Sen. John McCain unveiled a new stump speech yesterday in campaign visits to Virginia and North Carolina, and while his new message is receiving generally positive media coverage, reports are also casting it as a sign that his campaign is in trouble. The CBS Evening News reports, "Seeking new direction for his troubled campaign" McCain "unveiled a new speech, today, making clear right at the top that he understands just how fearful average Americans are." McCain was shown saying, "Your savings are in danger, your retirement is at risk. Jobs are disappearing." The Politico, meanwhile, calls McCain's new stump speech "feisty," and adds he "portrayed himself as a scrappy fighter on the comeback trail against an opponent who's already 'measuring the drapes' in the Oval Office." Reporting from Wilmington, N.C., the Wall Street Journal says McCain dropped "harsh attacks on rival Barack Obama," and "adopted a resilient tone to reflect his underdog status. He talked up his own experience, suggesting the current economic crisis meant the next president 'won't have the luxury of studying up on the issues before he acts.'" The New York Times adds that "aides held out the possibility that Mr. McCain would change tactics yet again if warranted by events."
However, some reports see the fact that he is campaigning in traditionally GOP states as a bad sign. ABC World News, for example, said last night,, "Well, the fact that McCain was campaigning in Virginia and North Carolina, today, shows just what a tough spot he's in. These are Republican states that he's having to battle to hold onto." The Washington Post similarly says that McCain's "Monday's visit, three weeks before the Nov. 4 election...demonstrates that the region, like the state as a whole, can no longer be considered a Republican stronghold."
Markedly negative was the assessment of the Los Angeles Times. Under the headline "For John McCain, Another Day, Another Strategy," the Times reports on its front page that McCain's "feisty new campaign speech" and his "promise of a fist-shaking fight to November failed to allay Republican concerns that the presidential race may be slipping beyond his grasp."
New Speech Seen As McCain's "Toughest Criticism" Of Bush So Far The AP says that in his remarks, McCain "delivered his toughest criticism so far of President Bush's economic policies," as he pledged "to enact new policies that would reverse the effects of the GOP president's two terms in office." Said McCain, "We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change. ... The hour is late; our troubles are getting worse; our enemies watch. We have to act immediately. We have to change direction now."
Yesterday In Toledo, Ohio, Sen. Barack Obama unveiled a new package of tax breaks, federal spending and regulatory measures pitched as an effort to assist the middle class in the midst of the global credit crisis. ABC World News reported that Obama "outlined what he called a rescue plan for the middle class." Obama said, "It's a plan that begins with one word that's on everybody's mind. And it's easy to spell. J-O-B-S. Jobs." According to ABC, Obama "proposed a two-year tax credit for businesses to create new jobs, allowing withdrawals of up to $10,000 from retirement accounts without penalties, requiring any financial institutions receiving federal aid to enact a 90-day moratorium on foreclosures, and setting up a federal fund to lend money to state and local governments." The Washington Post, in a front-page article, says Obama "advocated an immediate and expensive economic assistance package Monday. ... Having specific programs and proposals may also be crucial in Wednesday night's final presidential debate, in Hempstead, N.Y., which is slated to focus on domestic issues." The New York Times also reports that Obama called on "Congress to double by another $25 billion the government loan guarantees for automakers and to temporarily eliminate taxes on unemployment benefits." NBC Nightly News reported that Obama's plan "would also allow the Fed to offer short-term loans directly to cash-strapped state and municipal governments. ... But all of it comes with a warning - the cost, an estimated $60 billion over the course of the next two years, and that's on top of $115 billion of emergency relief Obama proposed in August." The CBS Evening News says that "while Obama has said previously economic conditions might force him to defer some ideas, today, he was full speed ahead."
USA Today adds that McCain advisers "criticized the Obama proposals as spendthrift and counterproductive. 'More spending is going to make the situation worse,' said Rob Portman, a former budget director for President Bush." The Politico says "economists said much of the plan echoed earlier proposals made by Obama, congressional Democrats and state governments, and they gave the new planks mixed reviews, while supporters of...McCain predicted it would result in higher taxes and more debt."
