Roller Coaster Week on Wall Street

AP: Wall Street extended a huge rally Friday as investors stormed back into the market, relieved that the government plans to restore calm to the financial system by rescuing banks from billions of dollars in bad debt. The Dow Jones industrials rose about 370 points, giving them a massive gain of about 780 over two days, and Treasurys fell as money flowed into equities.

The government's proposal, while still a work in progress, has placated investors who worried that a continuum of bad bets on mortgages would hobble more financial companies and cause further damage to the strained banking system and the overall economy.

More... http://www.breitbart.com/article.php?id=D93A23FO1&show_article=1

Pearce: Global Markets also "roar" on the news of a rescue package.  White House and Congressional officials are working through the weekend to finalize the rescue package legislation.  The proposed action will have an enormous pricetag, around $700B, but is based on the believe that doing nothing would be much worse for Americans in the longrun.

Weekly Extras

Election 2008:

RCP:  New polls good news for Dole

RCP: McCain looking good in battleground states

Cook: Charlie Cook Reassesses the Presidential race

FT: Democrats on Capitol Hill fear Obama fallout

Other News:

Reuters: Hurricane Ike could be "catastrophe" for Texas

Dole: NC Senator joins bipartisan "gang of 20" to deliver comprehensive energy strategy 

Report: Lance Armstong to return for the Tour

AP: Clarence Thomas says Constitution forbids racial preference

Battle for Congress Suddenly Looks Competitive

Gallup: A potential shift in fortunes for the Republicans in Congress is seen in the latest USA Today/Gallup survey, with the Democrats now leading the Republicans by just 3 percentage points, 48% to 45%, in voters' "generic ballot" preferences for Congress. This is down from consistent double-digit Democratic leads seen on this measure over the past year.

Republicans, who are now much more enthused about the 2008 election than they were prior to the convention, show heightened interest in voting, and thus outscore Democrats in apparent likelihood to vote in November. As a result, Republican candidates now lead Democratic candidates among likely voters by 5 percentage points, 50% to 45%.

The new USA Today/Gallup measurement of generic ballot preferences for Congress casts some doubt on the previously assumed inevitability of the Democrats' maintaining control of Congress.

If these numbers are sustained through Election Day -- a big if -- Republicans could be expected to regain control of the U.S. House of Representatives.

The key question is how much of this is temporary because of the tremendous bounce in support for the Republicans on many dimensions coming right off of their convention. The degree to which the Republican bounce is sustained, rather than dissipates, in the weeks ahead will determine whether the 2008 race for Congress could in fact be highly competitive, rather than a Democratic sweep.

More... http://www.gallup.com/poll/110263/Battle-Congress-Suddenly-Looks-Competitive.aspx

Dole Up & McCain Still Surging

Pearce:  A brand new poll shows Senator Elizabeth Dole regaining a solid lead after being down to her challenger Kay Hagan following an onslaught of negative advertising by the DSCC.  It was also a great day for the top of the ballot in NC as John McCain jumped from a 3 to a 20 point lead over Barack Obama in the state.  Elsewhere around the country, McCain continues to enjoy a surge following his pick of Palin and a convention that clearly grabbed the attention of the electorate.  He has taken a 15 point lead among independents and gained in the key battleground states of Florida, Ohio, Pennsylvania, Virginia, Michigan, New Hampshire, Missouri, Montana and Wisconsin.  This has been a stellar week for Republicans as excitement for the historic presidential ticket trickles down, but will it last?  We could be seeing the major turning point in the 2008 election cycle.

McCain Surges Ahead

Pearce: All polls are confirming a major bounce for McCain-Palin after their convention.  Drudge led his page today with a downtrodden picture of Obama with headline "Cruel September."  McCain has taken the lead in the Real Clear Politics average for the first time since the end of the Democratic primary with his biggest ever margin over Obama, 2.9 points.  The Gallup poll showing a 10 point lead has the widest margin by far, but all other polls show either a tie or a slight McCain lead.  Notice the drastic increase/decrease in the candidates' chart lines.  This is very exciting for supporters of McCain and Palin, already energized by the convention.  Democrats are back on their heels a bit, wondering why their candidate is not comfortably ahead in this polical environment.

Note: You can now access my blog at www.pearcegodwin.com on "the internets" or just use "the google."  (Thank you G Dub)

Weekly Extras

Election 2008:

NYT: An adviser molds a tighter, more aggressive McCain campaign

Guardian: Storm as Oprah says no to Palin interview

Telegraph: Barack Obama 'wanted to join US military'

Wash Times: Obama's verbal slip fuels his critics (Pearce: I do not believe BHO is a Muslim; I take him at his word that he is a Christian.  This was a particularly unfortunate blooper given the vicious smear campaign against him.)

