November 5, 2008 Front Page News

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Obama Sweeps to Historic Victory
Nation Elects Its First African-American President Amid Record Turnout; Turmoil in Economy Dominates Voters’ Concerns
By Jonathan Weisman
Obama
And Laura Meckler
338
WASHINGTON—Sen. Barack
Obama was elected the nation’s
first African-American presi-
dent, defeating Sen. John
McCain decisively Tuesday as cit-
izens surged to the polls in a pres-
idential race that climaxed amid
electoral votes
the worst financial crisis since
the Great Depression.
51% of popular vote
The culmination of the epic
two-year campaign marks a his-
toric moment in a nation that
McCain
since its founding has struggled
140
with racial divisions. It also ush-
ers in a period of dominance for
Democrats in Washington for the
first time since the early years of
President Bill Clinton’s first
term. With Tuesday’s elections,
Sen. Obama’s party will control
both houses of Congress as well
electoral votes
as the White House, setting the
scene for Democrats to push an
48% of popular vote
ambitious agenda from health
care to financial regulation to
ending the war in Iraq. (270 electoral votes needed to win)
In becoming the U.S.’s 44th As of 12:15 a.m. EST. Please visit
Getty Images
president, Illinois Sen. Obama, WSJ.com for complete results
47 years old, defeated Arizona Source: Associated Press projections
Sen. McCain, 72, a veteran law-
maker and Vietnam War hero. De-
spite a reputation for bucking WINNING SMILE: Sen. Barack Obama became the nation’s first African-American president, riding a historic turnout amid voter discontent with the economy to defeat Sen. John McCain.
his own party, Sen. McCain could
agenda through Congress. won Virginia, the first time a finding alternatives to Middle that could reverse the last great
not overcome a Democratic tide,
Democrats
Sen. Obama’s victory was Democratic candidate had taken Eastern oil. All this will have to be shift in 1980, when Ronald Rea-
which spurred voters to take a
built on record fund raising and a the state since Lyndon Johnson carried out amid record budget gan ushered in a period domi-
risk on a candidate with less
vast national campaign network. in 1964. And he finally wrested deficits, a looming crisis in Social nated by tax-cutting conserva-
than four years of national politi-
Expand
It remade the electoral map that Florida and Ohio from the GOP, Security and Medicare spending tism and muscular foreign policy.
cal experience. Sen. Obama is
had held fast for eight years. He two states that had bedeviled his as the baby-boom generation re- It’s a startling turnaround
the first northern Democrat
overwhelmed reliable Demo- party in the last two elections. tires and fears that the nation is from just four years ago, when Re-
elected president since John F.
Majorities
cratic strongholds in the North- The president-elect will enter on the edge of a deep recession. publicans controlled Congress
Kennedy in 1960.
east and West Coast. He won big office with a long policy wish list Democrats have touted the and the White House, and bene-
Also elected: Joe Biden of Del-
in the industrial Midwest and that includes ending the war in prospect of a big sweep not just fited from a conservative major-
aware as vice president, the vet-
In Congress
contested fiercely in areas of tra- Iraq, implementing a near-uni- as a partisan conquest but as an ity on the Supreme Court. The
eran senator who has promised
ditional Republican strength. He versal health-insurance plan and ideological turning point, one Please turn to page A6
to help Sen. Obama steer his
By Greg Hitt
The New Landscape And Brody Mullins
What’s News–
European Pressphoto Agency
Gerald Seib on challenges for Democrats .................A6 WASHINGTON—Democrats
n
strengthened their majorities in
A battle for the soul of the Republican Party ...........A3
n
both houses of Congress and
n A momentous day for African-Americans ................A8 moved close to a level of domina-
i i i i i i
tion in the Senate that could en-
Business&Finance World-Wide able them to push through major
7 7
legislation.
See WSJ.com for full state-by-state election results.
n
he Dow Jones Industrial
T Obama was elected the first Combined with Sen. Barack
n
Average soared 305.45 African-American president. Obama’s victory in the presiden-
points, or 3.3%, ahead of The Illinois senator decisively tial race, the congressional re-
As Economic Crisis Peaked,
defeated McCain as citizens
election results. The close at sults gave Democrats broad
9625.28 was the highest in thronged to the polls amid the power in Washington that they
nearly a month. Oil prices worst financial crisis since the haven’t enjoyed in decades.
