It's 'the Economy, Stupid'...All Over Again

Making News

Obama, McCain Battle for Momentum on Economy ()

As the world watched the growing financial crisis, the presidential candidates promised to never let it happen again. Janet Hook reports on politics for the Los Angeles Times.

Guests:

• Janet Hook: Political Reporter, Los Angeles Times

Main Topic

Will the Turmoil on Wall Street Spread to Main Street? ()

Financial institutions most Americans don’t even think about are now front and center in the presidential campaign. The country's biggest insurer -- American International Group, or AIG -- is the latest major player whose troubles threaten economic security. At the same time, ATM's are still dispensing cash, credit-card offers arrive in the mail and it's even possible to get a mortgage. We get the latest from Wall Street, hear what John McCain and Barack Obama are saying and learn what's at stake for ordinary Americans. 

Guests:

• Greg Ip: Economics Reporter, Economist magaqzine, @greg_ip
• Daniel Gross: Columnist, Newsweek and Slate, @grossdm
• Mark Zandi: Chief Economist, Moodys Economy.com
• James Galbraith: Professor of Government and Economics, University of Texas at Austin

Links:

• Federal Reserve on interest rates
• Consumer Price Index (CPI) for August
• Glass-Steagall Act, Securities Industry and Financial Markets Association on
• Demise of the Glass Steagall Act, 'Frontline' on
• Economist article on AIG as next possible casualty
• Gross' article on Lehman's failure, the Glass-Steagall Act
• Galbraith's 'The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should, Too'

Reporter's Notebook

Tensions Rise between Pakistan, US Military on the Afghan Border ()

If American troops cross the border into their country, Pakistan's military has been ordered to fire. Admiral Mike Mullen, chair of the US Joint Chiefs of Staff, is in Pakistan where there's confusion over whether American helicopters were fired on hear the border with Afghanistan. Both countries deny reports that such an incident has already occurred. Stephen Cohen, a former member of the Policy Planning Staff at the State Department, is and author of The Idea of Pakistan.

Guests:

• Stephen P. Cohen: Senior Fellow at the Brookings Institution