Presidential candidate Barack Obama gains 6 point lead over John McCain today September 24, 2008, 41 days before the November 4 election. Obama’s present advantage is probably a windfall from the blame the Republican party is getting from the financial meltdown bogging the market after Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns, among others filed government protection from bankruptcy.
The genesis of the economic crisis is traced on long-standing corporate greed pervasive in Wall Street, the weak oversight by government regulators for many years, corruption, and the lack of accountability in the banking system, making both Democratic and Republican parties culpable.
In 2001, the Bush administration had pushed for a tightening of the mortagage lending, but Democrats like Cong. Barney Frank (D-MA) head of house financial services committee blocked the initiative.
Citing urgency of the matter, McCain,in a display of leadership, cancels a scheduled debate with Obama on Friday night, September 26, 2008, to focus in bringing a bipartisan solution to the crisis. A bail-out financial package is needed to be passed by the Congress to avert further damage in the economy.
At this time, Obama doesn’t want to stop his campaign. He thinks he can do the campaigning and helping fix the economic crisis at the same time. The impasse in the proposed $700 billion bailout of the financial institutions need to be addressed quickly to avert full-blown economic collapse. (Photo Credit: Mario Zucca)=0=