Depression. Obama’s victory
rose, back above $70 a barrel. The Democratic gains repre-
Tide Turned Against McCain
was built on record fund rais-
Rallies continued early sented the final repudiation of
Wednesday in Asia, with the ing and a vast campaign net- the Republican revolution of
work. He captured reliable
Nikkei up 3.2% in midday 1994, marking the second
Democratic strongholds in
trading after Tuesday’s 6.3% straight strong showing for Dem-
the Northeast and West Coast,
gain. C1, C5, C9 Obama asked his staff on the his car: “I’ve never seen any- ocrats in congressional elec-
By Monica Langley
won big in the industrial Mid- trail, according to aides. At a thing like this,” he said, accord- tions. The results return the bal-
n The benchmark yield curve
west, prevailed in Virginia and news conference in Florida, he ing to several aides. “Some of the
The presidential race entered ance of power that prevailed on
in major government bond
wrested Florida and Ohio from said, “It’s going to be part of the Republicans are clueless. Bush
a critical three-day period in Sep- Capitol Hill for much of the 20th
markets has steepened
the Republican Party. A1-A14 president’s job to be able to deal and I were trying to convince
tember when the economic cri- century, when Democratic-con-
significantly, signaling a long
The transition to an Obama ad- with more than one thing at them.”
sis cast the candidates’ differ- trolled Congresses were the
road to economic recovery. C2
ministration could begin al- once.” The presidential candidates
ences in sharp relief. launching pad for Social Secu-
n Businesses are bracing for most immediately, with a Trea- Beyond the economic tumult, were essentially tied at the time,
On Sept. 24, with financial rity, the modern social safety net
tighter financial regulation sury team to soon be in place. troubles in the McCain camp had a Wall Street Journal/NBC News
markets verging on panic and and civil-rights legislation.
and sweeping health-care contributed to the Republican’s poll showed, with Sen. McCain
the economy thudding, Demo- Democratic leaders have an
n Democrats bolstered their
changes as Democratic power extraordinary move. These in- just a point behind. But in the
cratic Sen. Barack Obama placed agenda that harks back to that
majorities in Congress and were
in Washington grows. A4 cluded a shaky performance by next few weeks, as the handling
a call to rival John McCain. He era, with plans to give govern-
moving close to a level of Sen-
his running mate in a mock de- of the economic crisis overshad-
wanted to suggest they issue a ment a bigger role in guiding the
ate domination that could pave
n Boeing said it needs to
bate and an admonition to Sen. owed all other issues, Sen.
joint statement on proposed fi- economy and to strengthen the
the way for major legislation. A1
replace thousands of
McCain by some major donors to Obama opened a 10-point lead.
nancial-bailout legislation. As ability of labor unions to orga-
improperly installed fasteners n Democrats were expected
quit blasting Wall Street and fo- Although Sen. McCain began to
hours went by without a return nize in the workplace. They also
to maintain their majority in
on the first Dreamliner jets
cus on solutions. Suspending the gain some ground at the end, he
call, Obama aides emailed each aim to expand health-insurance
state capitols and possibly win
before they can be flown. B1
campaign, one McCain adviser never fully recovered from the
other, asking, “Have you heard coverage and push through a
an additional governorship. A4
n Online retailers expect recalls hoping, would let them pivotal late-September juncture.
anything?” One answered: “The sweeping bill to curb green-
n A Congo rebel leader vowed
holiday sales growth to slow, “push the reset button.” Sen. Obama’s recipe for vic-
McCain camp is cooking up some- house-gas emissions.
