Posted on 09/26/2008 9:42:51 AM PDT by Candor7
John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal. In doing so, he went against not only Democrats but the Republican president, the panicked Republican Treasury Secretary and Fed Chairman, and Republican Congressional leaders. Instead, he sided with a small band of outraged Republicans grousing about violation of free-market principles.
So was this idiotic McCain self-destruction, as most people are suggesting? Or was it a brilliant populist move?
We think the latter.
Americans hate the Hanke-Panke plan, which they accurately view as a bailout of the financial-services companies and executives that helped get us into this mess. Some Americans are so angry, in fact, that for now they'd rather see "this sucker go down" -- as Bush put yesterday, referring to the U.S. economy -- than support a financial-services bailout. By aligning himself with a small band of Republicans who are refusing to go along with the Hanke-Panke plan, McCain not only appears to be standing up for this outrage but is reinforcing his desired image as a maverick.
Given the ongoing crisis in the credit markets, a bailout plan will likely be struck today or Monday -- whether McCain plays ball or not. Assuming this happens, McCain will:
Take credit for brokering a compromise (assuming the final deal is palatable to Americans) Crow that he was the candidate who tried to stand up against the bailout of Wall Street fat-cats Note every five minutes in the next six weeks that the enormous sop to Wall Street hasn't saved anything (if the bailout works, it won't work until long after the election is over) Blast President Bush, who everyone hates anyway, thus reinforcing his "change" message Say he's the only guy with the balls and experience necessary to deal with this crisis. And on the off chance that a deal doesn't go through in the next couple of days, McCain can just rail about the outrage of the Democrats' desire to bail out Wall Street at the expense of Main Street and say he's the only one standing up for the little guy.
In our opinion, this was a brilliant political play (and we're voting for Obama). If only it were likely to lead to a better bailout plan.
(What's a better bailout plan? One that injected equity into the banks -- or, better yet, converted debt to equity -- thus penalizing banks for their stupidity, not taxpayers, and actually accomplishing the desired recapitalization).
Spoiler ... yes, I'll grant that one, Reid was correct in his first comment about this, McCain is necessary to getting the House GOP to commit some cover votes -- he just didn't bargain on the fact that McCain would actually go back to D.C. to do it.
Well, the Rass daily tracking poll seems to be indicating the McCain misstepped. I have to say that in hindsight he could have come to Washington without suspending his campaign.
Too true, But think about it. Obama was supposed to keep McCain tied up and away from Washington. Mccain , in suspending his campaign, put the Dems into a veritable tizzy. Look at Harry Reid. " Stay away McCAin! Stay away from my preciousssssssss!" LOL.
McCain revealed to the nation with his actions that 2 to 3 billion in this bailout is designated to ACORN. Thats enough to get McCain elected by uncommitted voters ,even if the ACORN earmark is left in the bailout.
I am glad McCain "suspended" his campaign and dedicated it to revealing the truth about the Bailout Bill. In so doing he dragged Obama after him, and apparently, Obama made a comlete ass of himself in the cabinet room last night.
The suspending of the campaign was bait, and the Dems fell for it, hook, line and tinker.
Now EVERYBODY knows that the Dems attempted to dedicate 30% of our financial sustem to socialist causes rather than profit, EVEN AFTER THE HOUSING INITIATIVE OF SUB PRIME AFFIRMATIVE ACTION MORTGAGES FAILED>
These A$$ HATS never quit do they? America knows now that they need to be turfed , and I look for a shift in the House and Senate because of it. Even Dems like Senator Bernie Sanders know the populist sentiment on the bail out, and he is against the bail out, so he can stay in office.
I wonder why NV shoots itself in the foot with its loyalty to Reid: probably why DE does the same with Biden and Carper
The dumboRATs fiddle while our country burns.
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Fear not. With an Obamunism presidency, we would be pandering to Chavez and Castro -— all the while we are disarming and devastating our military as Carter and Clinton did....such a comforting feeling laced with looming financial disasters in this country.
I am sooooo proud of Washington, DC and the fine job they have done TO Americans.
Despite the pollution from the smoking heaps of sh*t in the dnc and msm, this seems like an emerging no-brainer. If the GOP blows this one, then we are truly screwed.
Perfect analogy. And we thought GW was the "new sheriff in town."
Compassionate Conservatism Is Dead!!!!!
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Well said. Perhaps we can practice “Constitutional Conservatism” instead. That has a nice ring to it.
Most of our fellow citizens believe capitalism failed. We don’t have true capitalism! The government engineered this problem and I question their ability to fix it while protecting the taxpayer.
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