Economic Crisis Boosts Democrats In Congressional Races

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JULIE HIRSCHFELD DAVIS | October 11, 2008 10:20 AM EST | AP


WASHINGTON — The financial turmoil that has devastated the stock market is also battering Republicans in congressional races, giving Democrats a chance to topple GOP incumbents once considered safe and wrest seats in pivotal districts and states.

Voters' deepening anxiety about the economy following the enactment of a $700 billion financial industry bailout has created the conditions, just over three weeks from the Nov. 4 election, for an anti-Republican tide that could hand Democrats insurmountable majorities on both sides of the Capitol, according to lawmakers and strategists in both parties.

"It is hurting every Republican across the board. This environment has just become very toxic for us," said Republican pollster Tony Fabrizio. "It could very easily be a wave" in Democrats' favor.

Majority Democrats who hold a 51-49 Senate majority now have solid leads in five races, realistic chances of picking up as many as nine seats and believe they are within reach of their longer-shot goal of capturing 60 seats.

North Carolina Sen. Elizabeth Dole, once considered an improbable target in a solidly Republican state, now faces a real chance of losing to Democratic challenger Kay Hagan, a state senator. In Georgia, polls show Democrat Jim Martin, a former state representative, gaining against GOP Sen. Saxby Chambliss.

Even the Senate's Republican leader, Mitch McConnell of Kentucky, has lost ground against Democrat Bruce Lunsford, although both Chambliss and McConnell still lead in most public polls. McConnell wrote constituents a lengthy letter this past week defending his vote for the government rescue plan.

"It's not the bailout itself. It's the conditions leading up to needing the bailout and the difficulty in the economy that is sending voters in our direction," said Sen. Charles E. Schumer, D-N.Y., his party's Senate campaign committee chief.

In the House, Democrats appear likely to add as many as a dozen seats to their 235-199 majority and could pick up twice that depending on the strength of the emerging surge. Public polls and strategists indicate Democrats are well-positioned to pick off as many as 10 Republican incumbents _ in Alaska, Connecticut, Florida, Michigan, New York, Ohio and Washington, among others _ and leading in efforts to shift more than a third of the 29 seats left open by GOP departures into the Democratic column.

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Deepening economic worries have cost Republican presidential nominee John McCain ground at a crucial point in the race, and had the same impact on GOP candidates, said Rep. Tom Cole of Oklahoma, the GOP's House campaign chief.

"If anybody thinks this issue has hit each side equally just look at (McCain's) numbers," Cole said. "It's made a difficult situation much more challenging" for congressional Republicans.

Democratic Rep. Chris Van Hollen of Maryland, the head of his party's House campaign committee, said the weakened state of the economy has boosted the public yearning for change stoked by Barack Obama's campaign "more-so today than even a month ago."

"We will, I'm confident to say, pick up seats in this next election. How many I think is still unknown," Van Hollen said on Friday, wary _ as he has been all year _ about inflating expectations for Democrats after their 30-seat sweep in 2006.

Republican Rep. Thomas M. Davis III of Virginia, however, hazarded a guess during a joint appearance with Van Hollen.

"You're going to see an election where we're going to lose double-digit seats in the House," said Davis, one of the GOP retirees whose seat is seen as likely to be won by a Democrat next month.

Republicans already were facing an uphill battle in congressional races this year. They started out at a numerical disadvantage, having to defend many more seats than Democrats because more of them were retiring. In the Senate, a quirk of the political calendar added to their challenge: Republicans are defending 23 seats this year and Democrats' 12. All 435 House seats _ including one vacancy _ are up for grabs.

Democrats have solid chances to win five Senate seats by unseating incumbent Sens. Ted Stevens in Alaska and John E. Sununu in New Hampshire, and capturing up-for-grabs seats in Colorado, New Mexico and Virginia. Polls indicate they have realistic shots at Sen. Norm Coleman in Minnesota, Dole in North Carolina and Sen. Gordon Smith of Oregon, and in a special election against Sen. Roger Wicker of Mississippi to serve out the remainder of retired Sen. Trent Lott's term.

Chambliss and McConnell would be icing on the cake.

The only real challenge Senate Democrats face is for the Louisiana seat now held by Sen. Mary L. Landrieu, facing Republican state Treasurer John Kennedy. Landrieu appears to be holding her own, say strategists in both parties.

"We could have an OK night or we could have a disastrous night _ it just depends on the next two or three weeks," said Sen. John Ensign of Nevada, the Senate GOP campaign chief.

With the economy proving a volatile issue, Ensign said he is telling Republican candidates to "just run as hard as you can. There are some things that are outside of your control, so just focus on what you can control."