US Economy:

WSJ: U.S. Seizes Mortgage Giants

NYT: Mortgage crisis has Washington putting aside free-market ideology

AFP: Detroit's sputtering Big Three turn to Washington for help

North Carolina:

N&O: Tolerance wears thin: Johnston's sheriff says Hispanics spread crime and dodge taxes. Yet he respects their hard work and expresses pity for their plight

*McCain Opens Up 10-Point Lead*

Pearce: Just released USA Today/Gallup poll shows a 17 point Convention bounce for McCain-Palin.  The last poll, released one week ago, had Obama leading by 7 points; McCain now leads by 10.  This bounce far exceeds anyone's expectations.  There is now no doubt that the pick of Palin as the GOP's veep nominee has been a major game-changer.  This is McCain's dream come true and exactly what his advisers hoped for.  They had to shake things up and infuse excitement into their side.  Boy did they.

More... http://www.usatoday.com/news/politics/election2008/2008-09-07-poll_N.htm

Brady reportedly out for season with ACL tear

Yahoo: New England Patriots quarterback Tom Brady is expected to miss the rest of the 2008 season with a torn anterior cruciate ligament in his left knee, according to a source familiar with the injury.

While New England coach Bill Belichick said in his postgame press conference that he had no update on the status of Brady’s injury, two sources indicated it involved serious damage to the knee.

"It's bad," a team source said. "We're going to have to play without him."

More... http://sports.yahoo.com/nfl/news;_ylt=AsFQHQPJU4p2aS77micRYxo5nYcB?slug=ms-bradyoutforyear090708&prov=yhoo&type=lgns

Panthers Stun San Diego!!!

Pearce: "Daylight come and I wanna Delhomme!"

Panthers stun a packed house in San Diego.  The Chargers, with real Super Bowl aspirations, fall victim to patented Jake Delhomme 4th quarter heroics.  He connected with Dante Rosario for a 14 yard game winner with 2 seconds on the clock!  Great start to the season for the Cats!

More... http://scores.espn.go.com/nfl/recap?gameId=280907024

Hagan puts Dole in an unfamiliar bind

Paper: One of the best-known women in American politics, Dole is in an unexpectedly competitive race with Democratic state Sen. Kay Hagan.

“It's been a lot of cutesy stuff up to now,” said Dole strategist Tom Fetzer, a former Raleigh mayor. “But on Labor Day, the bell rings.”

“What we see in the polls now is that Kay Hagan has been going both barrels at Elizabeth Dole for a month while Elizabeth Dole has been holding her fire,” Greene said. “What will be interesting to see is the polls on October 1.”  More... http://www.charlotteobserver.com/breaking/story/177392.html

The Big Bounce: McCain's 11 Point Swing

Pearce: McCain was down 8 points in Gallup Daily Tracking as his Convention began in St. Paul.  Yesterday he closed the gap to 2, and today he has broken through to take the lead by 3.  The 3-day tracking released today includes two days after McCain and Palin's speeches.  Tomorrow's poll will be the first fully conducted after the RNC.  I, therefore, expect McCain's lead to increase.  Obama's delayed post-DNC bounce was tempered by the debut of Palin as well as the RNC.  It will be interesting to see if McCain can maintain his bounce.  57 days and counting...

More... http://www.gallup.com/poll/110050/Gallup-Daily-McCain-Moves-Ahead-48-45.aspx

WSJ: 'Panic Time in North Carolina'

WSJ: Sarah Palin thrilled the GOP this week in St. Paul, reminding more than a few GOP veterans of how Elizabeth Dole wowed them at the 1996 Republican convention in San Diego. Too bad Mrs. Dole wasn't there to enjoy it. She skipped this week's festivities to focus on her re-election battle against state Senator Kay Hagan in what has become a must-watch race.

More... http://online.wsj.com/article/SB122067865245406641.html?mod=googlenews_wsj

Dole: 'I've broken a few glass ceilings'

Paper: "I've broken a few glass ceilings along the way, and let me tell you something, Sarah Palin is going to break another one," Dole said. "I am really, really excited about her selection ... She is willing to stand up for what she thinks is right."

The senator said she is in a tough race with challenger Kay Hagan, one made tougher by a $10-million campaign of "mud-slinging ads" against her. The advertising campaign, she said, is tied to a larger effort by N.Y. Sen. Charles Schumer to get a controlling 60-Democrat majority in the Senate. "It will be a nightmare," she said. "And if that happens, it is real trouble."

More... http://www.thetimesnews.com/news/cycle_17421___article.html/dole_tough.html

Palin & the RNC Push McCain Past Obama in Latest Zogby

Zogby: The McCain/Palin ticket wins 49.7% support, compared to 45.9% backing for the Obama/Biden ticket, this latest online survey shows.

