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McCain Suspends His Campaign For Bailout

From Fox News:

McCain Suspends Campaign to Help With Bailout

Wednesday, September 24, 2008

John McCain announced that he will suspend his presidential campaign on Thursday to return to Washington to help with Wall Street bailout negotiations. He urged his opponent Barack Obama to do the same.

The Arizona senator also asked the Presidential Debate Commission to postpone Friday’s scheduled debate with Obama so that he can work on the financial crisis bailout plan now on Capitol Hill.

“America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen,” McCain said in remarks to reporters from New York.

A senior Obama campaign official told FOX News that Obama still plans to go forward with Friday’s debate. Obama is expected to issue a statement shortly.

McCain said he will leave the campaign trail after delivering an address to former President Clinton’s Global Initiative on Thursday morning. He canceled a Wednesday afternoon taping of The Late Show With David Letterman show and a Thursday interview with FOX News.

McCain’s move suggests he’s serious about dealing with the bailout since he had negotiated strongly to make the first of the three debates between the candidates on foreign policy, McCain’s strong suit. The first debate had been set for Friday at the University of Mississippi in Oxford…

Within minutes of McCain’s statement, Obama’s campaign issued its own statement suggesting that the idea to work together came from that camp.

“At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal,” spokesman Bill Burton said.

“At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details,” Burton continued…

In his remarks to reporters, McCain said he did not think the Bush administration’s $700 billion bailout plan, being shepherded by Treasury Secretary Hank Paulson, adequately addresses the crisis at hand.

“It has become clear that no consensus has developed to support the administration’s proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time,” he said…

“I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.” …

While McCain’s decision appears to put partisanship aside, both campaigns have used considerable energy casting the other as not definitive or aggressive enough on the financial rescue and other reforms…

McCain is suddenly talking like “a hard-charging populist,” Obama said, even though Obama claims McCain’s policies favor the rich.

The McCain campaign responded that Obama incorrectly claimed that he “‘blew the whistle’ on Fannie Mae and Freddie Mac CEOs for their golden parachutes, when he actually hired one for a critical job in his campaign and reportedly had his campaign seeking policy advice from another.

“The truth is that while John McCain sounded the alarm on the need to reform Freddie and Fannie to protect American taxpayers, Barack Obama took record amounts of their money and refused to take action to reform and regulate them. If ‘lying’ is saying you did one thing when you actually did the opposite, then Barack Obama just lied,” said McCain spokesman Tucker Bounds.

Not that anybody asked us, but we think this is nonsense.

And that it will not calm any jitters, but instead have the opposite effect.

Oh well.

This article was posted by Steve Gilbert on Wednesday, September 24th, 2008. Comments are currently closed.

33 Responses to “McCain Suspends His Campaign For Bailout”

  1. Consilience

    Respectfully disagree, I believe McCain just outflanked Mr. Obama by giving him a “non-choice”. If he concedes a delay in the debate, he’s following—-if he says “no” (and in fact did—“call me if you need me”) he seems petty and not willing to be part of the solution. We just got a lesson on character and that McCain’s “Country First” slogan—isn’t a slogan as much as a philosophy. McCain wants to focus on a solution, Obama on seizing power.

  2. wardmama4

    Just when I think I can’t back this horse – he once again does something to make me think he actually is using his brain.

    And Obama is out there stonewalling it –

    I’d thought that neither one would go to DC (can’t go on record for/against this mess) – it could be the end of the campaign.

    Another good one for John ‘I’d rather lose an election, than lose a war’ McCain.

    And Obama et al – let’s just hope that We The People write in, call in and email in to hold their feet to the fire.

    The hypocritical irony of charging We The People $700 billion to socialize the mortgate industry – just makes me want to puke.

    ENOUGH

  3. Consilience

    Dave Ramsey has a good explanation on the mark to market issue brought up by Sarbanes Oxley:

    http://www1.daveramsey.com/etc.....0887.htmlc

    This is offered because it highlights the severity of this crisis—and one great alternative to spending $700B!

