How the economy stole the election

Two years ago it seemed that the election would hinge on Iraq, now it's the economy that's on voter's minds. Here's how that happened.

1 of 5
BACKNEXT
Summer/fall 2006 - War at the forefront
Summer/fall 2006 - War at the forefront
U.S. soldiers patrol a street in Baghdad's Ghazaliya neighborhood, Aug. 15, 2006.
Iraq is voters' main concern and the economy seems strong, but the seeds of the crisis are being sown.

With the mid-term elections in full swing, the war is being hotly debated. October is the third-deadliest month for U.S. troops in Iraq. Defense Secretary Donald Rumsfeld resigns after Democrats make major gains at the polls in November.

On the home front, the economy seems strong

July - Home prices hit an all-time high.

Market talk is that Fed will raise interest rates.

But trouble lurks

New home construction continues at a brisk pace during the summer - chugging along at more than twice the current rate - after hitting its peak at the start of the year.

August - Home prices nationwide post first decline in 10 years.

Having briefly spiked over $3 a gallon following Hurricane Katrina a year earlier, gas prices now average $3 a gallon - and stay there for multiple weeks.


NEXT: Spring/Summer 2007 - Cracks appear
Last updated November 03 2008: 2:44 PM ET
More Galleries
RadioShack: 94 years of hits and misses The electronic giant's road to ruin is littered with 8-tracks, CD payers, pagers and many, many calculators. More
The best TV deals for the Super Bowl Want a new TV for the Super Bowl? Some great deals make now the time to buy. More
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.