Blog article
See all stories ยป

It was Lehman wot won it

Gallup opinion poll data from September shows clearly the impact of the financial crisis on the wavering fortunes of presidential candidates McCain and Obama.

Have a look at the chart below. Obama first drew level with McCain on 15 Sepember, the day the news broke about the bankruptcy filing by Lehman Brothers. As the crisis rumbled on, McCain failed to regain parity, with Obama picking up steam from late September following the rescue of Wachovia.

As any Clinton campaign worker will tell you: "It's the economy, stupid."

PS For those of you not au fait with UK electoral history, the headline is a parody of one used by tabloid newspaper The Sun after it urged readers to vote against a Neill Kinnock premiership in 1992.

2802

Comments: (1)

A Finextra member
A Finextra member 06 November, 2008, 04:03Be the first to give this comment the thumbs up 0 likes

It certainly helped.

As any campaign worker will tell you from the John Howard era in Australia, - 'It's their wallets, stupid'.

Give them cash handouts before or during the elections if possible.

Worked a treat for a while in OZ and it is still fashionable north of us. It is the same principal as 'It's the economy stupid', Howard was just a little more direct.

The numbers for the Republicans went down, as the realisation of the impact they'd had on US voter's wallets dawned on the stunned population.

It's happening in reverse at the State level here, money is being taken out of wallets and the vote is heading the other way. We look set to have gone from a Liberal federal, and Labour states, back to a Labour federal (already) and Liberal states (after the election in WA) in record time, with at least NSW looking a sure bet to follow.

It seems as though you can't really have it both ways in Australian politics, unless you're just the voter, and then of course you often get it every way.

I can't forget that the previous government was the one that encouraged everyone to take advantage of the $1million tax free 'boost' they were allowing us to add to our retirement funds - just before the crash.

Some poor ill-advised fools even borrowed to chuck in the maximum amount because the tax incentive made it attractive - free money. You wouldn't be able to spend it until you retired but hey, why not have some extra?

For many, that $1million boost has been fully 'collapse taxed' now and, even if it grows back to what it was, it'll probably attract a little more 'taxing' on the way. Both ways...

Paul Penrose

Paul Penrose

Head of Research

Finextra

Member since

06 Oct 2006

Location

London

Blog posts

307

Comments

249

More from Paul

Blog post

ANZ and Visa lose the plot

Blog post

Now we are ten

Blog post

Finextra's Best of the Web

This post is from a series of posts in the group:

Whatever...

A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.


See all

Now hiring