  4. Steve

    From our friend Jake Tapper:

    Reid to McCain: Don’t Come Back to Capitol

    September 24, 2008 5:14 PM

    A Democrat tells ABC News that in a phone call late this afternoon, Senate Majority Leader Harry Reid, D-Nev., told Sen. John McCain, R-Ariz., that it would NOT be helpful for him to come back to Washington, DC, to work on the Wall Street bailout bill.

    McCain this afternoon suspended his campaign and said he would skip the first presidential debate in order to return to Capitol Hill to work on the log jammed Bush administration legislation, which as of Wednesday afternoon was in peril.

    When contacted, the McCain campaign did not have any comment….

    http://tinyurl.com/49qa6z

    What a statesman he is.

  5. 1sttofight

    McCain, the adult, just spanked Obama, the child.

    I guess Obie will just vote present by proxy like he usually does.

  6. Consilience

    What the hell would there be to “comment” on…the last thing the democratic leader would want woutld be Senator McCain’s presence.

  7. Moonspinner

    Well I guess the whole campaign is on Sarah’s shoulders now. Maybe she can debate Barry boy. It would sure be watched by a larger audience if she were opposite Barry rather that other fella. And he will be referred to by the American people as that other fella running against Obama if he stays away from the campaign trail very long. Last I heard the American people didn’t want the government doing a bail out anyway. It was the government that screwed things up in the first place! And McCain going back to the Senate just reminds the voters he is part of Congress and part of the problem. Gee Whiz!

  8. 1sttofight

    I disagree moonspinner, It looks to me that McCain is going back to his current job to try to straighten out the mess, while Obie is left looking like the child who has his gameplaying interupted in order to do his household chores.

  9. Kilmeny

    Unnecessary in terms of the financial “crisis”, I think it will only serve to make it seem worse than it is, but making the move first ahead of Obama? Kind of brilliant.

  10. JohnMG

    …..”A senior Obama campaign official told FOX News that Obama still plans to go forward with Friday’s debate……”

    Doesn’t matter. He’ll still lose. Empty suit vs. empty chair.

    Score:
    Chair 1
    Suit 0

  11. retire05

    The only nonsense is that Harry Reid has said that neither candidates are needed. If we don’t need them to be in Washingon doing their jobs now, why do we need either one of them next January? Obama said at his presser that he had been in contact with the Botox queen and Harry (I own all of Nevada) Reid and told them if they need him to let him know. I guess that call never came.

    But wasn’t it just yesterday that Reid said without McCain this would go nowhere? How quickly his opinion changes when McCain just pulled a coup that makes his empty suit show it’s hanger.

  12. Media_man

    McCain has totally mishandled this financial meltdown crises. He had all of the political cover in the world to make hay out of this & he blew it. Hello President Obama!

    The Dollar to Euro will drop to 25 cents & continue to pennies.

    Pitiful.

  13. Exeter

    What needs to happen now is, Mr. McCain goes to Washington, rallies the Republicans (and some Dems) to work out a solution. He actually hammers out a proposal agreeable to both sides as well as the Administration. Then he goes to Mississippi on Friday to kick Obama’s ass in the debate. End result? McCain looks like a statesman, the Republicans look like the solution, and Obama looks like the petulant man-child he is. This is a dream-scenario, I know – but I’d love to see it realized.

  14. A Mad Pole

    I agree with those, who applaud McCain for having suspended his campaing. His primary job description is “U.S. Senator”. McCain’s decision goes to prove that he cares for the country more than for the November elections.

    Call me gullible, but I am impressed, no matter if he actually manages to hammer out a compromise bill (it is another questions whether there should be any talk of goverenment bailing out banks and lenders at all but this is not the right place to elaborate)

  15. Exeter

    I’ve just been reading some other, less partisan blog-sites. The moonbats are screaming, “chicken!” at McCain – like he’s the one scared to meet his opponent in a public forum without teleprompters!

  16. Lipstick on a PIAPS

    From the reaction of all of the Democrats, totally negative, this was a brilliant stroke. Most people don’t understand what’s going on but they do understand trying to do something about it. Obama and the Democrats were criticizing McCain about this issue and he said, OK let me go and address this. The screams from the left shows just how much they DONT want a solution! Otherwise Obama would have bolted like McCain at the same instant!

