By Adam Hembree
ROME, Oct. 8 – October of an election year should provide a media blitz, a hearty, political bill-of-fare for the reader to digest. Most major news outlets, however, are serving up a grimmer first course as an international economic crisis continues.
Try the New York Times, The BBC and CNN, for example.All three news giants are flying the stock market woes as their top story. The United States presidential election, an event that typically warrants bold headlines, with or without an eventful race, is rapidly finding itself to be a second-tier story.
Professor of Economics Mary P. Merva, Dean of Academic Affairs for John Cabot University, acknowledged the shift in focus.“It’s so extreme and so uncertain,” she said in regard to the recent market woes. In the wake of the liquidity crisis over the past several weeks, the Dow Jones Industrial Average, the benchmark Wall Street index, sunk to its lowest level in four years earlier this week and banks across the world have sought government aid in securing their finances.
“We haven’t seen such interconnectedness among companies and countries worldwide,” said Prof. Merva. “We have to collectively respond.”
Numerous central banks in America, Europe and Asia have already begun working to shore up consumer and investor confidence as governments pump more money in to keep things afloat.
While the election may be playing second fiddle to the universal top story, economic goings-on are severely affecting the political landscape.
Both presidential candidates
have sought to emphasize the economy in their platforms. Sen.John McCain and Sen.Barack Obama provide detailed fiscal plans to address
the biggest concerns for American voters.
“The election will become
important with respect to the economy,” says Professor Merva. As the
future economic policy of the United States could depend greatly on
this November, the world will continue to pay attention.
Though it is often surprising for Americans abroad, people in Europe show great interest in United States politics. From Termini Station to a local gelateria, “McCain or Obama?” is the question most locals have for their American visitors. Professor Merva is not surprised.
“Europeans are always much more aware,” she says, because, in such a diverse continent, people are used to looking outside of their world.
While the majority of people are looking at the inside of their wallets, don’t be surprised at a surge in political attention over the next several weeks. The world is seeing green for the moment, but no one is forgetting about red and blue.
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