Wall Street, Home Foreclosures and the Presidential Campaign

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With a crisis on Wall Street and home foreclosures soaring, does the US economy need more government or less? Recent statements make Barack Obama and Hillary Clinton seem far from John McCain. Does the rhetoric reflect the reality? We talk with all three campaigns. Also, President Bush says Iraq has reached a "defining moment." Air strikes in Basra and ground forces in Baghdad show increased US involvement.

Making News

American Forces Drawn into Bitter Fighting in Iraq ()

Yesterday, President Bush said Iraq was returning to "normalcy," but today he conceded the situation is "dangerous and fragile." He called the Maliki government's efforts to confront criminal elements a "defining moment" in Iraq. The President's comments followed US air strikes in both the southern city of Basra and a Shiite militia stronghold in Baghdad, where the government has declared a curfew through Sunday. We get an update on the situation from a journalist, documentarian and aid worker in Iraq.

Guests:

Larry Kaplow: Baghdad Correspondent for Newsweek
Said Hakki: Head, Red Crescent in Iraq
Robert Young Pelton: Author of 'Licensed to Kill'

Main Topic

The Presidential Candidates on the Economy ()

A front-page headline in today's New York Times says, "Parties Differ on Whom Economic Aid Should Help." But the story goes on to say that when a presidential campaign coincides with both a Wall Street crisis and soaring home foreclosures, "traditional ideological battles… become blurred." Barack Obama and Hillary Clinton have unveiled government rescue plans for homeowners at costs of about $30 billion. John McCain says it's "not the duty of government to bail out and reward," but he supports the Federal Reserve's plan to lend banks and investment firms up to $400 billion. Are the parties as different as the rhetoric makes them sound? Why is Wall Street contributing more to Obama and Clinton than McCain?

Guests:

Edmund Andrews: Chief Washington Economics Correspondent, New York Times
Leo Hindery: Senior Economic Policy Advisor, Barack Obama
Gene Sperling: Senior Economic Policy Advisor, Hillary Clinton
John Taylor: Economic Advisor, John McCain
Dan Morain: Reporter, Los Angeles Times

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