  17. Landshark

    We have a fundamentally sound economy threatened by a crisis of confidence.

    Our whole economy tanks if everyone freaks out.

    It seems to me that the definition of leadership in these circumstances is to do EXACTLY as McCain is doing.

  18. Clarissimus

    Risky move by McCain, but it does make clear that the Dems don’t want a solution . . . not until November, anyway.

  19. Exeter

    Obama blew it by not going to Washington first. Now he CAN’T go – that will make him look like he’s following McCain (again!), not to mention indecisive. But staying where he is will make him look foolish, proud and self-interested. And, if McCain pulls this off, Obama will look insignificant. The pup once again outmaneuvered by the old dog. Touche, McCain!

  20. gipper

    Moonspinner: Oh, how I would LOVE Barry to debate Governor Palin! I don’t think it will happen, but it would be sweet. Barry: “Change uh, uh, uh…” Palin: “Arf! Arf! Arf! [Howk!] [Canine jaws putting testicles in vise-like grips.]

  21. apackof2

    My initial reaction?
    Brilliant move by McCain once again. He famously said, “I would rather lose an election than a war” He can say it again, “I would rather lose an election than see America’s economy destroyed”

    Country First.

    And his disagreement of the legislation that is being pushed by Bush further portrays him as an independent reformer willing to break with his party.

    Join the “Sisterhood of Sarah” here: http://www.cafepress.com/RightThisWay
    My Blog http://www.apackof2-theworldac.....ogspot.com

  22. notsoyoungjim

    Not going to try to out think Big Mac–he’s got the entire world against him and the Great Depression [sic] looming and he’s doing what he thinks is the right thing (not necessarily the politic thing).

    And if he gets some decent legislation signed (a big ‘if’), he looks like a conquering hero to Dumbo’s preening over debate errata.

    Audentes fortuna juvat

    Which means ‘fortune favors the bold’ if i remember my Latin lessons.

  23. Sooie

    Now, for your comedy moment amidst the crisis (admit it, laughter makes you feel better)…

    Cynthia McKinney has said she’s ready to step up in McCain’s absence during the debate:

    http://www.independentpolitica.....ys-debate/

    hahaha… (dabbing tears from my eyes and holding a gut…) Whew.

  24. aze_216

    It must be a good idea because david letterman and the other “funny-man” john stewart are mocking McCain even more than usual. If nothing else, I hope McCain learns a lesson never to appear again on any of these insipid “comedy” shows.

    Btw: the financial bailout at $700 bn is still less than the estimated costs of $1 trillion (2005 study) to the economy of the sarbanes-oxley act. This study is a couple of years old, but details the direct and indirect costs of this monstrosity of a law:

    http://w4.stern.nyu.edu/accoun.....of_S_O.pdf

  25. BillK

    Needless to say, Letterman ripped McCain a new one, ably assisted by that fine journalist. Keith Olbermann.

    No bias there, uh uh.

    A video is up at TMZ.com:

    http://www.tmz.com/videos?auto.....03b66d3c28

    Note he also “caught” McCain preparing for an interview with Katie Couric at the same network and used that as “proof” of McCain’s “lying.”

    Perhaps, dear Dave, an interview with Couric is just a wee bit more important than appearing on your once funny program?

    As an aside I also think this will do no good, and this, coupled with both Bush’s and Palin’s warnings of dire eonomic consequences should the bail-out program both sides of the aisle hate not be passed, I think were the election in the next week or so this would pretty much hand it to Obama due to the American public’s infantile desire for “change” and inability to realize that yes, things could be worse and that the need to downsize from a Grande latte to a Tall does not portend another Great Depression.

    Ah well.

  26. artboyusa

    Leadership…courage…original thinking. When you see those qualities demonstrated, as we’ve seen here, you realize how rare they’ve become in our politics.

  27. Tommygun

    The problem in all the favorable-to-McCain takes is that the media will not allow it to be portrayed that way.