insurgents would march on the
but many forecast ringing up The next day, while conserva- tory, of course, had many ingredi-
thing.” “This is a tectonic-plate elec-
capital after the government re-
at least a 15% sales gain. B2 tive House Republicans maneu- ents: a record $640 million haul
Later that day, Sen. McCain tion, one of those once-in-a-gen-
jected his demand for talks. A18
vered behind the scenes to block of donations, a vast network of
went before the cameras to say
n Dell laid out plans to cut eration times where people not
the bailout bill, Sen. McCain sat campaign workers, his stance
n Pakistan’s president headed he was suspending his campaign
spending, including a hiring only define change, but define a
largely silent at a crisis summit against the Iraq war, his success
to Saudi Arabia to plead for aid. to focus on helping craft the leg-
freeze and a reduction in new relationship with govern-
at the White House. Afterward, in portraying his foe as heir to an
Zardari also pressed Petraeus
contract workers. B5 islation. “What does that mean— ment,” said New York Sen.
to stop U.S. missile strikes. Sen. Obama called his staff from Please turn to page A10
Please turn to the next page
suspend the campaign?” Sen.
n Several big companies fear
n Iran’s parliament impeached
the launch of new top-level
domains will raise the cost of and dismissed the interior minis-
Campaign Addicts Now Confront
protecting their brands. B4 ter, an Ahmadinejad ally, for fak-
ing his university degrees. A19
n The FCC is investigating
The Morning After
why some cable-TV subscri- n Bombs exploded at a mar-
bers are paying the same fees ket and bus station in Baghdad, i i i
even as they lose channels. B3 killing 15 people, as violence
As Election Coverage Fades, News Junkies
increased after a week of calm.
n Archer Daniels will produce
ethanol from sugar cane in Colombia’s army chief
n
Break Old Habits; Getting to Know the Kids
Brazil through a joint venture resigned over the military’s 7 7
with Grupo Cabrera. B1 alleged killings of civilians to
presidential campaign in recent
By Kevin Helliker
inflate guerrilla body counts. A19
Managed futures funds
n years will leave many Americans
And David Kesmodel
that follow trends have soared n House lawmakers are pres- feeling lost, even if their candi-
on the dollar’s rally and the suring the Pentagon to release At age 53, Anne Summers dis- date won. The 2008 race pro-
collapse in commodities. C1 congressionally approved funds covered a susceptibility she vided drama and suspense to a
for an Air Force fighter. A17 never knew she had. She was an nation hooked on reality televi-
n D.R. Horton expects a net
election junkie. sion, mystery novels and Holly-
loss of $800 million to n China and Taiwan agreed
wood epics.
$900 million in its fiscal to expand flights between Her affliction started with
fourth quarter. B7 them and allow direct shipping late-night news programs, then Arin N. Reeves, a Chicago-
links for the first time. A20 progressed to incessant Internet based diversity consultant, says
n Marks & Spencer’s profit
surfing. It culminated in door-to- she lost hours of sleep to late-
fell 43% on flat sales as n Two top Mexican officials,
door campaigning for Sen. night cravings for new campaign
shoppers defected to including the powerful inte-
Barack Obama near her home in developments. For her, the vice-
less-expensive rivals. B4 rior minister, died when their
Fairfax County, Va. “Addiction presidential picks were among
small plane crashed. A18
n Drug makers are targeting wouldn’t be too strong a word,” the many suspenseful episodes—
emerging markets such as n Israel launched an airstrike she says. with the emergence of Gov. Sa-
on Gaza after its troops clashed
Brazil, Russia, India and China
So today, Dr. Summers will ex- rah Palin deliciously surprising.
as sales slow in the U.S. B1 with Hamas militants. A20
perience a sense of emptiness fa- “Week after week after week the
miliar to recovering addicts. story just kept getting better,”
Follow the news all day at WSJ.com Never mind that she is a soccer she says.
mom, wife and full-time cardiolo- Seldom in American history
CONTENTS Opinion .................A21-23
> gist. The election is over.
Election ’08 .................A1-14 Personal Finance ..D1-3 has a presidential campaign of-
Gadgets .......................D1,3 Property Report ..C14-21 “To fill the void I’ve bought fered such compelling narra-
Health ......................................B5 Technology ....................B5
some poli-sci books,” says Dr. tives: The rise and fall of former
Heard on the Street ...C24 Weather Watch ........D8
Summers. “And I’ll catch up on first lady Sen. Hillary Clinton.
Leisure & Arts ...........D7 Who’s News .................B4
my medical journals.”
Media & Marketing ....B4 World News .....A18-20
The come-from-behind primary
Please turn to page A8
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