In wake of bailout vote, Lunsford ad hits McConnell on economy

The campaign of Democratic Senate candidate Bruce Lunsford, of Louisville, is attributing some of the blame for the stumbling economy to opponent and U.S. Sen. Mitch McConnell (R-Louisville) in a new thirty-second television ad.

"A $700 billion bailout for Wall Street," says the ad's narrator. "How did we get in this mess? Career politicians like Mitch McConnell."

Last Wednesday in the U.S. Senate, McConnell voted for the bailout package and he - as Senate Minority Leader - reportedly worked with U.S. Sen. Harry Reid (D-Nev.) to push the bill's passage. McConnell's vote for the bill was not explicitly referenced in the new ad, however.

Instead, Lunsford's ad targets McConnell for connections to "the Wall Street financial industry," suggesting McConnell tool "over $4 million" from said industry.

Lunsford's campaign supports that charge by pointing to a Sept. 25 Lexington Herald-Leader editorial suggesting McConnell had received "$4.3 million in contributions from the financial sector." The Center for Responsive Politics reports McConnell has received more than $4.4 million in campaign contributions from individuals and political action committees tied to the financial, insurance, and real estate sectors throughout his Senate career.

While a photo of McConnell and President Bush is displayed on screen, the narrator also asserts that McConnell "got rid of government regulations they didn't like," referring to the same "financial industry."

For that charge, Lunsford's camp points to McConnell's vote in favor of the Gramm-Leach-Bliley Act, a bill enacted in 1999 that removed some restrictions on mergers between banks and insurance companies. McConnell voted for that act along with 53 other Republicans and no Democrats.

A conference report on the bill later passed by a 90 to 8 margin, however.

Finally, the ad suggests McConnell "let the billionaires and CEOs stuff their pockets with cash" - a claim the Lunsford camp says relates to rising pay for CEOs across the country amid economic turbulence.

The ad began airing on statewide television today.

In a statement released in conjunction with the ad, the Lunsford campaign was even more explicit in their connection of McConnell to the economic situation.

"The financial meltdown is the direct result of eight years of Bush-McConnell economics," Lunsford's spokesperson Cary Stemle said. "McConnell's fingerprints are all over this crisis, which is nowhere near its conclusion, and he must be held accountable. After 24 years, it's time to elect leaders who won't pander to the Wall Street special interests."

Yesterday, Lunsford told reporters he thought the bailout package was a "band-aid," criticizing oversight provisions including the bill and questioning the hurried process whereby the package passed, though not specifically saying he would have opposed the legislation.

(Video link from Ryan Alessi of the Herald-Leader)

Corrected, 7:45: The date of the enaction of the Gramm-Leach-Bliley Act was corrected.

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