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Cablegate: Global Economy/Financial Crisis; U.S. Elections

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ZNR UUUUU ZZH
O 171032Z OCT 08 ZDK
FM AMCONSUL SAO PAULO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 8624
INFO RHEHNSC/NATIONAL SECURITY COUNCIL WASHDC IMMEDIATE
RUEHBR/AMEMBASSY BRASILIA PRIORITY 9761
RUEHRI/AMCONSUL RIO DE JANEIRO PRIORITY 8889
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UNCLAS SAO PAULO 000554

SIPDIS

STATE INR/R/MR; IIP/R/MR; WHA/PD

DEPT PASS USTR

USDOC 4322/MAC/OLAC/JAFEE
E.O. 12958: N/A
TAGS: KMDR OPRC OIIP ETRD XM XR BR
SUBJECT: GLOBAL ECONOMY/FINANCIAL CRISIS; U.S. ELECTIONS

Rhythms of the crisis

Editorial in liberal Folha de S. Paulo commenting on the U.S.
financial crisis (10/17) says: "...It is important to note that the
stage where fears concerning the solvency of the world's major
financial conglomerates is beginning to be left behind - however
absolutely everything, in this crisis, is subject to quick changes.
Concerns over the crisis' impact on consumption, production and jobs
sectors are beginning to prevail.... Brazil does not print dollars,
or Euros; nor does it have a virtually unlimited fiscal capability
of the rich countries to face the crisis. But, the Brazilian
authorities have the chance that its counterparts in developed
nations didn't have, to act in anticipation to prevent the worst
effects of the crisis... It is not enough to administer in the short
term, in the compulsories and in the exchange rate. It is necessary
to launch a broad fiscal answer, based on the freezing of public
expenses, so that the country has better conditions to overcome a
difficult and unstable year as 2009 will be."

The Last Debate

Editorial in liberal Folha de S. Paulo (10/17) comments: "The third
and last debate between the candidates for the U.S. presidency, last
Wednesday, showed to be more interesting than the previous
ones...However, an incontrovertible victory by the Democratic
candidate over Mc Cain has not occurred, even though Obama performed
well and showed himself to be more confident and direct. The
numbers overall seem to reproduce a favorable feeling for the
Democratic candidate.... Before these numbers, very few times a
direct debate seemed to be so irrelevant to influence the results of
an election. It represented more of a ritual to be accomplished
than a decisive moment. The devastating economic crisis
overshadowed the electoral debate and directly harmed John McCain's
situation. At 18 days until the elections, it is more and more
difficult for the Republican candidate to change the game - though a
turnaround, given the extreme special circumstance of the contest,
cannot be discarded."
White

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