But that's just the way it looks to me.
Several big players had already taken the heat, some having lost their positions. The big money and dems realized it was bad, both the dems and big money thought they could control it.... with help. That was were the planing started but was only small at the time. Some of the dems saw they had a chance to help big money, and get some dems elected. At that time they did not care specifically who.
Big money and some dems in on it just wanted more dems in, a president of their choice would be a possibility. So this might be an opportunity. Remember at the end of 07 and in early 08 they knew of the problems, and of Republicans talking of the problems. The select few who knew in both big money and the dems started to ratchet up the heat on Iraq to divert attention to Iraq. GWB had put in a new tactic and leaders in Iraq and just needed time.
So dems ratchet up the push on Iraq to some what sabotage the chance that Bush and Republicans had made. Note that the Dem presidential candidates had also started to get more vocal, meaning more talking points to the candidates.
Separate of that big money was talking to dems about what they could try. The two groups decided on the plan, thought they could control what ever happened. Big moneys payoff in the deal was government bail out and a bit less control.
As it got to mid-year they bot saw it would be Hillary or Obama and again did not care who. Bush helped with the arranged buyout of Bear Stearns. Made big money and Dems more confident GWB would play as they needed. Then there was the push and the acceptance by Bush's Feds on their quick resolution of Indy Mac “situation”. Obama by June was pretty much it and money and dem players decided to move forward together. As it moved closer to election, the really thought they could control a minimal problem that could be inflated to a crisis situation. (Note the panic McCain dealt with it and the calm Obama was committed to it. Obama was very controlled and made obligatory statements of controled concern.
Obama and Dems at this time thought (and was sured) by the Bear Stearns buyout, it could all be managed by them. Bush doing the bailout (and the allowal of the Indy Mac seizure) made them confident they could, before Obama got in, get the Republicans panicked into making the move with them, and they would not get all the obvious heat.
Note that the Dem house folk, though they could do it themselves, did not move until the republican where on board! Note also that Paulson did not expect to get all the money he asked for, but he did and apparently Doled it out to some favorites. The controls were also very free and many of the big money folks used the money to buy out smalled players and other banks and financial players.
So now they needed to financially aide out more big money players, but it was very selective who was helped and allowed to manage as they wanted, and then who then some bought out other financial companies and smaller banking firms. These early moves and lack of controlled moves made the financial companies around the world also panic. The initial talks of which way our government was going did not give them much confidence all the bad paper they had thought our government would make good might not be reality.
The all realized just how much bad paper they all were in to. And it was off to the races to what we ended up with now.
As to McCain's involvement, I think he got what he thought was good info it was all controlled and he had a chance to get in on the rescue. But he was not in on the whole story and ended up looking like a dupe and out of touch.
Obama definitely knew what was going to happen. He did not realize the scope or possibilities, but could play calm for that reason. He did not know the scope of it. Either because he or his advisor's could not grasp the magnitude of what could be or was unleashed I don't think he could possibly know. After all the big money people did not grasp how bad this would get.
Then the Republicans started to show they were not going to play any more. The dems had some more player who wanted out of the initial mess..like the UAW. When the dems saw what was going to happen to the auto business and that the auto business might not get rescued with the Republicans agreement, they then went to the president again to convince him of the absolute need to save “all the workers”. Meaning UAW jobs. Of course this means primarily US auto business.
The Republican congress held firm though.Bush worked out a deal with congress and Fed on how to spend the money in a different way, but now Bush was on record with Congress so the dems would be able to manage the spin on their major part in the mess. The the foreign owned companies were doing fine up to the financial mess, and probably still will. Obama still did not need to sully his fingers in any way. He will come in and does not need to take any of the blame. The MSM will make it look as it was the Republicans and Bush so he can just “get work to solve the problem left him.
So this seems it all did not work out as it seems they planned and hoped originally, yet it did yield major benefits. Even now they can blame the auto business problem on the Republicans. Better yet when the next step comes when the auto business is not any better in a few months, they can say the Republicans and Bush did not give sufficient money to the auto business. They and Obama can tell the American people that they can fix it but sacrifices need to be made.
And so it starts from here. God help us and the American people who let the Dems and Obama have so much power. Worse by not paying attention the American people are very culpable in what comes from right now.
God help us and the Republic he set up to be created against strong forces. The most powerful empire in the world was thrown off our shores. He helped us set up the seed for strong resolved men could with inspiration build. Let's hope he has one more intervention like he did in the 1700’s.