Obama, McCain, and the financial crisis : Vagueness as a strategy
03 November 2008 à 14h10
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The subprime crisis, bankruptcies, the Paulson plan… Within a few hours, the financial crisis has become the biggest issue of the presidential election.
Both candidates have tried to reassure the voters. But their solutions to get over the crisis remain quite vague. A strategy that could favor the Democrat candidate.
The second and the third debates of the campaign have been focused on the financial crisis. And for Barack Obama, as well as for John McCain, "Americans are hurting right now, and they're angry". Each candidate insists on the fact that he understands Americans’ anger and that he has a plan to solve the problem, that he's the man for the situation. They also accuse Washington and Wall Street of being responsible for the crisis. For Sen. McCain, "Americans are innocent victims of greed and excess on Wall Street and as well as Washington, DC" And when they're asked on their plan to get out of the crisis, the senators for Illinois and Ohio aren't very clear on how they're going to finance their plan.
At the end of September, The Financial Times gave the keys of success for this election: "It's about ideas – who has the better policy. It's about confidence – who can help restore faith in the economy. And it's about leadership – who can provide optimism. We're not likely to see many new, hard-hitting ideas, because it's such dangerous territory. So candidates are going to be focusing on who can best lead." And this is exactly what they're doing. This is what could be called the strategy of vagueness.
It's not time in the campaign for ideological battles. Though, there are some differences in their programs.
On the contrary, Barack Obama has always been in favor of a stronger control of the markets, and of the banks by the State. During the third debate, he explained that the crisis was "a verdict on the failed policies of the last eight years that said that we should strip away consumer protections, let the market run wild, and prosperity would rain down." From the very beginning, Obama's program has mentioned that "he will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why they'll require lenders to provide this information during the application process". A direct allusion to the bad debts which caused the subprime crisis.
The more the election is about the economy, the more it seems to favor Obama.
Both candidates have tried to reassure the voters. But their solutions to get over the crisis remain quite vague. A strategy that could favor the Democrat candidate.
The second and the third debates of the campaign have been focused on the financial crisis. And for Barack Obama, as well as for John McCain, "Americans are hurting right now, and they're angry". Each candidate insists on the fact that he understands Americans’ anger and that he has a plan to solve the problem, that he's the man for the situation. They also accuse Washington and Wall Street of being responsible for the crisis. For Sen. McCain, "Americans are innocent victims of greed and excess on Wall Street and as well as Washington, DC" And when they're asked on their plan to get out of the crisis, the senators for Illinois and Ohio aren't very clear on how they're going to finance their plan.
At the end of September, The Financial Times gave the keys of success for this election: "It's about ideas – who has the better policy. It's about confidence – who can help restore faith in the economy. And it's about leadership – who can provide optimism. We're not likely to see many new, hard-hitting ideas, because it's such dangerous territory. So candidates are going to be focusing on who can best lead." And this is exactly what they're doing. This is what could be called the strategy of vagueness.
It's not time in the campaign for ideological battles. Though, there are some differences in their programs.
Bush remains one of McCain's biggest weaknesses
« The economic fundamentals are strong ». This was McCain's diagnosis about the American economy, a few months ago. A small sentence that sounds like a big mistake today. How to seem credible if you have always been in favor of deregulation, and if deregulation is partly responsible for the crisis? This is McCain’s dilemma, a few weeks after the collapse of Lehman Brothers. He hasn't successfully established a position on economic issues yet, and he is been hurt by the fact that he is always associated with the Bush era.On the contrary, Barack Obama has always been in favor of a stronger control of the markets, and of the banks by the State. During the third debate, he explained that the crisis was "a verdict on the failed policies of the last eight years that said that we should strip away consumer protections, let the market run wild, and prosperity would rain down." From the very beginning, Obama's program has mentioned that "he will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why they'll require lenders to provide this information during the application process". A direct allusion to the bad debts which caused the subprime crisis.
The more the election is about the economy, the more it seems to favor Obama.
A propos de l'auteur :
mariebolinches
étudiante en deuxième année au CFJ. Diplômée de Sciences-Po Bordeaux Localière en juillet-août 2006 à la Nouvelle République (Poitiers) Collaboration au blog du Nouvel Obs sur les municipales à Bordeaux en 2007-2008 Secrétaire d'édition en juillet-août 2008 à Ouest-France (Vannes)
