CNN poll: GOP takes brunt of blame for economy; Obama gains

[dragonrider]

The timing of this financial crisis is really bad news for McCain. My feeling is that is why both Bush and McCain had been saying the "fundamentals of our economy are strong" right up to the moment the Treasurey Secretary said we are on the brink of a major meltdown and possibly a depression, and we need a trillion dollars to fix it. They wanted to deny the economy was in trouble in order to minimize it as a political issue. But now the crisis is too big to ignore, and people are blaming the Republicans for the problems and for denying the problems existed for so long. They've made the situation worse for themselves by being dishonest about it for so long --- they look like they are either incompetent or liars.

This is going to be a big factor in this election.

___________


CNN poll: GOP takes brunt of blame for economy; Obama gains - CNN.com

CNN poll: GOP takes brunt of blame for economy; Obama gains

WASHINGTON (CNN) -- By a 2-to-1 ratio, Americans blame Republicans over Democrats for the financial crisis that has swept across the country the past few weeks, a new national poll suggests.

That may be contributing to better poll numbers for Sen. Barack Obama against Sen. John McCain in the race for the White House.

In a CNN/Opinion Research Corp. survey out Monday afternoon, 47 percent of registered voters questioned said Republicans are more responsible for the problems currently facing financial institutions and the stock market; only 24 percent said Democrats are more responsible.

Twenty percent blame both parties equally and 8 percent say neither party is to blame.

The poll also indicates more Americans think Obama, the Democratic presidential nominee, would do a better job handling an economic crisis than McCain, the Republican presidential nominee.

Forty-nine percent of those questioned said Obama, D-Illinois, would display good judgment in an economic crisis, six points higher than McCain, R-Arizona.

And Obama has a 10-point lead over McCain when it comes to who respondents think would better handle the economy overall.

These numbers seem to be affecting the battle for the presidency. Fifty-one percent of registered voters now say they will back Obama, five points ahead of McCain, at 46 percent.

McCain and Obama were tied at 48 percent apiece in the previous CNN/Opinion Research survey conducted September 5-7.

Obama's advantage, while growing, is still within the poll's sampling error of plus or minus three percentage points.

Where did Obama make his gains?

"In two core McCain constituencies: men, who now narrowly favor Obama, and seniors, who have also flipped from McCain to Obama," said Bill Schneider, a CNN senior political analyst.

When including people most likely to vote, the results are pretty much the same. Among likely voters, Obama has a four-point lead, 51 percent to 47 percent.

A CNN Poll of Polls calculated Monday also shows Obama leading McCain -- 49 percent to 44 percent.

"The economy has always been considered John McCain's Achilles' heel, and the CNN Poll of Polls started to show an Obama edge in the middle of last week -- just as the financial crisis began to hit home for many Americans," said Keating Holland, CNN's polling director.

The poll also expands to include third-party candidates. When included in the results, independent Ralph Nader has the support of 4 percent of those polled, with Libertarian candidate Bob Barr and Green Party candidate Cynthia McKinney each at 1 percent. Also, Obama has the backing of 48 percent of likely voters, three points ahead of McCain's 45 percent.

A couple of other factors in the survey appear to contribute to Obama's slight rise and McCain's slight drop in the polls. Fifty-three percent of those questioned say McCain, if elected, will mostly carry out the policies of President Bush, who remains extremely unpopular with most Americans. Bush's disapproval rating is up three points from the previous CNN/Opinion Research poll.

The survey also indicates Obama has recaptured the "change" factor. Just after the Republican convention, Obama's lead had shrunk to eight points when voters were asked which candidate would be more likely to bring change. His lead is up to 14 points in the new poll.

The margin of error on that question is plus or minus 4.5 percentage points.

Another factor could be McCain's running mate, Alaska Gov. Sarah Palin. Thirty-five percent of those questioned have an unfavorable opinion of her, up 8 points from a previous survey. And two-thirds believe she and her husband should testify in the Alaska investigation into the firing of a state official.

"Change has always been Obama's strong suit, but McCain and Palin clearly made inroads into that issue during the GOP convention," Holland said. "Palin, in particular, was seen as an agent of change when she made her first appearance on the national stage. That may be changing now."

The poll also sheds more light on how Americans feel about the financial crisis. Twenty-two percent said they are "frightened" by the crisis, while two-thirds said they are "concerned." Eleven percent said they are "not worried."

