Don't want to miss out on the latest in politics? Start each day with The Post Politics Hour. Join in each weekday morning at 11 a.m. as a member of The Washington Post's team of White House and Congressional reporters answers questions about the latest in buzz in Washington and The Post's coverage of political news.

Washington Post national political reporter Lois Romano was online Thursday, July 3 at 11 a.m. ET to discuss the latest in political news.

The transcript follows.

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Archive: Post Politics Hour discussion transcripts

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Lois Romano: Good morning. I'm delighted to have you all join me on this hot Washington day. As always, there's a ton of political news out there, so we'll get started.

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Columbia, Md.: Ack! Obama got a mortgage rate that was less than the average in his area! I got a mortgage rate that's less than the average in my area! It might be because I have excellent credit and a decent income -- I guess so did he. But please, don't tell anyone, because of the implications. Or does this smack of someone who makes intelligent financial decisions? Help me, Lois!

Lois Romano: As someone who just bought a house and refinanced a house recently, I had trouble finding the fault line myself. I don't know what was going on in the market at the time, but the lower rate didn't strike me as unreasonable.

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Roswell, Ga.: Lois, thanks for doing these wonderful chats. In your travels, what are you hearing from voters about the economy -- are people truly scared? And, do you get a sense from them about which presidential candidate they feel is better equipped to deal with it?

Lois Romano: People are terrified, and you can see it in their spending habits -- cars sales are way down, housing starts are down, wages are down, and the real killer is gasoline prices, which are above $4 a gallon. Gas prices particularly hit families in suburban areas that need to drive for work and school.

It's early, but if I had to say what people feel right now, it would be Obama on the economy. McCain already has said (he will regret saying it) that the economy isn't his thing. And John Edwards and Hillary Clinton have made the struggling underclass the centerpieces of their campaigns -- and they will be out there for Obama.

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Seattle: Lois, thanks for the chat. Do you think most Americans know that John McCain was one of the Keating 5? As we get closer to the election, do you expect that McCain will get questions about his involvement in the savings and loan crisis? As he is running on character and experience, I would like to know more about the story and what he has to say about it.

Lois Romano: I think most American have forgotten about the Keating 5. I suspect it will be brought up -- if not by the Obama camp then by 527s supporting Democrats, which can raises issues and remind people.

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Avon Park, Fla.: People have made much of the fact that Barack Obama only has a single-digit lead despite being a Democratic year. Couldn't it be because John McCain isn't a traditional Republican?

Lois Romano: Yes, that is part of the reason. Both men are very attractive to independents and swing voters -- and that is where the election will be decided. Also, I need to keep reminding everyone that it is very early. As the saying goes, 24 hours is a lifetime in politics.

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Florissant Valley, Mo.: Good morning, Lois. I have a pair of questions about the Obama-Clinton dog-and-pony lovefest last week. Did it go so well that they'll repeat it from time to time, or is it a one-time success story, best not repeated? Second, do you think Hillary improved her veep chances? Thanks.

Lois Romano: It went very well, and it probably will be repeated. Chances are between nil and none that she will be considered -- for reasons that have less to do with her than with her husband. The Obama camp doesn't know what do with him if she is the veep nominee.

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St. Paul, Minn.: Hi Lois. Thank you for taking my question -- I always appreciate your insights. Sen. McCain seems to be taking some criticism for his trip to South America, with questions about why exactly he's going, given that the economy -- not foreign policy -- seems to be the main issue with voters this election. Any thoughts as to why he would make this visit at this particular time?

Lois Romano: McCain's campaign believes his strength lies in his experience and stature. By going to Latin America, he could be seen in the company of heads of state and our neighbors, discussing issues that affect this country -- trade, drugs, immigration. It's all about timing, however. Perhaps his timing is off, as Americans are far more interested right now in what he'll do at home.

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Rohnert Park, Calif.: Happy Fourth, Lois: Not that the Democrats need further foment from the base, but in order to attract the illusive independents, how about Justice Stevens retiring in October to open a seat on the Supreme Court? How'd that be for an October surprise? The debate on his successor would be clear and defining.

Lois Romano: Thanks you for that suggestion -- but there wouldn't be a debate to speak of, because it's the end of the year and a lame-duck GOP president isn't going to send a Supreme Court nomination to a Democratic Congress a month before the election.

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Rolla, Mo.: So Obama didn't refuse a "fist bump" to a child after all (video shows the child asking him to sign his hand in ink), yet it was the subject of much chatter for a day or two in the online and cable media. Isn't this more proof that we've gone into silly season already?

washingtonpost.com: The Trail: A Bump in the Fist Bump Story (washingtonpost.com, July 2)

Lois Romano: Yes, analyzing a fist bump would qualify for silly season.

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Bemused: Ed Rollins was on the morning news shows talking about the need to "introduce" John McCain to all the folks who don't know him. The guy has been in public life for decades and has a public record of some weight. Didn't Hillary Clinton tout a "reintroduction" strategy when things were going south during the primary campaign, which didn't work so well? Are we going to meet up with the old McCain, or a new McCain whipped into shape by Sgt. Schmidt?

Lois Romano: The campaign is in desperate need of a consistent message -- what he's running on. It seems to change every few days. Once that is established, a narrative will be built around it. Steve Schmidt is a gifted strategist -- hold onto to your hat.

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Baltimore: A media bias question. While there has been some media discussion about the appointment of Schmidt in a campaign shakeup, do you perceive a difference, an almost benefit-of-the-doubt attitude going to McCain here? Imagine if Plouffe or Axelrod were shunted aside for one of Hillary's major advisors -- there would be nonstop mayhem in the press and 24-7 coverage analyzing every aspect of that decision. Why isn't there the same reaction for Schmidt?

