What Obama Needs to Do to Nail the Debate

It was Tuesday afternoon last week, and I was heading back from San Diego to the East Coast when I caught a piece of a speech on the economy by Barack Obama. I almost missed my flight because I couldn't walk away from it. My immediate response: This was a game-changer, and we ought to see a five-point shift in the polls if he keeps this up for the rest of the week.

I was wrong. The shift was bigger. He leapt from 2 points behind John McCain to 6 points ahead at one point by the end of the week. His newfound voice in fact yielded dividends. The question is whether he and his campaign will draw the right conclusions about why he earned those dividends or whether they do what they have done so many times before: drop their gloves and start getting beaten up again after having their opponent down on the canvas.

Indicting McCain

Mark Sept 16, 2008 as the date Obama may have turned the election around. What he did in that speech in Colorado was something he had only done once before, in his convention address: not just to inspire voters about himself and his vision for the future, but to make the case against John McCain. The truth, he stated with the razor sharpness of a good prosecutor making his closing statement, is that what McCain was saying in response to the extraordinary financial crisis that was unfolding "fits with the same economic philosophy that he's had for 26 years...It's the philosophy that says even common-sense regulations are unnecessary and unwise. It's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy so it works for the special interests instead of working people...We've had this philosophy for eight years. We know the results. You feel it in your own lives. Jobs have disappeared, and peoples' life savings have been put at risk. Millions of families face foreclosure, and millions more have seen their home values plummet. The cost of everything from gas to groceries to health care has gone up, while the dream of a college education for our kids and a secure and dignified retirement for our seniors is slipping away. These are the struggles that Americans are facing. This is the pain that has now trickled up."

What had he just done? He had said implicitly, as he later made explicit, that the economic pain Americans are experiencing isn't accidental. It isn't an act of God. It is an act of ideology and incompetence, and it reflects the failed ideology of the Republican Party and the conservative movement whose standard bearer in this election is John McCain. And he had spoken in evocative ways about what is happening in real people's lives, not just about how McCain wants to privatize Social Security or seems indifferent to big businesses that are increasingly considering their obligations to their retiring workers optional, but about how the dream of a "dignified retirement" is slipping away. His terms were evocative, up close, and personal.

He went on to compare and contrast what he and McCain had done that might have prevented the collapse of the housing market (and with it the largest asset most middle class Americans have, the equity in their homes) and the tumbling of seemingly rock-solid financial giants like Lehman Brothers and Merrill Lynch. He took his listeners back two years, to February 2006, when he introduced legislation to prevent fraudulent or abusive mortgage practices. "A year later," he went on, "before the crisis hit, I warned Secretary Paulson and Chairman Bernanke about the risks of mounting foreclosures and urged them to bring together all the stakeholders to find solutions to the subprime mortgage meltdown. Senator McCain did nothing." After walking his listeners through a timeline of events that transformed a topic that could so easily have seemed dull and lifeless into a riveting whodunit, he made clear that the mystery had been solved: "This is what happens when you confuse the free market with a free license to let special interests take whatever they can get, however they can get it. This is what happens when you see seven years of incomes falling for the average worker while Wall Street is booming...Americans have always pursued our dreams within a free market that has been the engine of our progress. It's a market that has created a prosperity that is the envy of the world, and rewarded the innovators and risk-takers who have made America a beacon of science, and technology, and discovery. But the American economy has worked in large part because we have guided the market's invisible hand with a higher principle-that America prospers when all Americans can prosper. That is why we have put in place rules of the road to make competition fair, and open, and honest."