Obama leading McCain 53%-45%.
Obama Up In Wisconsin A CNN /Time/Opinion Research poll of 859 likely Wisconsin voters taken October 3-6 shows Obama leading McCain 51%-46%. A SurveyUSA automated poll of 672 likely Wisconsin voters taken October 5-6 shows Obama leading McCain 52%-42%.
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In a breaking story this morning, CNN reports the "Federal Reserve, joining central banks worldwide, cuts key interest rate by half percentage point to 1.5 percent." Earlier this morning, Bloomberg was reporting, "Federal Reserve Chairman Ben S. Bernanke's message of readiness to cut interest rates failed to assuage investors clamoring for immediate action to support jobs and growth." Asian markets overnight got hammered, with the Hang Seng and Nikkei off by 8% and 9% respectively. However, as news of the rate cut spread through financial circles, Fox News was reporting that Dow futures were up 129 points this morning two hours before the start of the trading day in New York.
The interest rate move by the central banks came after a 500-point loss on the Dow yesterday. In coverage of yesterday's events, the Wall Street Journal reports that the Federal Reserve "said it will bypass ailing banks and lend directly to American corporations for the first time since the Great Depression, and it hinted strongly at further interest-rate cuts -- a cocktail of unconventional and conventional remedies for an economy whose prognosis is deteriorating rapidly." The Washington Times says the Fed, "invoking an obscure Depression-era emergency law, said it will begin purchasing 'commercial paper.'"
According to the AP, "the action makes the Fed a crucial source of credit for nonfinancial businesses in addition to commercial banks and investment firms -- and also exposes it to risk because so much of the debt would not be backed by collateral." The Financial Times, USA Today, Wall Street Journal, Los Angeles Times, Washington Times and the New York Times, under the headline "With Outlook Dim, Bernanke Says Fed May Act On Rates," run additional reports on Bernanke's announced actions. The Christian Science Monitor titles its story "Fed Makes Boldest Move Yet," and reports Bernanke "is effectively pushing the Fed into the middle of the private market for short-term corporate loans, known as commercial paper."
However, as the Washington Post reports, "markets were hardly assuaged, especially in the United States," by Bernanke's moves. On its front page, the New York Times reports "the promise of lower interest rates and new federal efforts to stem the financial crisis failed to dispel the fear gripping Wall Street on Tuesday." The AP notes "the Dow fell 508.39, or 5.11 percent, to 9,447.11," and "broader indexes also fell. The S&P 500 index declined 60.66, or 5.74 percent, to 996.23, the first close below the 1,000 mark since September 2003. The Nasdaq composite index fell 108.08, or 5.80 percent, to 1,754.88." The Wall Street Journal notes that "including Monday's nearly 370-point drop and a 348-point slide last Thursday, the Dow has now shed nearly 13% in the past five trading days, the largest drop since September 2001." The Dow "is now down 33% from its record high reached almost exactly one year ago."
The Financial Times, Los Angeles Times, Washington Post and USA Today, which headlines its story "Fed's Action Fails To Stem Huge Stock Losses," also report on the stock market plunge. ABC World News, in its lead story, said that while "many experts give the Fed high marks for its aggressive and creative policymaking...the bottom line is investors worry it is too little too late to save the economy from a painful recession. And...that is why the stock market has been in such a terrible downward spiral." On its front page, the Washington Post notes that "the stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the last 15 months, a blow that could force workers to stay on the job longer than planned, tighten their wallets and possibly further stall an economy reliant on consumer spending." The New York Times, in an other front-page article, says, "The technical term for it is 'negative feedback loop.' The rest of us just call it a panic. ... Fear can be seen at every turn - in headlines raising questions about another Great Depression, and in the crowds gathered around office televisions to track stocks."
For a second day, President Bush tried to reassure Americans that the US economy will eventually recover from the current financial crisis. The AP reports that speaking at a small business in Chantilly, VA, Bush "told a country engulfed by dire economic news that it should not expect a sudden recovery, but rather a gradual rebound that will test people's patience. Pounding home a sober tone, Bush said about a dozen times that the nation is enduring 'tough times.'" Added Bush, "I know that the days are dim right now for a lot of folks. ... But I firmly believe tomorrow is going to be brighter." The New York Times says the President "counseled patience, and tried to sound reassuring," but "found it difficult to offer much solace." Fox News' Special Report said Bush was not "particularly reassuring," and showed him saying, "People just are not lending. ... If the credit crunch were allowed to worsen, the outcome would become much worse, with widespread job losses, and this country could be in possibly a painful and deep recession." The Hill quotes President Bush as saying, "Thawing the freeze in the financial system is not going to happen overnight, but it will be a process that unfolds over several stages."