More... http://www.zogby.com/news/ReadNews.dbm?ID=1548

Ike Roars Towards US

AP: "Extremely dangerous" Hurricane Ike grew to fierce Category 4 strength Saturday as it roared on an uncertain path that forced millions from the Caribbean to Florida, and Louisiana to Mexico, to nervously wonder where it would eventually strike.

Preparations stretched more than 1,000 miles as the massive, 135-mph storm took a southwesterly shift that could send it over Cuba near the Florida Keys sometime Monday before heading into the warm open waters of the Gulf of Mexico. And once again, a possible target was New Orleans and the already storm-weary U.S. Gulf Coast.

More... http://www.breitbart.com/article.php?id=D931N4PO1&show_article=1

Palin Power: The Colorado Springs crowd

Pearce: With Palin, McCain sees crowds explode. This picture taken today in Colorado Springs. You might say he made the right pick. Palin has electrified McCain's conservative base, allowing him to be the Maverick he is and go after the Independents. Things are getting very interesting as the polls close fast.

Obama, McCain to visit Ground Zero together on Sept. 11

Jonathan Martin: In a moment sure to provide memorable images, Barack Obama and John McCain will stand together in solidarity at the former site of the World Trade Center on the seventh anniversary of the Sept. 11, 2001, terrorist attacks. The campaigns jointly issued a statement today announcing a rare moment of unity in a campaign increasingly marked by sharply worded attacks.
"On Thursday, we will put aside politics and come together to renew that unity, to honor the memory of each and every American who died, and to grieve with the families and friends who lost loved ones," said both senators in a statement.

More... http://www.politico.com/blogs/jonathanmartin/0908/Obama_McCain_to_visit_Ground_Zero_together_on_911.html?showall

McCain Camp ‘Rescues’ Flags From Obama Rally

FoxNews: Democrats are not caring for their Stars and Stripes. At least that’s the message out of John McCain’s campaign.
McCain supporters, claiming they rescued 12,000 miniature American flags from the site of Barack Obama’s nomination acceptance speech last Thursday, redistributed the orphan flags to audience members ahead of a McCain rally in Colorado Springs on Saturday.
The move was an overt swipe at Obama from a campaign whose motto has been “country first.”

More... http://elections.foxnews.com/2008/09/06/mccain-camp-to-chastise-dems-for-discarding-american-flags/

McCain Closing the Gap

Pearce: McCain is closing the gap fast in the daily tracking polls as they begin to cover the Convention. The latest from Gallup shows a 8 point lead for Obama evaporating to 2. The next two polls to come out will cover the complete convention, including the speeches of Palin and McCain. I expect the gap to tighten more and perhaps McCain take the lead. A CBS News poll early last week, already showed a tie. The Palin pick is indeed boosting the polling numbers for the ticket. Rasmussen finds that she is more popular than both Obama and McCain and far ahead of Biden.

McCain Wins the Ratings Race!

Drudge: McCain beats Obama by 500,000 John McCain has won the ratings race.
The Republican nominee beat Democratic challenger Barack Obama's record-setting convention speech viewership by 500,000.
McCain's address at the Republican National Convention on Thursday night was seen by about 38.9 million viewers, according to Nielsen Media Research. Obama received 38.4 million.
That means McCain's speech is now the most-watched in convention history -- 41% higher than President Bush's acceptance speech four years ago, and 1% higher than Obama's address last week.
More... http://www.thrfeed.com/2008/09/mccain-rating-1.html

Latest RCP Electoral Map

RCP: Check out the latest electoral map from RCP based on the most recent presidential polling. It couldn't be much closer.

http://www.realclearpolitics.com/epolls/maps/obama_vs_mccain/?map=10

Man Arrested Near Capitol After IED, Rifle, Ammunition Allegedly Found in Jeep

FoxNews: A man is under arrest in Washington after an improvised explosive device, a rifle and some ammunition were allegedly found in his jeep, Capitol Police said Friday.
The man stopped to ask police for directions near the Capitol building at about 11 a.m. EDT Friday, at the intersection of 2nd and Independence Avenue Southeast, according to Capitol Police spokeswoman Sgt. Kimberly Schneider.
The officer responding noticed a rifle case on the car seat and inspected the jeep, discovering the IED, rifle and ammunition.
More... http://www.foxnews.com/story/0,2933,417581,00.html

Hannah Threatens the Carolinas

Pearce: Tropical Storm Hannah is just short of hurricane strength as it bares down on the Carolinas. It is expected to make landfall around midnight tonight close to the North-South Carolina border.

FoxNews Tops GOP Convention Coverage Again

Drudge: MCCAIN SPEECH 10-11:15PM

FOXNEWS 9.2 MILLION
NBC 8.7 MILLION
ABC: 6.0 MILLION
CBS: 5.3 MILLION
CNN 4.8 MILLION
MSNBC 2.5 MILLION

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Pearce Godwin