In the House, 10 Republican incumbents are in danger and an additional dozen seats now held by departing GOP lawmakers are seen as highly competitive; 10 more GOP lawmakers are potentially at risk with small leads over their Democratic challengers. By contrast, Democrats are defending just eight incumbents against serious challenges _ Reps. Paul E. Kanjorski of Pennsylvania and Nick Lampson of Texas are regarded as the most endangered _ and one up-for-grabs seat, where Rep. Robert E. "Bud" Cramer of Alabama is retiring.

Republicans' challenges have been compounded by a huge fundraising disparity that has given Democrats far more money to spend on crucial TV advertising in the final weeks of the campaign. As of the end of August, House Democrats' campaign committee had $54 million in cash compared with Republicans' $14 million; the Senate Democratic campaign arm had $34 million and the Republicans' $27 million.

The financial turmoil has only added to Republicans' troubles, strategists say, by raising the profile of Bush _ who has spoken publicly on 22 of the past 27 days on the economic mess, at a time when GOP candidates most want to distance themselves from him. It also has eclipsed the issue of energy that many Republicans had believed would help them hold off Democrats in key races.

Still, voter sentiment on economic matters can be as volatile as the markets themselves.

"It's a horribly toxic environment, but we still have three weeks until Election Day," said Republican strategist Bob Stevenson. "To some degree, it will depend on the market itself, and what answers and solutions are offered by the individual candidates."

___

Associated Press writers Laurie Kellman and Jennifer Loven contributed to this report.

WASHINGTON — The financial turmoil that has devastated the stock market is also battering Republicans in congressional races, giving Democrats a chance to topple GOP incumbents once considered s...
WASHINGTON — The financial turmoil that has devastated the stock market is also battering Republicans in congressional races, giving Democrats a chance to topple GOP incumbents once considered s...
 
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The Democrats are taking this financial crisis they ( Barney Frank, Chris Dodd and Charles Schumer) created by refusing to regulate the GSE's and turning in to the Republican's fault.

Is it any wonder Congress has a LOWER approval rating than Bush?

In 1999, Fannie Mae came under intense pressure from the Clinton administration to ease its credit requirements on mortgages it is willing to purchase in order to encourage lenders to extend more mortgages to borrowers with low to moderate income and improve rates of home ownership among those groups. Shareholders also pressured Fannie Mae to purchase mortgages below its conventional credit standards in order to maintain its record profits.

This is what created the current crisis. Barney Frank, Chris Dodd and Charles Schumer did everything in their power to make sure the GSE's loaned money to people that could not pay it back in an effort to gain political power among the poor.

    Favorite    Flag as abusive Posted 10:53 AM on 10/13/2008

I guess they want us to forget about their caving in to Bu$h on all of the votes on FISA, homeland security, Iraq War, and so on and so on. Any Democrat or Republican who voted yes for the Wall St. bailout should be voted out of office, for that alone. Completely wreckless behavior and letting themselves be led by the ear by men with zero credibility, who have created doomsday scares before. Can't believe they fell for that, again.

I have not been impressed. Nancy Pelosi impresses me the least.

Go Cindy Sheehan!

    Favorite    Flag as abusive Posted 11:23 PM on 10/12/2008

Southeaster states may be going blue due to lack of gas after Hr. Ike. Lots of mad votes down there. And Chambliss just took a junket to France, totally dropping the ball.

    Favorite    Flag as abusive Posted 06:19 PM on 10/12/2008
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Really?

Frankly I think they all messed up on this one, every single legislative member effed up majorly.

    Favorite    Flag as abusive Posted 04:54 AM on 10/12/2008
- PT6 I'm a Fan of PT6 permalink

These "TRICK" loans offered young people and others an opportunity to OWN a House for a monthly cost that was LESS than their Rent. The crooked companies offered "Trick or TEASER RATES" that many did not realize would cause the monthly payments to double and even tipple in a year, two, or three years. These crooked companies also imbedded extremely large penalties for being an hour or day late.

The worst "TRICK" by corporate crooks was these clearly "High Risk" loans were DISHONESTY Packaged Together and the Rating Agencies (also crooked) labeled them "AAA or LOW RISK PAPER."

Then these crooked Corporations sold them to "unsuspecting old ladies people" as High Quality Low Risk investments, which was clearly untrue. People who should have known better all over the world also bought this "fake" rating of "AAA" which in the past meant SAFETY!

Fannie and Freddie were pones in this EVIL Chess Game but they were more victims than instigators.

The Real BLAME SITS on the shoulders of Greenspan and Gramm/Bush/McCain who did not regulate the mortgage industry! Oc course, the Corrupt Corporations took advantage of the situation.

Blaming Fannie and Freddie is a Falsehood the Republicans are spreading!

    Favorite    Flag as abusive Posted 01:17 AM on 10/12/2008
- PT6 I'm a Fan of PT6 permalink

Corporate Lenders caused 85% to 95% of this Mortgage Crisis!

