Once Again, It's Politics and the Economy
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Once Again, It's Politics and the Economy

John McCain today proposed $52 billion in tax cuts and savings guarantees to restore the economy, the issue which is likely to dominate the rest of the campaign. We look at where both candidates stand and examine so-called "Bradley Effect." Do African American candidates face "hidden racism" that doesn't show up in the polls? Also, the Bush Administration today announced plans to partly nationalize American banks, and with all the dramatic developments on the economy, is it time for a sigh of relief?


Banner image of McCain and Obama during Second Presidential Debate: Justin Sullivan/Getty Images

Making News

US Takes Stake in Banks ()

The Bush Administration today announced plans to partly nationalize American banks "so they can resume lending and help spur job creation and economic growth." Treasury Secretary Henry Paulson said that although he found the action objectionable, the alternative of "leaving businesses and consumers without access to financing is totally unacceptable." Kevin Hall is a national economics correspondent with the McClatchy Newspapers.

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Main Topic

The Economy, the Campaign and Polling ()

The Bush Administration reluctantly made good on its promise today and partially nationalized American banks with $250 billion. Shortly afterward, John McCain said it's time for action and announced a $52 billion plan of his own. Will McCain's focus on the economy help him catch up to Barack Obama? Is Obama courting votes by sounding unrealistically optimistic? We also consider the so-called "Bradley Effect." Polls showed that the Tom Bradley, first black mayor of Los Angeles would win the race for Governor of California in 1982, but he lost the election to white Republican George Deukmejian. Ever since, there's been an assumption that voters lied to the pollsters to hide their racism. Do voters tell pollsters they'll vote for a black candidate and then switch to the white opponent in the polling booth? 

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Reporter's Notebook

Will the Latest Bailout Plan Fix the Crisis in Confidence? ()

Earlier we heard about today's announcement that $250 billion of the $700 billion bailout will be used to prop up American banks. We've heard about the immediate reaction from Wall Street. What about getting credit flowing again? Will the latest dramatic actions help ease the likelihood of a deeper recession? Peter Coy is Economics Editor of BusinessWeek magazine.

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