http://www.nydailynews.com/opinions/2008/09/21/2008-09-21_americas_stress_test.html
The article is about McCain and Obama's reaction towards the recent Wall Street Crisis. the article notes that neither were prepared for this crisis,even though the economy has been in such bad shape for at least a year now. The article brings up the strong complaint that if they don't know how to react now, how will it be when either is elected President. This is a frightening thing to think about. After seeing how both candidates reacted, it is hard to say which is ready to react as a President and not just stand up and be able to talk their way out of everything. The article brings up the idea of McCain and Obama running "shallow" campaigns. Neither could react to the economy's problems and they are afraid to lose votes by saying the wrong things. This article brings up the reality that neither candidate is fit for dealing with a crisis and with our current economy, a crisis is never too far away.
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7 comments:
I believe that this is a very legitimate point about each candidate's ability to handle the current economic situation. Of course neither side wants to lose votes, by saying something dramatic. However, you have to consider that neither side wants to "tip their hand" sort of speak, and give their opponent a place to attack. Unfortunately, their are probably not too many people who could actually solve the economic crisis, or at least qucikly. With that in mind, it will not be easy for McCain or Obama to deal with this problem and it will be interesting to see what advisers each candidate surrounds themselves with.
I agree with the author on the terms that both our presidential candidates haven’t given any concrete economic plans. But I still believe they do have the tools to do what is right for the economy. McCain has been a senator for many years and knows how the system works he was around for the crisis’s of the 1980s and can give good insight as president into what we need to do to recover as a nation. Obama has a strong educational background and is a very well-read individual. I think he will be able to analyze past trends and consult with advisors like Joe Biden to make the right decision for the country. Overall I believe the market has trends and will recover with only even a little push in the right direction from ether of our candidates.
Although neither candidate has clearly presented a solution to our overall suffering economy, I can not say I am surprised. Not even the FOMC has been able to develop a strategy to ease our economy out of the entire sub-prime failure. To be honest, it seems like no one has a clear solution to the overall problem, not even the think tanks in Washington. For that reason, although it seems shocking that neither candidate has offered a solution, neither Obama nor McCain wants to promote an idea that wont be effective and then be targeted for it. Although I am no economist, it seems like the best strategy is to wait out the storm. The bad mortgages need to be paid out so our investors can move forward. McCain and Obama for the mean time will remain positive and optimistic, to spur confidence in investors and in the American market in general until a better strategy comes forth.
Obama and McCain are politicians, not economists. We cannot reasonably expect either of them to have a solution when, as Tom said, FOMC has been unable to even determine the actual scope of the problem, let alone a solution. The best we can hope for, and evaluate the candidates on, is taking the time to learn about this whole situation and making informed decisions.
I think the author of the article is right by saying that neither candidate has offered a concrete solution to the economic crisis. However, I do believe that there might be no "right" solution to the economic problems we are facing today. The only viable solution seems to be waiting out until the economy corrects itself. Perhaps, the presidential candidates are refraining from giving out definitive plans of how to revive the economy simply because it is so volatile. We need to wait a couple of weeks to see what shape the economy will be in then, and only then possibly demand a plan from the candidates.
In response to Scott's post, I agree that time might be the best solution to the economy problem. That being said I think the article was a reflection of the unwieldly expectations that McCain and Obama face for all topics. I feel as if McCain and Obama not doing anything at all is not spurring confidence in the investors. I do not no what the correct path would be for them to deal with this, especially where if they make the wrong move, it would most likely determine the election. It will be interesting to see how they both cope with this issue in the time to come.
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