I think it's because we don't have the echo chamber of Rush and Fox flogging the issue until the mainstream media takes it up. It seems like that is always the case. There is much being made in the media that Obama is getting two-to-one coverage compared to McCain, but when a majority of that coverage is backhandedly negative, such as "why can't Obama close the deal" and/or "why don't white working-class voters warm to Obama," that to me actually is McCain coverage. Your thoughts?

Lois Romano: Well, it's not the same as a Hillary person taking over the Obama campaign. Steve Schmidt has been with McCain since the beginning, and has been traveling with him since January or earlier. It's perceived as a better use of talent and resources. And it did get ample attention -- cable, networks, newspapers (front page of our).

I'm just not sure you can can argue that Obama coverage has been negative. Both men enjoy a decent relationship with the media.

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New York: Why are we not supposed to question whether McCain's war record makes him more qualified to be president -- or whether he has good foreign policy and national security judgment, to begin with? Seem like valid questions to me, but apparently those kinds of questions are out of bounds. Why?

Lois Romano: No one said we couldn't question his foreign policy and national security experience and judgment. However, his war record is delicate. The man spent five years being beaten and degraded in a Vietnamese prison. There has to be a pretty good reason to raise it -- unless you're praising it.

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Atlanta: Hello - thanks for taking our questions. A great deal has been said about the lack of a bounce for Obama after he clinched the nomination. In past elections we usually heard about post-convention bounces, not post-clinching-the-nomination bounces. Is this something new, or was I not paying as much attention during past elections?

Lois Romano: The bounce usually comes after the convention. All the hoopla and self-celebration usually gives candidates a boost.

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Kensington, Md.: I've re-read the Obama home loan story, and it still strikes me as a nonstory. Your reporter didn't seem to consider the possibility, other than referencing "other factors," that the Obamas might have gotten a better than average loan (5.6 percent vs. 5.9 percent) because they have really good credit. Obama had just signed a book contract for more than $2 million, he and his wife had combined steady annual income of $500,000, and they apparently stick to the principle of carrying no credit card debt. That seems the recipe for a very healthy FICO score.

Lois Romano: Yes, that's all true. As I said earlier, I came away with the same impression. I wanted to know more. It just wasn't a big enough break to prove to me that he got special treatment. And yes, people with excellent credit get lower rates all the time.

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Mt. Lebanon, Pa.: Did I hear correctly that the Obama vice presidential commission (two members) is trying to short-list a Catholic in order to appeal to a base that Obama comes up short with? If so, any pros or cons to this? I'm not a religious person -- I even profess no faith -- but it seems to me that trying to standardize the brand of something as diverse, deep, multifaceted and complex as the Catholic faith and its followers is a pointless endeavor, given that people are individuals not, standard-issue items. Thanks much.

Lois Romano: First of all, the committee will gain an additional person one of these days -- so Eric Holder and Caroline Kennedy won't be at this alone. They will look at every possibility for the ticket to attract a variety of interest groups and bases -- the list will contain women, Latinos, white guys and people of various religious stripes.

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Kensington, Md.: Now that John McCain's campaign is under "full control" of a man who's so closely connected with President Bush, Vice President Cheney and Karl Rove himself, how is it, exactly, that McCain is presenting himself as somehow "independent" of the Bush administration? And isn't this sort of up-to-the minute "association" a bit more relevant than Sen. Obama's former association with his preacher (who unless I'm mistaken wasn't planning his campaign strategy)?

Lois Romano: It's a fine line for him to walk for sure. President Bush remains popular with segments of the base, so McCain could use him to secure these voting blocs that haven't yet warmed to him, and the president is always a good draw for fundraising. But he'll have to be quite careful about how it plays with independents and potential Democratic crossovers -- many of whom are down on Bush.

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Southwest Nebraska: McCain's military service is off-limits? Why wasn't John Kerry's? Is it a case of okay to make one mistake in your favor but not one not in your favor?

Lois Romano: Certainly a good point. The 527 Swift-Boaters effectively -- and shamefully I believe -- denigrated Kerry's service, and many think it cost him the election. However, some of the events surrounding Kerry's record were open to different recollections. No one around McCain during his service questions his five years as a POW.

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Sugar Land, Texas: Good morning to you. Any new polling organizations taking over the show for the campaigns now that the previous firms missed the boat so often in calling the results ahead of time this year? And Hillary's pollster must be bankrupt -- or heading that way -- given how poorly they performed. After all, if it's broken why not fix it?

Lois Romano: Hillary Clinton's pollster is far from bankrupt -- he earned $20 million from the campaign. However, one of the criticisms of the Clinton campaign was that it only had one pollster. Many campaigns have at least two, so that they can check them against each other to ensure they are not getting bad samples.

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Shrewsbury, Mass.: Is the Obama campaign now completely set up for the general election? That is, everyone's aboard? No shakeups or realignments necessary that he's the guy and he's going to pick his own vice president? The money is pouring in and everyone knows their job and it's all running on autopilot? Thanks.

Lois Romano: It's moving in all the right directions. There will be more staffing, but no shakeups on the horizon. You only have a shakeup when things are not improving or are going south. Everyone is quite happy with how the Obama campaign was run -- very disciplined, very strategic. So far so good. But we still have four or five months to go...

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Lois Romano: Thank you all for joining us today -- great questions from smart readers. Check this time every weekday for insights from my colleagues. And Happy Fourth!

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