Most Americans think the programs to deal with the financial crisis currently being worked on by Congress and the Bush administration will be unfair to U.S. taxpayers, but they think those programs will help the economy.

Six in 10 think the federal government should step in and address the financial crisis, and 37 percent say the government should stay out. But when it comes to last week's bailouts, support slips to 55 percent. Given concerns about how future programs will affect taxpayers, it's conceivable that public support for the new government plans could be even lower.

The survey comes out just four days before McCain and Obama face off in the first of three presidential debates. Will the debates make a difference? Probably, since the poll finds that 14 percent of Americans say they haven't made up their minds yet.

The first debate, scheduled for Friday in Oxford, Mississippi, will focus on foreign policy, a topic that may play into what some registered voters see as a strength for McCain. The poll finds 54 percent of them believe McCain would display better judgment in an international crisis; 42 percent believe Obama would.

The margin of error on that question is plus or minus 4.5 percentage points.

Conducted Friday through Sunday, the CNN/Opinion Research poll questioned 1020 Americans including 909 registered voters and 697 likely voters.

dragonrider Reviewed by dragonrider on 09-23-2008. CNN poll: GOP takes brunt of blame for economy; Obama gains The timing of this financial crisis is really bad news for McCain. My feeling is that is why both Bush and McCain had been saying the "fundamentals of our economy are strong" right up to the moment the Treasurey Secretary said we are on the brink of a major meltdown and possibly a depression, and we need a trillion dollars to fix it. They wanted to deny the economy was in trouble in order to minimize it as a political issue. But now the crisis is too big to ignore, and people are blaming the Rating: 5

[Psycho4Bud]

WASHINGTON (CNN) -- The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate.

"This legislation is truly historic and it indicates what can happen when Republicans and Democrats work together in a spirit of genuine cooperation," Clinton said at a White House signing ceremony. The event brought together the president and several Republican members of Congress who have been among Clinton's sternest critics -- a sign of the bipartisan support that eventually developed for the package.

Congress passed the bipartisan measure November 5, opening the way for a blossoming of financial "supermarkets" selling loans, investments and insurance. Proponents had pushed the legislation in Congress for two decades, and Wall Street and the banking and insurance industries had poured millions of dollars into lobbying for it in the past few years.
Clinton signs banking overhaul measure - November 12, 1999

Oversight, transparency and accountability - these three words likely will replace the old trifecta of "waste, fraud and abuse." Of course, Washington should regulate Wall Street, but the fact is that Group Think will not go away, and whatever tight regulations might percolate in the next year will become watered down over time - because they always have a persuasive argument to do so. That's what Washington does, and both parties have participated.

For his part, GOP nominee John McCain has stood against that tide of facilitating corporate misbehavior. The Washington Post editorialized last week against Barack Obama's campaigns charge that McCain is anti-regulation. Au contraire, if found on reviewing McCain' record, the Arizona senator was "a leader" in cleaning up shoddy accounting practices after the Enron scandal.

"In 2006," the Post editorialized, McCain "pushed for stronger regulation of Fannie Mae and Freddie Mac - while Mr. Obama was notably silent. 'If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole,' McCain warned at the time."
The bailout from hell

In light of the collapse of Fannie and Freddie, both John McCain and Barack Obama now criticize the risk-tolerant regulatory regime that produced the current crisis. But Sen. McCain's criticisms are at least credible, since he has been pointing to systemic risks in the mortgage market and trying to do something about them for years. In contrast, Sen. Obama's conversion as a financial reformer marks a reversal from his actions in previous years, when he did nothing to disturb the status quo. The first head of Mr. Obama's vice-presidential search committee, Jim Johnson, a former chairman of Fannie Mae, was the one who announced Fannie's original affordable-housing program in 1991 -- just as Congress was taking up the first GSE regulatory legislation.

In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.
Blame Fannie Mae and Congress For the Credit Mess - WSJ.com

Not good for the dems in my opinion, people are going to want to know who and when. Should make for GREAT debate material in the future.

Have a good one!:s4:

[dragonrider]

Should make for GREAT debate material in the future.

Absolutely! The economic dabates are going to be EPIC! I'm sure John McCain is looking forward to it as much as you and I and Obama are!

[Psycho4Bud]

I think the days of Obama being offered a pillow are over with. Like ya said, the "dabates" should prove interesting for all.:thumbsup:

Have a good one!:s4: