The economic recession that started in yearly 2007 is perhaps the worst financial crisis to hit the United State and the rest of the world since the Great Depression. The poor decision and implementation of regulations amongst Wall Street companies resulted in a liquidity shortfall that affected major financial institutions worldwide. As a direct result, thousands of people lost their jobs that significantly affected the quality of living in the United States. People directly blamed Wall Street professionals and financial institutions for such mess they have created. With failed attempts of the Obama administration to stimulate the economy such as the Stimulus package, people only grew weary and disgusted.
With just barely 5 weeks away from the November Midterm elections, there is a huge expectation for elected politicians to save the economy from total failure. Despite of the negativity that is attributed to Democrats for its current failures in the government, there is still no clear indication yet that we are expecting a Republican victory this coming November. There are still numerous issues to be tackled and there are even rumors of a record-low voter turnout come Election Day. Also, the Tea Party has been showing signs of strength especially during Republican primaries where they were able to achieve significant victories over established Republican candidates.
While they are strongly being tagged by Democrats to be the primary reasons for such failure in the economy, GOP candidates who are business-oriented professionals, Wall Streeters, free traders and Big Business profiteers may even have a stronger chance of defeating their Democratic rivals this November. The Democratic Party has strongly been criticizing GOP candidates who previously have ties with Wall Street institutions or those that have worked for the Bush administration. Despite of this, several of these candidates are even outperforming their counterparts in various polls.
In the state of Ohio, GOP candidate John Kasich is having a comfortable lead over incumbent Democratic governor Ted Strickland. Kasich is an ex-Lehman Brothers executive and a former Chairman of the House Budget Committee. Also, Republican candidate for U.S. senate Rob Portman is also a favorite to win the state’s senate seat against Democrat and the state’s lieutenant governor Lee Fisher. Portman is the appointed head of the Office of Management and Budget and the Office of the U.S. Trade representative during the previous Bush Administration. Interesting enough, there are numerous TV and radio ads, flyers and blast emails about the participation of Kasich in the Wall Street plunder that made him reach. There were also rumors about the contribution of Portman to George W. Bush’s record of deficits. Despite of these efforts, voters have seemed to ignore these ads and stayed firm with their votes.
In the Pennsylvania senate race, Republican nominee Pat Toomey is heavily favored to snatch the state’s senate seat which is currently held by newly minted Democrat Arlen Specter over the party’s nominee, Congressman Joe Sestak. Toomey is known to be a Wall Street derivatives trader where he made a fortune. As head of the conservative group the Club for Growth, he peddled personal savings accounts as a cure for Social Security’s troubled balance sheet. Sestak and some of his Democratic allies have continued to attack Toomey of his past but have failed to gather enough support to him. In fact, recent polls show that Sestak has been lagging way behind in the polls. Efforts of Democrats to show voters of the unfavorable pasts of various Republican candidates have continuously failed. While Republicans might not win all seats this November, they will certainly have a higher fighting chance to win most of them.
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