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The Washington Times reports Sen. Barack Obama "holds a solid lead in Iowa, a slim lead in Missouri and barely trails Republican Sen. John McCain in Indiana -- three states that backed President Bush in 2004 and represent 29 electoral votes." According to the Times, Obama "is dominating the heartland airwaves. Obama ads portraying the Democrat as the moderate on health care, attacking Mr. McCain for his health care plan and for proposing big spending are running more regularly than McCain ads across the Midwest." On Bloomberg's "Money and Politics", Evan Tracey of TNS Media Intelligence addressed the imbalance in campaign ads between McCain and Obama more broadly, saying, "You're seeing a lot more of Sen. Obama right now. We all knew that eventually his cash advantage would start to show through. It is extraordinary how much he is spending right now compared to his opponent John McCain. It's almost three-to-one overall and it's up to five- or six-to-one in some of these media markets within the battleground states."
The New York Times reports on Gov. Sarah Palin's style on the stump, saying that the GOP vice presidential nominee "has emerged as the most electrifying speechmaker among the four politicians on the major party tickets. She generates enormous fervor at her events; people sometimes do not stop clapping or shouting words of praise until Ms. Palin pauses." Yet Palin's "partisan zeal could repel some independent voters in closely contested states like New Hampshire and Pennsylvania; Democratic polling in both states shows Ms. Palin with high negative ratings among independents."
Meanwhile, the Richmond Times-Dispatch reports Palin held a rally at the Richmond International Raceway yesterday, where she drew an "estimated at 20,000 to 25,000." The Fredericksburg Free Lance-Star reports that Palin's "speech focused primarily on economic issues; she did not mention" Obama's "ties to former Weatherman William Ayers." The Washington Post adds, "The crowd was so large that some supporters standing far back from the stage began chanting 'Louder, louder!' midway through Palin's speech after she had paid homage to military veterans in the crowd. Palin, who assumed they were protesters, said in response to the chants, 'I hope those protesters have the courage and honor to give veterans thanks for their right to protest.'"
Polls continue to show Barack Obama ahead in the presidential race. The Gallup daily presidential tracking poll of 2,783 registered voters taken October 10-12 shows Obama leading McCain 51%-41%. Gallup also has two likely voter models one (based on past voting behavior and current intention to vote) shows Obama leading McCain 51%-44%, while the second (based on current intention to vote) shows Obama up 53%-43%.
The Rasmussen Reports automated daily presidential tracking poll for October 13 shows Obama leading McCain 50%-45%.
The C-Span/Zogby daily presidential tracking poll of 1,208 likely voters taken October 10-13 shows Obama leading McCain by 49%-43%.
The Diageo/Hotline daily presidential tracking poll of 823 likely voters taken October 10-12 shows Obama leading McCain 48%-42%.
The Battleground tracking poll of 800 likely voters taken October 7-9 and October 12 shows Obama leading McCain 51%-43%.
Obama Up 5 In Florida A Rasmussen Reports automated poll of 1,000 likely Florida voters taken October 12 shows Obama leading McCain 51%-46%.
Obama Has Edge In 2 Ohio Polls A Rasmussen Reports automated poll of 1,000 likely Ohio voters taken October 12 shows Obama leading McCain 49%-47%. A Marist poll of 961 registered Ohio voters taken October 5-8 shows Obama leading McCain 48%-40% among registered voters and 49%-45% among likely voters.
Obama Leads In Pennsylvania A Marist poll of 943 registered Pennsylvania voters taken October 5-8 shows Obama leading McCain 49%-40% among registered voters and 53%-41% among likely voters.
Obama Edges McCain In Virginia A Rasmussen Reports automated poll of 1,000 likely Virginia voters taken October 12 shows Obama leading McCain 50%-47%.
Obama Up In 2 Missouri Polls A Rasmussen Reports automated poll of 1,000 likely Missouri voters taken October 12 shows Obama leading McCain 50%-47%. A SurveyUSA automated poll of 546 likely Missouri voters taken October 11-12 shows Obama leading McCain 51%-43%.
Obama Up 9 In Colorado A Quinnipiac University poll of 1,088 likely Colorado voters taken October 8-12 shows Obama leading McCain 52%-43%.
Race Tied In North Carolina A Rasmussen Reports automated poll of 1,000 likely North Carolina voters taken October 12 shows Obama and McCain tied at 48% apiece.
Obama Up Big In Michigan A Quinnipiac University poll of 1,043 likely Michigan voters taken October 8-12 shows Obama leading McCain 54%-38%.
Obama Up 11 In Minnesota A Quinnipiac University poll of 1,019 likely Minnesota voters taken October 8-12 shows Obama leading McCain 51%-40%.
Obama Up 17 In Wisconsin A Quinnipiac University poll of 1,201 likely Wisconsin voters taken October 8-12 shows Obama leading McCain 54%-37%.
Obama Up 17 In Oregon A SurveyUSA automated poll of 584 likely Oregon voters taken October 11-12 for KATU-TV Portland shows Obama leading McCain 57%-40%.
Obama Up 2-1 In New York A SurveyUSA automated poll of 547 likely New York State voters taken October 11-12 shows Obama leading McCain 64%-31%.
Obama Has Wide Lead In New Jersey A SurveyUSA automated poll of 551 likely New Jersey voters taken October 11-12 shows Obama leading McCain 55%-40%.
The Washington Times reports, "The 'big three' broadcast networks -- NBC, ABC and CBS -- remain captivated with Sen. Barack Obama, according to a study of campaign coverage released Tuesday by the Center for Media and Public Affairs at George Mason University. Numbers tell all: 61 percent of the stories that appeared on the networks between Aug. 23 and Sept. 30 were positive toward the Democratic Party," while "just 39 percent of the stories covering Republicans were favorable."
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The Bush Administration's announced plans to buy ownership stakes in US banks are being credited for sparking the largest one-day gain in Wall Street's history. The Dow Jones shot up 936 points, or 11%, to 9387.61. The S&P 500 advanced 104.13, or 11.6%, to 1,003.35, while the Nasdaq rose 94.74, or 11.8%, to 1,844.25. The CBS Evening News noted that the stock surge followed "reports...that of the $700 billion bailout package, about $250 billion will be used to buy up bank stocks. That's going to do three things: First, it gets money to the banks quickly; second, it gives them cash to lend; and third, perhaps most importantly, it restores confidence by leaving no doubt that the government is backing them up." NBC Nightly News said "investors finally found a reason to buy."
The AP says that while the Administration "refused to provide details in advance, industry and government officials with knowledge of the plan said it would include billions of dollars in spending by the government to purchase stock in banks as a way of providing them desperately needed money so they could resume more normal lending." Fox News' Special Report said "Administration money men" are "getting ready to start writing checks from that huge bailout package authorized by Congress and...Bush."
The astronomical stock surge led all three broadcasts last night, and features prominently on the major papers' front pages. Some of the coverage reflected the euphoria on Wall Street. ABC World News, for example, reported in its lead story, "You can take your pick: extraordinary, astonishing, stunning. Perhaps no single word really fully captures this day on Wall Street." And the Washington Post says the market numbers revealed "renewed confidence in US and global efforts to combat the financial crisis," and adds "investors and traders seemed more confident in global efforts to stem the financial crisis." But some reports also address the lingering uncertainty over whether the world's financial system has in fact turned a corner. NBC Nightly News said, "Most agree the crisis, the worst in decades, is still at its height. ... Is this the bottom? Impossible to know."
Not All Banks Happy With Government Stock Buys The Wall Street Journal reports that "as part of its new plan, the government is set to buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp., Merrill Lynch, Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street, according to people familiar with the matter." While "not all of the banks involved are happy with the move," they "agreed under pressure from the government." The New York Times reports Treasury Secretary Henry Paulson told bankers yesterday "that they would have to accept government investment for the good of the American financial system. ... The capital injections are not voluntary, with Mr. Paulson making it clear this was a one-time offer that everyone at the meeting should accept."
