The economic crisis caught nearly everyone by surprise. Much of the blame fell on Republicans, whose support for deregulation of financial markets dated from the Reagan era. McCain was especially hurt by the economic meltdown. On September 15, 2008, the day after Lehman Brothers declared bankruptcy, McCain downplayed the crisis, claiming “The fundamentals of our economy are strong.” Within a few hours, the stock market fell 500 points. He appeared to be out of touch.
Obama’s oft-repeated (albeit vague) insistence on change now acquired new meaning. When confronted with “impossible odds,” he insisted, “Americans have responded with a simple creed: Yes we can.” The nation was ready for change. On election day, Obama won by over 8 million votes; his victory in the Electoral College was by a 365 to 173 margin.
McCain generously acknowledged the historic character of the election. “I recognize the special significance it has for African Americans and the special pride that must be theirs tonight,” he noted. Obama’s victory stunned foreigners. Chinese leaders and intellectuals took it for granted that “America could not accept a black president,” reported Wang Jisi of Peking University. Nelson Mandela, the black leader of the movement that toppled white rule in South Africa, claimed that Obama’s election inspired everyone who wanted “to change the world for a better place.” Gordon Brown, prime minister of Great Britain, called Obama’s election “a moment that will live in history as long as history books are written.”
World History
