There will be debates, and I expect that the debate on Friday will proceed. McCain has now so successfully lowered expectations for his own performance (”he’s afraid”) that he stands to gain that way as well.
Further: McCain knows what Bush is going to say tonight. BO doesn’t.
Even if you cynically assume that Mac is doing this as a political ploy and not out of statesmanship, then you must admit that it’s a good hedge-better if the markets crash in the next few days; he can say “I told you so, and Senator Obama wouldn’t listen.”
As for those panicked about a McCain “panic,” relax. 24 hours is a lifetime in politics.
This could be looked upon next week as a brilliant political decision. At worst, it will be forgotten entirely. The debate narrative will take over.