Wednesday, September 24, 2008

Too Busy?

There is more news about the effect of the financial crisis on the presidential campaign.

Various media, including The New York Times, are reporting that the McCain and Obama campaigns have communicated about a joint statement on the bailout legislation currently before Congress.

McCain has proposed postponing the first debate, which is currently scheduled to take place on the day after tomorrow.

I can't think of a historical precedent where there were such major developments on a domestic issue this close to an election.

There are some parallels with foreign policy situations, such as the Soviet invasion of Hungary and the Middle East war in 1956, developments in Vietnam peace talks in 1968 and 1972, and the Iranian hostage situation in 1980.

Economic issues have played a major role in campaigns, including those of 1932, 1980 and 1992.

But I can't think of another situation where there were such startling developments on economic issues, and legislation proposed that is as far-reaching as the bailout bill, at this point in any past election cycle.

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