    If you want it to be seen in such favorable light, you and I will need to tell people other than those on a blog or forum or two. I personally have already started.

  28. artboyusa

    “The Wrath of Barack”, an ONLY IN AMERICA: the Legend of Barack Obama special!

    “Ohhh – this really nettles me” fumed Barack, turning the television off.

    “What is it, O Brown Eagle?” grovelled Kevin Shitt, campaign aide.

    “Nettled? It’s an obscure expression indicating irritation and frustration” answered Barack, delivering his half of the ancient gag. “But that’s not important now. What’s important is how McCain keeps making me look bad”.

    “The impudence of that half-crippled dotard!” fawned Kevin. “Look bad how, exactly, Sire?”

    “He keeps doing stuff that makes me look like I’m on some selfish ego trip; like I’m in this thing for me and me only, like all I carry about is my personal success and gratification – as if!”

    “As if indeed, Mr President” said Kevin, giving Barack a relaxing neck and shoulder massage.

    “Country First’ – ha! A country is nothing but a piece of geography, a collection of rocks and trees and rivers, held together in the minds of the credulous citizenry by dubious abstract concepts like ‘patriotism’ and ‘love of country’ – supported by a national mythology consisting of, frankly, a wilful distortion of history”.

    “Distortion?”

    “You bet! Look at World War II – how many innocent Germans did we kill on D Day? How many young Japanese lives were snuffed out at Yoko Ono or whatever it was? Did we ever apologize for any of that? Did we ever admit our guilt? No –it was all flags and parades and ‘Ooh –we won! We’re so great! You’re all liberated now –go America!’ Pffftt on that gung ho junk, I say. Pffftt”.

    “Fascinating, Mr President” said Kevin, rubbing Barack’s tired feet. “No wonder your academic career was so successful”.

    “A country – my kind of country – is about people! People like me. People who are me, in fact. ‘Barack First’ – that should be our campaign motto! Say, Kev – what is our motto anyway?”

    “Obama Knows Best” answered Kevin as he shampooed Barack’s hair. “Or is it ‘Time to Say Sorry, America’? I forget, exactly”.

    “Not good enough – get on the phone and change everything, change all the campaign signage to my new ‘Barack First’ motto. Get cracking!”

    “But Mr President –that’ll cost millions!”

    “We’ve got trillions! And alert our media stooges – go on, chop chop! ‘Country First’ – I’ll show that white haired war criminal who comes first…”

  29. BigOil

    McCain probably made the right political move. However, all the foxes rushing back to the henhouse to supposedly fix a problem they created makes me very nervous.

    Until we hear some talk of repealing Sarbanes Oxley – and eliminating all the social engineering mandates imposed by the Democrats that precipitated the high risk loans – nothing will change.

    Brace yourself for the next round of unintended consequences resulting from ‘reaching across the aisle’ to ‘get something done’.

  30. Colonel1961

    Haven’t read all 29 comments, so if I repeat something above, then sorry. Postponing anything in a crisis makes you look weak – even if, in this case, it is the postponement of a political campaign and it appears prima facie, legitimate.

    It will be too easy for the other side – Bill Clinton excepted – to say ‘We can’t postpone an invasion for McCain to come-up-to-speed…’

  31. Virginia Shanahan

    Hell no! Go to the debate and take all of Washington with you! I can’t afford the socialism or any other ism!

    http://conservativepolitics.to.....socialism/

  32. Reality Bytes

    I guess Obama didn’t get the memo. The Obama campaign claims that the idea of suspending the campaign & the debates were really their idea while their candidate was out there clamoring that they go on & his lobotomized liberals were screaming “CHICKEN”.

    Is it me or is still not possible to have it both ways?

    http://ukpress.google.com/arti.....vrx0hvurJA

  33. gipper

    “Postponing anything in a crisis makes you look weak…”

    I have to disagree with you, Colonel1961. You have to focus on the most pressing issues of the day. A debate can be rescheduled. I assume that you have a military background, yes? How military members had their leave curtailed or postponed after 9/11? Many, but that wasn’t a sign of weakness. If anything, it was a sign of strength–group strength.


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