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The Financial Crisis and Presidential Politics
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The Financial Crisis and Presidential Politics

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The financial crisis is being called the worst since the Great Depression, but the leaders of the Senate and Congress said today they'll adjourn for the election without taking action. As the President and Central Bank try to reassure the markets, we ask what the presidential candidates are proposing to do if and when they take office next year. Also, Defense Secretary Robert Gates expresses "personal regrets" for the deaths of Afghan civilians.

White House photo by Joyce N. Boghosian

Making News

Bush Administration, Central Banks Try to Reassure Markets ()

President Bush cancelled political fundraisers today to stay in Washington and confer with his advisors about what he calls "adjustments" in the financial markets. Yesterday's bailout of insurance giant AIG did not improve investor confidence. This morning, central banks in America, Europe and Asia promised another $180 billion to calm investors' fears. Evan Newmark reports for the Wall Street Journal.

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Main Topic

How Would the Candidates Fix This Financial Mess? ()

The Fed rescued insurance giant AIG yesterday, but the stock markets took a dive anyway. Today, central banks in America, Europe and Asia promised $180 billion in hopes of calming financial jitters. We find out how the markets reacted. With the financial system on the ropes, Congress still plans to adjourn within the next two weeks without taking action. It turns out that major funders of both John McCain and Barack Obama are firms involved in the current financial crisis. Does McCain's political history undercut his call for more regulation? What about Obama's ties to Wall Street, including the former head of Fannie Mae?

Note: The McCain campaign declined our invitation to participate in today's program. 

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Reporter's Notebook

More Military and Civilian Deaths in Afghanistan ()

More foreign troops are being killed in Afghanistan of late than in Iraq as US and NATO forces ramp up against the resurgent Taliban. Today, Defense Secretary Robert Gates extended his "personal regrets" for the collateral deaths of Afghan civilians. Gates made his apology on a surprise trip to Afghanistan. Meeting with President Hamid Karzai, he promised the US would try to avoid such mistakes in the future. Anand Gopal is in Kabul for the Christian Science Monitor.

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  • Anand Gopal: Correspondent, Christian Science Monitor

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