Bold move
Sen. McCain's sudden suspension of his presidential campaign and return to Washington to help deal with the economic crisis was a bold political stroke. It left his rival Sen. Obama sitting in Florida looking somewhat forlorn and complaining that McCain had somehow tricked him. Maybe so, but that's hard-ball politics.
It is amazing to me that Obama, with no experience in dealing with economic crises, is given a higher score in polls on this topic than McCain. The only areas where McCain is ahead is security and foreign affairs. Perhaps McCain's bold move will change some people's perception of him.
Sen Dodd (Dem., Conn) quickly changed his tune, before McCain announced he was coming to Washington to meet with the President and Congressional leaders, Dodd was saying only how difficult it would be to achieve consensus on this emergency legislation. As soon as McCain said he was coming, Dodd made a quick about-turn and in less than 24 hrs announced that a deal had practically been made. I presume this was done so quickly so that McCain himself could not claim credit for it.
Meanwhile Obama made two mistakes, first he said that "if they need me they'll call me," showing a serious passivity in the face of a crisis, as well as failing to act as a Senator (which he still is), and second he announced that as far as he is concerned the Presidential debate in Mississippi should go ahead on Fri night as planned, which makes him seem inflexible and unable to respond with imagination to a rapidly changing situation. It was McCain who took the initiative and who proclaimed a bipartisan effort to resolve the crisis.
Now it appears that under Republican scrutiny the Bush bailout plan of giving b$700 to the Treasury to use as it sees fit has run into serious trouble. Both McCain and Obama have issued a series of conditions they would expect to be minimally put on the use of these funds, many of them the same, such as no payments for Wall Street leaders who themselves have contributed to this financial crisis. But, exactly how much money should be contributed, how it should be made available and what conditions should be put upon it are now being negotiated between Congressional leaders, the two Presidential candidates, and Pres. Bush in theWhite House.
If this results in a "better" plan from the pov of the American people, that will be good for everyone and Sen. McCain will receive plaudits for his actions. If on the other hand this results in a political deadlock and no plan is forthcoming in the short term, and then this causes the market to drop precipitously, there might be economic melt-down, and McCain will be blamed for this outcome, bold move or not.
Meanwhile it does not look like the first Presidential debate scheduled for Mississippi this Friday evening will take place. How this will affect future debates and how this crisis will be resolved at are of the utmost significance.
It is amazing to me that Obama, with no experience in dealing with economic crises, is given a higher score in polls on this topic than McCain. The only areas where McCain is ahead is security and foreign affairs. Perhaps McCain's bold move will change some people's perception of him.
Sen Dodd (Dem., Conn) quickly changed his tune, before McCain announced he was coming to Washington to meet with the President and Congressional leaders, Dodd was saying only how difficult it would be to achieve consensus on this emergency legislation. As soon as McCain said he was coming, Dodd made a quick about-turn and in less than 24 hrs announced that a deal had practically been made. I presume this was done so quickly so that McCain himself could not claim credit for it.
Meanwhile Obama made two mistakes, first he said that "if they need me they'll call me," showing a serious passivity in the face of a crisis, as well as failing to act as a Senator (which he still is), and second he announced that as far as he is concerned the Presidential debate in Mississippi should go ahead on Fri night as planned, which makes him seem inflexible and unable to respond with imagination to a rapidly changing situation. It was McCain who took the initiative and who proclaimed a bipartisan effort to resolve the crisis.
Now it appears that under Republican scrutiny the Bush bailout plan of giving b$700 to the Treasury to use as it sees fit has run into serious trouble. Both McCain and Obama have issued a series of conditions they would expect to be minimally put on the use of these funds, many of them the same, such as no payments for Wall Street leaders who themselves have contributed to this financial crisis. But, exactly how much money should be contributed, how it should be made available and what conditions should be put upon it are now being negotiated between Congressional leaders, the two Presidential candidates, and Pres. Bush in theWhite House.
If this results in a "better" plan from the pov of the American people, that will be good for everyone and Sen. McCain will receive plaudits for his actions. If on the other hand this results in a political deadlock and no plan is forthcoming in the short term, and then this causes the market to drop precipitously, there might be economic melt-down, and McCain will be blamed for this outcome, bold move or not.
Meanwhile it does not look like the first Presidential debate scheduled for Mississippi this Friday evening will take place. How this will affect future debates and how this crisis will be resolved at are of the utmost significance.
posted by Jack Cohen at 8:25 AM
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