The New York Times says the President was asked questions that "were personal and from the heart: 'Mr. President, is my bank account safe?' 'Mr. President, what do you think is going to happen to my 401(k)?' 'What would be your advice to the small-business community?'" NBC Nightly News ran footage of one of the questions poised to Bush yesterday, "What do you think is going happen to my 401(k) and other people's retirement plans?" Bush was shown replying, "Yeah. I think in the long rung, they're going to be fine, because the stock markets will reflect real value. In the short term, they're going to take a hit."
Treasury Outsources Bailout Management The Washington Post reports the Treasury Department "plans to start outsourcing the management of up to $700 billion in troubled securities, using special contracting authorities that enable it to retain private portfolio managers, custodians and other financial services consultants without following standard acquisition procedures." However, the action "means that the government has little time to assess the companies that will be partners in what could become one of the largest public-sector funds in American history. Some of the same firms that have played roles in the rise and collapse of the mortgage-backed securities market may end up guiding the government as the bailout unfolds, department officials said."
As he ended a four-day trip to Iraq, the New York Times reports Deputy Secretary of State John D. Negroponte said Tuesday that US and Iraqi negotiators "were close to resolving issues that have stood in the way of a security agreement governing the continued presence of American troops in the country." Speaking at a news conference with Iraqi Foreign Minister Hoshyar Zebari, Negroponte "said his trip included 'fruitful discussions' on a variety of political and economic issues, including the security agreement. But he declined to discuss what sticking points remained in negotiating the accord." The Washington Post also says that "without providing specifics, Zebari said that 'new ideas, new formulations and new language' that could be acceptable to Iraqi lawmakers...have been hammered out on the issue of legal jurisdiction and immunity." Yesterday's press conference, notes AFP, took place "minutes after" two bombs "exploded outside the Iraqi capital's tightly guarded Green Zone."
Iranians Object To Potential Deal. The AP notes that the security deal "must be approved by parliament, and Iraqi officials fear opposition unless the agreement satisfies Iraqi nationalists and Shiite politicians with close links to Shiite-dominated Iran." For their part, the Iranians "hammered home their objections during talks in Tehran with Iraqi parliament speaker Mahmoud al-Mashhadandi, a Sunni."
In a move widely portrayed in the media as a blow to the Bush Administration, a Federal judge yesterday ordered the US to immediately release 17 detainees at Guantanamo Bay who belong to a Chinese minority group known as Uighurs. Calling the ruling "a stunning defeat" for the Administration, ABC World News reported Judge Ricardo Urbina "ordered 17 detainees...be released immediately into the United States. The detainees are Chinese Muslims who have been held for almost seven years, but are no longer considered enemy combatants." The White House yesterday said it "strongly disagrees with the ruling, and the Justice Department is appealing."
The AP says the "dramatic ruling...could set the course for releasing dozens of other prisoners" held at Guantanamo. Justice Department spokesman Brian Roehrkasse, meanwhile, said the ruling "presents serious national security and separation of powers concerns and raises unprecedented legal issues." Calling it a "dramatic setback for the Bush administration," McClatchy notes the decision "marked the first time a court has ordered the transfer of Guantanamo detainees to the US and could prompt the release of dozens of other Guantanamo detainees who have been cleared for release by the military but who can't leave because the government hasn't found a country to send them to."
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Jay Leno: "Tonight's presidential debate was actually what they called town hall style, which means instead of ignoring the moderator's questions, the candidates can ignore the voters directly."
Jay Leno: "No, it's a town hall format, which is John McCain's favorite way to speak to crowds, as opposed to Barack Obama's favorite way, a Sermon on the Mount."
Jay Leno: "Well, with all...of the excitement about the election, it's easy to forget about President Bush." But "next year, he'll be unemployed and he'll be at that awkward age -- too young to retire, yet too old to decimate another nation's economy."
David Letterman: "But this was...what they call the town hall format. And that means that the candidates get to walk around on stage." And it was "pretty successful" because "John McCain only wandered off twice."
David Letterman: "McCain was on stage with a hand" microphone, but you "could tell he was confused when he started singing 'Sweet Caroline.'"
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