As has been well-documented by other online journalists, both recently and during the runup to the passage of Obamacare, the Democratic Party is finally paying the ultimate price for ignoring the will of the American people today. As voting continues this afternoon, many media personalities are attempting to manipulate the American people into foregoing today’s vote, but the American public appears to have finally smartened up to the base Marxist impulses of the current leaders of the Democratic party.
One can only hope, and pray, that the historic smackdown being received by the Democrats in today’s midterm elections will teach the insiders of the Democratic party to avoid such anti-American, Marxist policy advocacy in the future. Today’s election landslide should not completely be seen as an endorsement of GOP policies, however, as both parties must now put aside their idiotic partisanship and cooperate to create the necessary business environment in America so as to allow investment money properly flow back into job-creating endeavors. All Americans, and those folks in America via legal immigration, surely are praying that the fatcat federal politicians finally are getting their wakeup call from the American voting public and act accordingly in the nation’s best interest instead of their own. Perhaps God is finally smiling down on America again with today’s election and we can once again be that shining City on the Hill, an example to the rest of the world to follow.
Never in the history of the Dow Jones Industrial Average has the index risen more than 500 points in a single session. After last week’s historic largest weekly percentage loss ever, today the greatest one-day rally in the history of Wall Street occurred, with the Dow Jones average rising almost 1000 points to close at about 9400, up 11%. One key question on everyone’s mind tonight is whether the rally will last or if is the last gasp of the bull market that disappeared last week. The other key question is whether McCain can use this rally to get past narrative of defeat that has smothered his campaign since the crisis began.
Most political observers agree that the race between Obama and McCain for the presidency turned from a near dead heat in mid-September into a substantial 7 point Obama lead today because of the crash of the U.S. and world financial markets. The freefall in McCain’s popularity has been greatly assisted during the economic crisis by McCain’s early mishandling of the crisis via his oft-repeated line that “the fundamentals of the economy are strong.” Many independent and centrist voters were turned off by McCain’s stubborn refusal to accept the depth of the problems in the economy and now lean towards Obama.
The final straw to put many swing voters onto Obama’s side was the quarter ending 401K reports which show striking declines in most Americans’ retirement accounts that came in the mail in the past week or so. Whether the nearly 1000 point rally can turn this trend around will be determined in the days to come.
The onus is clearly on McCain to perform in the upcoming debate and use the turning economic news to his advantage quickly and perhaps avoid the imminent landslide facing him today. Obama can also point to his steady leadership as pleasing to Wall Street and further highlight McCain’s erratic performance in the past month.
In a stunning move only attempted once in presidential election history, the Obama campaign today finalized a deal to purchase an entire half hour block of broadcasting time from a major network. CBS sold Obama a half hour of time on Wednesday, October 29th, starting at 8:00PM. It appears Obama will present his closing argument to the American people in this fashion as negotiations are also ongoing with NBC and Fox for a similar half hour block of evening broadcasting.
The news of Obama’s strong network buy comes at time when John McCain’s campaign stands at its nadir and possibly its last legs. Three of the four debates are over, and both instant polls and later larger surveys of each debate show the public siding with the Democratic ticket. More troubling for the McCain campaign is the strong voter move to Obama over the past few weeks as world’s stock markets have steadily sold off with no end in sight. Indeed, today’s selloff of the Dow Jones Industrial Average pushed below 9000, the first time the Dow Jones has seen such depths since August of 2003, to close at 8,579.19. Over 20% of of the Dow Jones has been lost in the past seven trading days, nearing the 22.6% selloff on Black Monday in 1987.
Obama’s purchase of blocks of primetime network time follows in the footsteps of Ross Perot in 1992, the only prior presidential candidate to buy such half hour blocks of network time. In 1992, Perot purchased blocks of time on NBC and even beat some of the other networks for ratings at the time. Considering Obama’s popularity, Obama’s primetime show will undoubtably beat Perot’s numbers and perhaps all other competing broadcasting.
The move into blocks of network time comes on the heels of Obama’s purchase of an entire satellite channel, Channel 73, on the Dish TV network last week. Channel 73 is looping an effective two minute Obama economy ad entitled Barack Obama’s Plan for America. The fundraising advantage of the Obama campaign enables such large and unprecedented media buys and sets up Obama for a strong closing message.
Against that backdrop, the McCain campaign continued with a focus on Obama’s relationship with ex-terrorist William Ayers and explaining McCain’s debate night proposal to buy up mortgages directly and renegotiate them downward with the homeowners. Neither initiative appears to have picked up steam, and the media narrative continues to be dominated by discussion of Obama’s surge in popularity since the economic crisis began.
Centrist, independent and moderate voters are moving strongly towards Obama, and McCain has yet to find the right message to stem that tide. Considering the shocked reaction of many Americans to the recent stock market collapse, and Obama’s skillful linkage of this crash to the GOP as the market’s “final verdict” on GOP’s economic policies, no message may fit the bill for McCain.
McCain now stands nearly 10 points behind in most national tracking polls, with the esteemed Gallup tracking poll showing Obama with a commanding, campaign-best 11 point lead, 52-41%. State polls are following suit, with McCain at his lowest support level of the campaign in battlegrounds such as Virginia, Indiana, North Carolina, Missouri, Ohio, Pennsylvania and Florida. With only one debate to go and less than four weeks until election day, the McCain campaign is teetering on the edge of a collapse in support which would result in a electoral landslide not seen since Reagan’s victory over Mondale in 1984.