McCain was summoned; Obama issued a ‘I approve this bailout’ statement and his now infamous ‘call me if you need me’ dismissal of the crisis as he conveniently disappeared to hover, or ascend, or whatever it is artificial messiahs do when they disappear from public view.
Thank goodness that McCain DID return to Washington, for he found, that in spite of the calamitous ‘financial catastrophe’, Frank and Pelosi still managed to find precious time to include a $3B windfall for ACORN - amazing I know, but shows where their heads were at (and remain). In fact, they were so intent on porking up the bailout bill, they neglected to add any mandates or rules defining how banks were to handle the billions in cash they were being ‘rescued’ with.
McCain exposed the windfall (leading to Frank's snitty remark on the House Floor) and McCain also exposed the fact that Republicans were being locked out and BARRED from meetings concerning said bailout - McCain's presence gave weight to Boehner’s demand to get those doors open for Republicans to participate, albeit under conditions of confiscated blackberries and cellphones (which made it very difficult for republicans to communicate to leadership).
Blackberries and cellphones were collected in trashcans, under the pretense ‘leaks’ would be ‘harmful’ to the passage of the bailout bill (with, of course, the implicit insinuation that the ‘leaks’ would only be possible from the republican side).
Without McCain, the original ‘bailout’ would have been nothing more than a Windfall Factory for the Dems.
Unfortunately, in the Senate Version, Dodd STILL didn't put any rules in the bailout bill, but he DID include an illegal and artifical loophole that benefits the banks by enabling billion-dollar windfalls for themselves, which has lead to an even bigger mess.
McCain is one of the unsung heroes of the bailout - exposing once again the hypocrisy of the dem party - and deserves acknowledgment as such.
McCain deserves no criticism on this. I have tried to support President Bush through thick and thin. But finding an economic meltdown weeks before the presidential election? It’s irrefutable Bush’s administration is the author of McCain’s defeat.
I keep thinking of the movie scene in which Jose Ferrer toasts “Here’s to the real author of the Caine Mutiny!” and tosses his drink in Fred McMurry’s face.
Here’s to the real author of Obama’s victory! I’m just not sure whether the drink is for Paulson, Bush, or both.
Except that earlier in your post you admitted:
...Pelosi instructed Josh Bolton that if McCain did not ‘sign off’ on the Frank/Paulsen House bill, she would kill it...
McCain had an opportunity to call Pelosi's bluff and he did not.
And now look where he is.
Had McCain called Pelosi's bluff, what would have happened? If the bill would have passed anyway, McCain would have come out smelling like a rose immediately (he'd campaigned against pork, so he'd have perfect cover). When the bill then proved to be a disaster, he'd be in even better shape.
If the bill would have failed, McCain would still have been in fine shape (as noted, he campaigned against pork, and there's really no excuse for all the pork in that thing). And the country would have been better off.
Too bad nobody had a podium that could explain to the public why the bill was precisely the wrong medicine.