To: Kenneth E. Phillipps who wrote (48024 ) 9/21/2008 11:07:46 PM From: puborectalis Respond to of 224706 DesMoinesRegister: Yepsen: Tough times work in Obama's favor September 21, 2008 There were a lot of jolting financial headlines last week. The ones invoking the 1930s and the Great Depression are particularly creepy. As a baby boomer who grew up on stories from parents and grandparents of life in the Great Depression, I hope the parallels don't continue. Yes, the stock market is bouncing up and down. Many have watched helplessly as their retirement savings evaporate and the value of their homes declines. National leaders say we are in uncharted waters here. Their solutions are bail-outs that pile even more debt on our children. We may not know where the economy is headed in the next few years, but we do know the political effect of hard times on elections. They tend to help Democratic candidates at the polls. Republican John McCain had tied or crept ahead of Democrat Barack Obama after McCain's convention and choice of Sarah Palin as his running mate. That electrified social conservatives. But the sideshow over things like lipstick on pigs was entertaining for about a week - until big financial institutions collapsed and the stock market sagged. It spooked scared Americans even more. By mid-week, the polls had started to shift back in Obama's direction. Suddenly McCain's strong suit - protecting national security - isn't what voters were after. That's to be expected. Republicans have been in the White House for eight years. Oh, the Democrats carry their share of the blame for the nation's economic troubles, but political history teaches the party out of power often benefits when times are tough. Many voters, especially angry new ones, may figure the Republicans have had their turn and it's time to give someone else a chance. If this is a repeat of the 1930s, the Democratic gains of 2006 can be recorded as akin to the Democratic gains in the election of 1930. That election presaged Franklin Roosevelt's victory in 1932, which ushered in 20 years of Democratic control of the White House. Last week, Democrats succeeded at wrapping the nation's economic troubles around McCain, who was trying to reinvent himself. But the born-again, pro-regulation populist didn't help himself by saying the economic fundamentals were sound. That came on top of an earlier statement in which he said the economy isn't his strong suit. And Sarah Palin's effect may be peaking. She seems uncomfortable in the rare interviews she grants. She doesn't leave you with the impression she'd be any more competent to handle the nation's economic anxieties than its foreign relations. Yes, she may be pro-family and a mom with five kids. That's great but Americans are looking for someone to handle Wall Street and Iraq, not Bristol and Track. Then the McCain campaign rolled out a Hillary Clinton supporter, Lady Lynn Forester de Rothschild, to endorse McCain and accuse Obama of being elitist. Is being attacked as an elitist by a de Rothschild more like the pot calling the kettle black, or putting lipstick on a pig? After the week McCain had, Obama should crack open the Chateau Lafite and watch some polo. David Yepsen can be reached at 515-284-8545