
On McCain’s New Economic Plans Announced Today
Read the Obama campaign’s response to this plan here.
Read Obama’s own plan to help the middle class here.
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Above: a strategy update from Obama campaign staffer David Plouffe.
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Letter from Pennsylvania
David Broder, reporting from Pennsylvania:
“Now, economic anxieties are pervasive and Obama, whose ads are seen far more frequently than McCain’s, is viewed as the candidate more seriously addressing those domestic problems.
Peter Wilde, a retired high school teacher who was working on his car on a sunny afternoon, said he has decided on Obama, but “I really like John McCain, and in any other election but this one, I’d vote for him. He’s a man of integrity and he speaks his mind.”
So, why Obama? “I think his tax plan is better for people like me, and after the last two weeks, my 401(k) is not in too good a shape.”"
See the latest Pennsylvania poll spread here.
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Yes We Keynes?
David Brooks, warning against a surge of government spending in an Obama administration:
“Obama will try to straddle the two camps — he seems to sympathize with both sides — but the liberals will win…. Even if he’s so inclined, it’s difficult for a president to overrule the committee chairmen of his own party. It is more difficult to do that when the president is a Washington novice and the chairmen are skilled political hands. It is most difficult when the president has no record of confronting his own party elders. It’s completely impossible when the economy is in a steep recession, and an air of economic crisis pervades the nation.

What we’re going to see, in short, is the Gingrich revolution in reverse and on steroids. There will be a big increase in spending and deficits. In normal times, moderates could have restrained the zeal on the left. In an economic crisis, not a chance. The over-reach is coming. The backlash is next.
Nice to see a conservative wake up & realize the perils of too much government spending. Pity we didn’t hear more of these voices in the last 8 years.
ALSO: Fred Barnes of the Weekly Standard also walks through a “worst-case scenario” for Republicans.
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Neither Candidate Has Anything to Do with It

Above: the headline of the New York Post on Friday. I hear this often on Rush Limbaugh & Fox News - anytime the market tanks, the “reason” is that “investors are worried about an Obama administration.”
Trouble is, that story line conveniently goes away on days like yesterday, which saw the Dow’s biggest jump (900+!) ever.
If you talked to an investor in the heat of battle on Wall Street today & asked him to list 10 things that are affecting his current investing decisions, I suspect “who will become the president in three weeks” does not make the list.