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Dick Morris Says Presidential Race In 'Tremendous Flux,' with McCain Gaining

By Kenneth D. Williams   |   Monday, 27 Oct 2008 03:56 PM

Dick Morris says the presidential race is now in a state of “tremendous flux,” with McCain gaining anywhere from 3 to 7 percentage points in just the past few hours.

Fox News host Neil Cavuto, interviewing Morris for his “Your World” program today, told Morris that, to him, Obama’s economic plan wasn’t adding up. “And no one knows it’s not adding up!” Cavuto said.

Morris agreed, saying, “It’s ridiculous to think that you can pay for an elaborate spending plan like Obama’s by taxing 10 people who happen to be rich in the United States. It’s ludicrous.”

Cavuto pointed out that Obama said he would raise capital gains taxes by 5 percent, and wondered why anyone wouldn’t sell now and save 5 percent on taxes.

Morris reminded Cavuto that Obama probably would raise capital gains taxes by 13 percent, from the current 15 to a high of 28 percent. “During the primary they asked Obama, ‘How high would you raise capital gains taxes?’ And he said, ‘I wouldn’t go higher than it was under Clinton,’ which was 28 percent. So if you’re going to sell your stock now, you get to keep 85 percent of your [gains]. If you sell it later, you only get to keep 80, and probably 72 percent. ”

For McCain’s part, Morris said he could use a “tax-induced market sell-off” scenario against Obama.

“I think that what McCain needs to do is to challenge Obama to two years of moratorium on capital gains tax increases,” Morris told Cavuto, “and say, ‘With the market plunging a couple of hundred points every single day, from here until Election Day, if the voters believe you’re going to raise capital gains taxes, and they feel you’re going to win, it’s going to send the market into a tizzy. Why don’t we both agree not to raise capital gains taxes?’ And Obama can’t follow him on that, and that puts the declining market over the next six or seven days on the Obama campaign’s doorstep.”

Morris then detailed how close the presidential race had become in a matter of hours.

“I want to report that this election right now is in a state of enormous flux,” he said. “Forty-eight hours ago, there was no sign of any McCain movement. Then Zogby first reported it narrowing from a 12-point Obama lead to 9, and then yesterday to 5. Today Rasmussen, who had [Obama’s lead] at 8 reported it at 5, and Gallup, that had it at 6, now reports it at 5. So you have the three most reliable tracking polls, Rasmussen, Zogby and Gallup, all saying 5.”

Morris suggests a simple plan that could put McCain over the top in votes: “A third of all the Obama voters live with a McCain voter. It’s the McCain voters’ job to read . . . stock up on ammunition, and win the breakfast table conversation!”

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