Wall Street financial crisis gives Obama chance to fight back

Democratic presidential nominee Barack Obama is fighting to regain the
initiative in the presidential race even as the Wall Street financial crisis
threatens to stall the momentum gained by Republican rival John McCain.

The banking
meltdown has thrust the economy back to the centre of the campaign on Tuesday,
giving Obama a chance to hit back after two weeks of declining poll numbers and
escalating Republican attacks, The Financial Times reported.

Obama said the
turmoil represented a “final verdict” on the failed economic policies of
President George W.Bush and McCain, accusing them of fostering a “winner
take-all, anything-goes environment”, and then doing nothing as the system
collapsed.

Back on the
defensive, McCain spent much of Tuesday repairing the damage from his claim on
Monday that the US economy was “fundamentally strong” even as some of America’s
biggest financial institutions were fighting for survival.

Democrats seized on
the remark to reinforce one of their main lines of attack against the Republican
candidate – that he is out of touch with the economic concerns of average
Americans.

“The American
people are looking for leadership that will tell the truth about the situation
we’re in,” said Bill Burton, Obama’s press secretary.

In a round of
morning ­television interviews, McCain said his faith in the economy stemmed
from the enduring strength of American workers but acknowledged that their hard
work had been put in jeopardy. (ANI)

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