This question came to mind after seeing the very good film Margin Call and reading the following in Roger Ebert’s review:
It reminded me that, as so often happens, the historical view of that election has already become simplified to “the bottom fell out from under the economy, voters blamed Bush, McCain reacted poorly, the end.” But this tidy little narrative ignores the fact that Obama was ahead of McCain almost all year (other than McCain’s post-convention bounce, happening ironically right when the stock market was starting to slide toward freefall).
And really, you can go back further, and make the question broader. Why were Bush, and Republicans generally, so unpopular before the crash? I don’t ask this from a perspective of having a hard time understanding why people would dislike Republicans but from a lack of understanding as to why they picked *then *to do so.
I didn’t like Bush or the GOP when he ran for president. I certainly didn’t like what happened in Florida and the Supreme Court. And I still didn’t like him after 9/11, when his popularity soared (I actually liked him less, as I thought he reacted very poorly on 9/11 though I’ll grudgingly credit him with a good moment with the bullhorn on top of the rubble). So clearly I’m not in tune with the hoi polloi on this.
The unemployment rate was at the lowest point it has been over the past decade-plus (4.4%), right when Bush’s GOP took a “thumping” in the 2006 midterms. Okay, so maybe that was Iraq?* But then in 2007, thanks at least in part to Petraeus and his focus on a “hearts and minds” counterinsurgency strategy (oversimplified as a "surge), U.S. combat deaths plummeted to a fraction of their former level. Yet Bush’s approval ratings continued to drop. Unemployment did creep up slightly throughout that year, but it remained below 6% until fall 2008.
There is Katrina, of course. But I have a hard time imagining that among white people (blacks already knew Bush didn’t like them, and vice versa), this permanently soured them on him even years later. Similarly, I can’t imagine Harriet Miers permanently tanked Bush and his party.
Is it as simple (and as retarded) as gas prices? Or maybe the common people were feeling the housing bubble start to deflate before the experts, and this led them to increasingly tell pollsters the country was on the “wrong track” despite what Ebert describes as a country seeming “awash in prosperity”, and that rapid post-surge decline in violence in Iraq. Thus maybe Ebert’s memory of pre-crash 2008 was not accurate at all, at least not from the quotidian person’s perspective.
*I almost forgot the Mark Foley sex scandal, which surely hurt the congressional GOP in that midterm election; but it’s hard to imagine that still mattered by 2008.