It's Gore vs. Gore--and Gore Is Losing
Why is Al Gore like Iridium? He has lots of balls in the air, promotes cutting-edge technology--and is headed for Chapter 11. -- Joke making the rounds in Washington
Forgive Tony Coelho if he doesn't chuckle at comparisons between his candidate and the failed satellite venture. The ex-California congressman was tapped in May to head the drifting Gore campaign. Coelho--whose last job was selling units and laying off employees as CEO of engineering firm ICF Kaiser International Inc.--got right to work. He hired busloads of media mavens and pollsters. And he forced Gore to zero in on the core issues of prosperity, improving education and health care, and fixing pensions.
Just one problem: While the new management at Gore Inc. pored over flowcharts, customers flocked to Bradley's department store. New polls show the Veep in a virtual dead heat with ex-New Jersey Senator Bill Bradley in New Hampshire and New York.
Political pros now caution that unless Gore quickly changes public perceptions, the once lightly regarded Bradley insurgency could wreck Gore's plans to roll to the nomination. "This thing is starting to slip away," frets one operative with close ties to the First Family.
Coelho is putting in 14-hour days, but his exertions haven't hiked Gore's stock yet. "Tony has done some good things, but the problem is Gore," says a party consultant. "He looks more and more like [failed '72 front-runner] Ed Muskie--the dutiful plodder with Establishment support but no grassroots backing."
A bit apocalyptic, perhaps, considering that the Iowa caucuses aren't until Jan. 31. But there's no doubt that Gore's woes run deep. Among them:-- The wrong stuff. Despite unprecedented responsibilities in foreign affairs and technology policy, Gore still isn't seen as Presidential. In an ABC News-Washington Post survey released on Sept. 7, only 38% saw him as "a strong leader."-- The Clinton curse. Revulsion over White House scandals is hurting. A CNN/Gallup/USA Today poll taken on Sept. 10-14 found that, by a 52% to 27% margin, the Clinton connection made voters less likely to pull the lever for Al.-- Bush-whacked. With the Texas GOP governor cruising, Gore's iffy general-election prospects have some Democrats spooked. While Bush holds a 17% lead over the Veep, Bradley cuts that margin in half, according to an NBC News poll. Because Gore-Bradley policy differences are slight, party regulars might be tempted to change horses. "If Gore looks like he can't put it together, Bradley would be acceptable to virtually all Democrats," says Emory University political scientist Merle Black.
Coelho, of course, has a turnaround plan. He's speeding up endorsements by national and local pols. Ground troops are being rushed to New Hampshire and other trouble spots. And he has scrapped the "quick kill" scenario, girding instead for a protracted struggle to painstakingly pile up delegates. The Holy Grail: votes of 800 party leaders who have automatic seats at the convention and account for 18% of the nominating tally.
"Tony realizes we're in for a tough fight against a very credible candidate in the form of Bradley," says Gore delegate-counter Tad Devine. "You're going to see some powerful stuff from our side." What's more, the Gore camp thinks that as Bradley fills in details of his "big ideas" agenda, his appeal will wane.
Still, Gore must move fast. Unless he finds his footing, political pros say even the best ministrations of Coelho & Co. won't save his campaign.By Lee Walczak and Richard S. DunhamReturn to top
The Market's Future?
Securities & Exchange Commission Chairman Arthur Levitt Jr.'s vision for 21st century stock markets, scheduled to be unveiled on Sept. 23, would deprive the New York Stock Exchange, Nasdaq, and other bourses of exclusive rights to trade companies' shares. The top securities cop wants a system where Nasdaq dealers would make markets in NYSE-listed stocks like General Electric Co. and Big Board specialists would fill orders for such Nasdaq companies as Microsoft Corp.
The NYSE, Nasdaq, and fast-growing electronic rivals would compete for orders by trying to trade faster and cheaper. The SEC would link markets with an electronic system where stock orders with specified prices would be posted for trading anywhere. SEC staffers haven't yet worked out details--like how to ensure that dealers on different markets offer all investors an equal chance at getting shares at the best price--but hope the key players will flesh out Levitt's blueprint.
Achieving his vision requires three changes. The SEC chief is nudging the NYSE to drop its Rule 390, which bars most listed stocks from trading on other markets. The SEC also expects today's 12 traditional exchanges and new e-markets to consolidate, perhaps to three. Finally, Levitt will push the NYSE and Nasdaq to merge their market monitors, creating one super-regulator under SEC supervision. But each market will probably continue to police its own trading for front-running and other violations. SEC aides figure that local cops on the beat will best be able to detect trading shenanigans.By Mike McNameeReturn to top