Wall Street turmoil changes dynamics of U.S. presidential race

WASHINGTON, Sept. 26 (Xinhua) -- Early responses to Friday's first debate between U.S. presidential candidates Barack Obama and John McCain suggest that Obama got the upper hand.

It could be seen as further evidence that the recent turmoil on Wall Street has changed the dynamics of the presidential debate and the U.S. elections as a whole.

Republican presidential nominee Senator John McCain (L) and Democratic presidential nominee Senator Barack Obama participate in the first U.S. presidential debate at the University of Mississippi in Oxford, Mississippi, September 26, 2008

Almost all the post-debate polls have declared Obama the winner.

A CBS poll of uncommitted voters found 40 percent saying Obama came out on top in the debate, compared with 25 percent for McCain.

In a CNN online poll, 67 percent of the votes went to Obama, compared with 28 percent for McCain.

A survey by NBC named Obama the winner with 51 percent votes against 28 percent.

Meanwhile, Time Magazine commentator Mark Halperin gave Obama a score of A- and McCain a B- for their performances.

U.S. Republican presidential candidate John McCain (L) and U.S. Democratic presidential candidate Barack Obama meet as they walked onstage during the first U.S. presidential debate at the University of Mississippi in Oxford, Mississippi, September 26, 2008.

ECONOMIC ISSUE GAINS PROMINENCE

In the time following the primaries, Obama mostly led McCain in overall ratings but the Republican candidate had a solid lead in foreign and national security issues.

The bad news for McCain is that the economic issue, where he cannot beat Obama due to his party's dismal record, has become increasingly important in this election.

The financial storm on Wall Street has already cost him his temporary lead over Obama right after the Republican National Convention early this month.

As the White House and Congress are yet to come to an agreement about a financial rescue plan, the economy takes on even greater significance in the presidential race.

The latest CNN survey has some 60 percent respondents saying the economy is the top issue in the election, up 25 percent from July.

On the question of who is the best manager of the economy, Obama led McCain by 10 percent.

In contrast, McCain's strong area, Iraq, is losing its appeal. In July, 25 percent of voters considered it the most important election issue, but now only 10 percent still think so.

Friday's debate in Oxford, Mississippi, was meant to center on McCain's favorable terrain of foreign policy and national security. However, the financial storm stole the spotlight.

The first 40 minutes of the 90-minute debate were dominated by economic issues where Obama took control.

As the New York Times put it, he was clearly dominant when talking about the economy, arguing that the financial turmoil was the fault of the Bush administration's anti-regulation, pro-corporate culture. Obama also called for a major overhaul of the financial regulatory system and the need to help ordinary Americans.

In comparison, McCain stuck to his talking points, railing against greed and corruption as usual, while avoiding the fundamental issue of the economy.



　　SURPRISE TURNS INTO BLUNDER

Unable to outpace Obama on the economic issue, McCain made a surprising move ahead of the debate.

He announced Wednesday that he was suspending his campaign and heading to Washington to help forge a pact on the government's economic bailout plan. McCain also said that without such an agreement, he would not attend the debate.

However, the move proved to be a blunder inspired by misjudgment. McCain did change his mind about eight hours before the debate and confirmed his attendance, without considering the fact that this would break his promise of waiting until a deal was reached.

The U.S. News and World Report pointed out that if McCain had thought carefully, he would have invested his time in making a better case for his foreign policy and national security credentials. Getting involved with the bailout plan would never be a game for him to win. If he supports George W. Bush's plan, he will be tied to the unpopular president again, which Democrats would love to see. If not, the economic situation will further deteriorate and make the economy, the issue that is his major weakness, even more prominent.



MORE DEBATES AHEAD

It is too early to say how the first debate will benefit Obama or damage McCain. The bottomline is that both did well on their own friendly terrains -- the economy for Obama and national security for McCain.

There was no major blunder from either side during the debate and its full effects will take days to unfold. The pair have two more debates coming up, on Oct. 7 and on Oct. 15. Their running mates will debate on Oct. 2. Polls show that it will continue to be a tight race with the debates reflecting just one dimension of the fight