"It's the Economy, Stupid" Again

For the week Sept 15-21, the frightening financial meltdown on Wall Street re-oriented the campaign and re-wrote the storyline. The crisis was not only the week's top story -- marking only the second time this year that an event other than the campaign emerged as the No. 1 topic of the week. It also raised the possibility that a major policy issue, the economy, might emerge as the decisive factor of the campaign. Last week, certainly, the financial crisis was the top theme in the election coverage itself, accounting for 43% of the campaign newshole. The week also may have marked the end of a distinct phase of the race—the Palin phase. As Obama and McCain scrambled to address the economic crisis, Palin -- who had dominated media attention since Aug. 29 -- receded from the headlines.