Facts from Federal Reserve Board 2006 data show that:

1. 84+% of subprime mortgages in 2006 were issued by Corporate lenders.
2. These were loans by Corporate lenders to low/moderate income borrowers.
3. 24 of Top 25 subprime lenders were Corporate lenders.

This Crisis began with the Gramm's Bill for De-Regulation (pushed by McCain). Also, Bush regulators did not do their jobs so corruption ran wild. Excessive Funds were provided by then FED Chair, Greenspan. In this Crisis, Corporate lenders are the primary culprits. Fannie and Freddie are victims in that they were forced by Law to buy these High Risk Loans.

Also, Greenspan never wrote the mortgage regulations he was required to do and it was not until 2007 that Bernake wrote the rules after the damage was done.

So what Happened? Money was cheap and excessive and easily had in the monetary system so the "crooks" over time kept loosening the loan requirements (since Greenspan did not provide rules) until we finally ended up with NO DOWN and 0% or 1% interest "TRICK TEASER RATE" loans with no qualifying.

Mortgage Corporations made Billions and turned around and sold the loans to others including Fannie and Freddie who were required by law to buy them.

    Favorite    Flag as abusive Posted 01:08 AM on 10/12/2008

Pelosi is the biggest phony there is. Too many conflicts of interest. The people aren't mad enough to vote Sheehan in. That's why the Feinstein and Lieberman types keep getting re-elected. Politicians like Pelosi rely on the public's apathy and ignorance. In 2006, I was sure that Ned Lamont would unseat Lieberman, but as usual the status quo won. Expectation brings disappointment, unfortunately.

    Favorite    Flag as abusive Posted 12:26 AM on 10/12/2008


The only really sad thing here is that the Dems are no longer real Dems anymore - not for the most part anyway. Oh, there are still a few REAL Democrats around, but by the FISA bill, there were barely more than half, in total, and judging by the bailout madness, the real number may be as low as 20%... Hey, I guess it beats the Rs which are at ZERO percent! -frown-

DO SOMETHING about it... You could help send a real shockwave through the Democratic party by helping Cindy Sheehan take out Nancy P. in San Francisco's 8th district... Donate here: CindyForCongress.org.

DO IT NOW!
.

    Favorite    Flag as abusive Posted 11:58 PM on 10/11/2008

They don't really care if Obama wins, so long as they are filibuster proof.

    Favorite    Flag as abusive Posted 10:00 PM on 10/11/2008

I presume that htis means that the country is flushing many of the chickenhawks. About time.

    Favorite    Flag as abusive Posted 06:01 PM on 10/11/2008

Please Georgia voters get rid of that draft-dodger chickenhawk Saxby Chambliss. Now is your chance to help your country.

    Favorite    Flag as abusive Posted 04:23 PM on 10/11/2008
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I've been pulling for Barack since he threw his hat in the ring, on a cold day, here in Springfield, Illinois. He's got a lot of problems coming his way, from the disaster that was Bush, but I swear on everything that is good, I will see to it N ancy y P elos i's life is hell. I'm not going to be satisfied until she's im peach ed. She had plenty of time and a gazillion reasons to prosecute G. W. Bush and Richard Cheney, but refused. OK, you don't do what the people need, to close the book on these criminals, then you're just as guilty. I, for one will never rest on this, until justice and redemption for the Nation is at hand.

    Favorite    Flag as abusive Posted 04:19 PM on 10/11/2008


To defeat Nancy, donate money to her only serious challenger, Cindy Sheehan: CindyForCongress.org.
.

    Favorite    Flag as abusive Posted 11:49 PM on 10/11/2008

Congress can not run an effective impeachment campaign without proof and the Bush administration has been highly successful at blocking all attempts of Congress to gain access to records. It would turn into an incredibly partisan fight, tying up resources and Washington during a time of war. The voters would have the Democrats head on a stick if they tried to pull a stunt like that before an election. Nancy Pelosi is smart enough to know this.

Now there is a political party that has a history for being short sighted, and are more than happy to place their own agenda ahead of what's best for America.

The question you have to ask yourself is if you believe in the sort of government that Obama is offering, or do you want to be a Republican.

Here's another thing to ponder...

Obama would have never made it this far if it hadn't been for the actions of Nancy Pelosi.

    Favorite    Flag as abusive Posted 11:59 AM on 10/12/2008
- kwdb I'm a Fan of kwdb permalink

It's easy to point fingers at republican's because the current president is republican. If you would educate yourselves a little you would discover that this whole mess started during the Clinton administration with the push by the democrats to give loans to people who could not afford them. The democrats have blood all over their hands with this mess. Since when is it a "civil right" to own a home rather than a "reward" for hard work. Sounds like the same mindset as taxing the wealthy and giving it to the middle class. What is fair about that? If someone goes to college 12 years to become a doctor or works 60-80 hrs a week to build a business, why should I expect them to give me anything? Same thing with owning a home....work for it!!!

