McCain wobbles on Wall Street

Anne Davies, Washington Correspondent (tomorrow's Sydney Morning Herald)
http://www.smh.com.au/news/us-election/mccain-wobbles-on-wall-street/2008/09/16/1221330838138.html

JOHN McCAIN has stumbled in his efforts to make political mileage from Wall Street's deepening financial crisis, while his rival Barack Obama has gone on the attack and is expected to issue his own, more detailed prescription for financial reform soon.

As Americans digested the news of Lehman Brothers' bankruptcy and the forced sale of Merrill Lynch, Senator Obama excoriated the Bush Administration's policies - and Senator McCain's support for them.

"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Senator Obama said.

For Senator McCain, who has been a member of Congress for 26 years, the issue proved more complicated. Speaking in Jacksonville, Florida earlier in the day, the Republican nominee initially declared "the fundamentals of our economy are strong", despite the carnage in the banking, housing and employment sectors.

But Senator Obama and his running mate, Joe Biden, declared it was further proof that Senator McCain was out of touch with the public. He told a crowd in Michigan: "John McCain has confessed, and I quote, 'It's easy for me to go in Washington and, frankly, be somewhat divorced from the day-to-day challenges people have.' Well, he's right.