Can the economic chaos work to McCain's advantage?
Before I jump into my contrarian point, a quick introduction.Â My name is Nick Ragone, and I’m an author (government and presidential history, mostly) and regular contributor at Fox News and Fox Business, as well as blogger at www.nickragone.com.
I think the news about Lehman, Merrill, and AIG might actually work to McCain’s advantage — that is, if his campaign has the smarts to seize upon it.
The crew at CNBC’s “Squawk Box” made a great point to Governor Corzine of NJ this morning, an Obama backer.Â Joe Kernan asked him if raising taxes was really a great idea while the financial markets are in complete meltdown.Â Corzine stammered through his talking points, but you could tell he really wanted to answer honestly, which would have been “Um, no.”
The truth is, much has been made of McCain’s lack of specifics the past few weeks, but Obama hasn’t offered up any details on his plan to jump start the economy, other than raising taxes on income and capital.Â Â Team Obama is certain to paint today’s news as more of Bush-McCain’s doing, but McCain has an opportunity to drive home his anti-tax hike position, and effectively turn this issue to his advantage.
Neither candidate is particularly strong on the economy, but at least McCain isn’t advocating massive tax hikes in the teeth of a full-blown depression-style meltdown.Â McCain has an opening – will he take it?