2008 Woodie Awards
The Election 2008 Updater
Your source for the latest news from the Democratic and Republican parties.
Brett Corrigan '09
Issue date: 10/2/08 Section: World
Despite initial hesitation from Sen. John McCain (Ariz.), the first presidential debate of the 2008 election season took place Friday, Sept. 26, at the University of Mississippi as the candidate's colleagues in congress embarked on a bipartisan effort to bolster a struggling economy. The debate's focus would be limited to foreign policy, although moderator Jim Lehrer was quick to put the economic crisis on the table. Lehrer cited the economy as an influential aspect of foreign policy that the next president would have to face.
Sen. Barack Obama (Ill.) addressed the economic crisis, calling it "the worst financial crisis since the Great Depression." Obama stressed the importance of swift action and laid out a four-point plan for tackling the problem. First, he argued that any plan put forth must allow for government oversight, in terms of where and when the money, potentially $700 billon, is used. Second, Obama maintained that the taxpayers must have the possibility of getting their money back when the market gains and returns to a more stable point. Third, the senator emphasized that no money should be used to pad CEO bank accounts. Finally, he wanted to ensure that the plan would assist struggling homeowners as foreclosures continue to snowball across the country.
Obama was also quick to tie McCain to supporting "eight years of failed economic policies promoted by George Bush." In emphasizing the importance of focusing on the middle class as the guidepost to success, he condemned the shredding of corporate regulations and consumer protection.
When questioned about the economy McCain first applauded the bipartisan effort in response to the current economic situation. McCain stressed the importance of transparency within the plan. McCain also acknowledged that the package, once finalized, would only act as a stabilizer for the situation. "This isn't the beginning of the end of the crisis. This is the end of the beginning. . .We have a lot of work to do. And we've got to create jobs. And one of the areas, of course, is to eliminate our dependence on foreign oil," McCain said.
Sen. Barack Obama (Ill.) addressed the economic crisis, calling it "the worst financial crisis since the Great Depression." Obama stressed the importance of swift action and laid out a four-point plan for tackling the problem. First, he argued that any plan put forth must allow for government oversight, in terms of where and when the money, potentially $700 billon, is used. Second, Obama maintained that the taxpayers must have the possibility of getting their money back when the market gains and returns to a more stable point. Third, the senator emphasized that no money should be used to pad CEO bank accounts. Finally, he wanted to ensure that the plan would assist struggling homeowners as foreclosures continue to snowball across the country.
Obama was also quick to tie McCain to supporting "eight years of failed economic policies promoted by George Bush." In emphasizing the importance of focusing on the middle class as the guidepost to success, he condemned the shredding of corporate regulations and consumer protection.
When questioned about the economy McCain first applauded the bipartisan effort in response to the current economic situation. McCain stressed the importance of transparency within the plan. McCain also acknowledged that the package, once finalized, would only act as a stabilizer for the situation. "This isn't the beginning of the end of the crisis. This is the end of the beginning. . .We have a lot of work to do. And we've got to create jobs. And one of the areas, of course, is to eliminate our dependence on foreign oil," McCain said.
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