    Favorite    Flag as abusive Posted 03:17 PM on 10/11/2008
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Wind is whistling through that big hole in your head. Ronnie RayGun's trickle down laizze fairy economics is where this debacle began. Nice try, sparkless.

    Favorite    Flag as abusive Posted 04:20 PM on 10/11/2008
- kwdb I'm a Fan of kwdb permalink

Now....you are a genius!!! You might want to call all of these financial institutions sitting on all those bad loans and give them some financial advice. Where have you been the past few weeks...we could have used you in Washington to let them know that they have it all wrong and the thousands of homes in foreclosure is just a myth and it's all "Ronnie RayGun's" fault. Brilliant!!!

    Favorite    Flag as abusive Posted 04:38 PM on 10/11/2008

That's republican talking crap! The low income people recieving loans did NOT all default on those loans. Further, it's already been proven that many ended up with subprime loans when they QUALIFIED for traditional loans but were pushed into subprimes

Also, Active Duty Military people were targeted for subprimes when they QUALIFIED for VA loans. It' another attempt to blame the people with no money or of color . Are you willing to blame the military also?

Low income people were NOT the ones purchasing 3-7 homes and flipping them. This started because the banks were slick enough to make mo money mo money. Now they want help! I say any one who targets people to take advantage of them deserve nothing. Especially given we have 2 wars going on and military people are getting forclosures

    Favorite    Flag as abusive Posted 10:56 PM on 10/11/2008

It is called LOVING ONE ANOTHER. In America everyone should have a chance to be a doctor and build a business and own a home. I don't know what kind of faith you have but most civilized people recognize the need to care for others, because in doing so you lift up yourself, your community, your state, your country and the world. I am sorry for you if you feel no such concern.

    Favorite    Flag as abusive Posted 11:10 PM on 10/11/2008

Grace, this is something I have been talking about with people for a few weeks now. It's not as if we are trying to march toward socialism, although I am not sure it would be as bad as the radical right wants to make it.(actually liberal isn't working anymore so they have come up with a new buzz word, socialist.) The point is, for people like us it is a matter of values and morals. The right can't even begin to understand this.

kwvolume..The whole problem is hard work is NOT being rewarded. As my favorite republican teddy roosevelt said in his "A New Nationalism" speech:

At many stages in the advance of humanity, this conflict between the men who possess more than they have earned and the men who have earned more than they possess is the central condition of progress. ....At every stage, and under all circumstances, the essence of the struggle is to equalize opportunity, destroy privilege, and give to the life and citizenship of every individual the highest possible value both to himself and to the commonwealth.

    Favorite    Flag as abusive Posted 11:51 PM on 10/11/2008
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I do hope that enough of us understand the need for a senate majority able to carry out an agenda that redefines corporations' roles... We the people...

Everybody RUN...

HomeComing Queen Palin's got a GUN!

http://www.youtube.com/watch?v=59mOukUZNUo

We DON'T Need Another HERO!

http://www.youtube.com/watch?v=VKVBq4VbC6w

    Favorite    Flag as abusive Posted 02:51 PM on 10/11/2008

I live in Texas,where it is virtually impossible for the Rethuglicans to be defeated...however,polls show that Rick Noriega,the Democratic candidate for the Senate seat now held by John"Rockhead"Cornyn(a virtual clone of Shrub), has made it closer than even I(an unfortunate Democrat surrounded by the Neanderthals of Rethuglicanism)thought it might be. Any Texans reading this---PLEASE---vote against John Cornyn on Nov. 4. Rick Noriega is a very fine gentleman who will serve Texas well.

    Favorite    Flag as abusive Posted 02:32 PM on 10/11/2008

Miracles do happen!

    Favorite    Flag as abusive Posted 11:11 PM on 10/11/2008

MsYellowDog, wouldn't it have been nice if the Dems and Obama hadn't written Texas off as soon as the words "50 State Strategy" passed their lips? Maybe an Obama or Clinton swing through the state with Noriega in tow? Some fundraisers? Some professional campaign strategists to help him out? But, no. It seems we're not included in their calculations for that veto-proof majority. Sad, too, I think, because this year when the Republican brand is so toxic that their candidates are loathe to include it in their campaign materials there is a good chance to get rid of idiots like Cornyn. For this reason, and because Nancy and Harry squandered my mid-term vote in 2006 I see the DLC Dems as part of the problem and not the solution and refuse to give them any money ever -- even if I actually had some!

    Favorite    Flag as abusive Posted 10:54 PM on 10/12/2008
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