15 December 2017
Paul Penrose


Paul Penrose - Finextra

307Posts 1,346,480Views 246Comments


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

It was Lehman wot won it

05 November 2008  |  2403 views  |  1

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.

a member-uploaded image

Comments: (1)

A Finextra member
A Finextra member | 06 November, 2008, 04:03

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...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Paul

ANZ and Visa lose the plot

30 June 2011  |  6691 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineRetail banking

Don't give up the day job...ever

20 May 2010  |  5919 views  |  0 comments | recomends Recommends 0 TagsTrade executionWholesale bankingGroupWhatever...

Now we are ten

19 April 2010  |  6293 views  |  3 comments | recomends Recommends 0 TagsRetail bankingWholesale banking

Finextra's Best of the Web

05 March 2010  |  5811 views  |  1 comments | recomends Recommends 0 TagsRetail bankingWholesale banking

The ATM was the last great financial innovation

25 February 2010  |  9924 views  |  8 comments | recomends Recommends 0 TagsRetail bankingWholesale bankingGroupFinance 2.0

Paul's profile

job title Head of Research
location London
member since 2007
Summary profile See full profile »
I'm responsible for editorial content and quality control across the full range of Finextra media.

Paul's expertise

Member since 2006
307 posts246 comments

Who's commenting on Paul's posts