Bernanke: "Americans Can Be Confident." Federal Reserve Chairman Ben Bernanke writes in the Wall Street Journal, "Policy makers here and around the globe have taken a series of extraordinary steps. Americans can be confident that every resource is being brought to bear: historical understanding, technical expertise, economic analysis and political leadership. ... I am not suggesting the way forward will be easy. But the tools are in place to respond effectively and with force."
Fox News' Special Report reported Democrats in Congress "are pushing for more new spending to pump up the economy," calling for a "second taxpayer stimulus package, focused on people who are struggling most with the economic downturn." Aides to President Bush "declared the Democrats' plan more about campaign politics than economic stimulus," and House Minority Leader John Boehner "who agreed with the need for a stimulus said none of the Democrats' ideas would stabilize the economy." The Hill reports that in a letter to Pelosi, Boehner "outlined the GOP economic stimulus proposal, which essentially combines the House Republican American Energy Act -- introduced by Republicans last summer -- and many aspects of the GOP's alternative to the $700 billion Wall Street rescue package."
The AP reports that also yesterday, "House Republicans announced -- but then backed down on -- plans to demand that majority Democrats call Congress back into session before the elections to pass a stimulus bill." The Washington Post reports "Democrats are contemplating a huge infusion of public cash -- as much as $300 billion -- to stoke economic growth by creating public jobs and padding the wallets of struggling consumers."
Poll: 84% Think Economy Will Get Worse In a new USA Today /Gallup Poll, 73% of respondents "call the economy 'poor,' and 84% predict it's getting worse." USA Today adds, "50% of Americans say they don't have confidence in" Sen. Barack Obama "and his advisers to fix the economy; 44% do. That lukewarm endorsement is better than the 31%-63% rating" for Sen. John McCain. President Bush "scores lowest of all: 16% express confidence in him and his team, 80% no confidence."
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In an interview with McClatchy , Iraqi Vice President Tariq al Hashimi said "time's running out for reaching a security agreement with the US, and an accord is unlikely before the end of this year." Hashimi also "expressed strong concern that the improved security situation in Iraq could deteriorate just as the UN mandate runs out" on December 31. The Washington Post reports on its front page that "with time running out for the conclusion of an agreement governing American forces in Iraq, nervous negotiators have begun examining alternatives that would allow US troops to stay beyond the Dec. 31 deadline."
On its front page, the New York Times reports that Paul Krugman, a columnist for the paper, "was awarded the Nobel Memorial Prize in Economic Science on Monday. The prize committee cited Mr. Krugman for his 'analysis of trade patterns and location of economic activity,'" but Krugman "is probably more widely known for his Op-Ed columns in which he has been a perpetual thorn in President Bush's (and now John McCain's) side."
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Jay Leno: "Today is Columbus Day, which means all the banks are closed. At least I think that's why they're closed."
Jay Leno: "But the good news" is that the "stock market went up over 900 points today. ... This is the best thing to happen to the John McCain campaign since -- actually, it's the first good thing to happen" to the McCain campaign.
Jay Leno: The average price of a gallon of gas is "now down to $3.30 a gallon. ... Remember $3.30 a gallon? That's the price you used to get outraged about a year ago."
David Letterman: "A lot of things on sale on Columbus Day. ... You can get a good deal on a dining room set, mattresses, General Motors."
David Letterman: President Bush "says he's going to tweak the financial package. ... That's like the captain of the Titanic tweaking the brunch menu."
David Letterman: Bush "is trying to reassure Americans that things are going to get better soon. And I was thinking well sure, in three months he'll be out of office."
Conan O'Brien: "This weekend, the leaders of the world's richest countries got together to discuss the global economic meltdown. ... President Bush wanted to go to the meeting, but after last week the US is no longer one of the world's richest countries."
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