Why Isn't McCain Debating Again?

John McCain's justifications for postponing Friday's debate seem to be slipping away.

First, contrary to previous assumption, Friday's debate will include questions about the economy:

A senior Obama adviser says that the CPD has told both campaigns that there will be questions about the economic crisis during Friday's debate.

They were told this last week...

And while McCain seems to insist that the bailout package would fail spectacularly without him, the reports contradict him:


Deal close on $700 billion financial bailout plan

WASHINGTON (AP) -- President Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a bailout plan with more protections for taxpayers and new help for distressed homeowners.

Senior lawmakers and Bush administration officials have cleared away key obstacles to a deal on the unprecedented rescue, agreeing to include widely supported limits on pay packages for executives whose companies benefit.

After today's photo-op at the White House, what function, exactly, is McCain planning to play in the negotiations?

Tags: Election 08 (all tags)

Comments

39 Comments

Re: Why Isn't McCain Debating Again?

After today's photo-op at the White House, what function, exactly, is McCain planning to play in the negotiations?

When I was younger, my great grandfather got sick as he was getting older in the nursing home. And every time he did, my Great-Aunt Sue would drive in from Florida and make a huge scene. She'd pester doctors, stay by his side all day, and comfort him and ask what she could do. After a couple of days, he'd get better, and immediately after he did, she was gone.

Meanwhile, my grandmother took care of him, visited every day, spoke to doctors, took care of him. The only time that pattern was disrupted was when my Aunt Sue came swooping in to complicate everything.

John McCain wants to be a hero and a leader. And what must be clear from this is that he has no idea what either of those things are.

by vcalzone 2008-09-25 06:31AM | 0 recs
NO ON CASH FOR TRASH...

I am praying the Obama and the Democrats DON'T
---

DON'T LET THIS DIVERSION BLIND US INTO SIGNING THIS OBSCENE BAILOUT BILL.

IT DOESN'T, IT WON'T HELP THE ECONOMY
TO REWARD CROOKS.

by architek 2008-09-25 09:33AM | 0 recs
Re: NO ON CASH FOR TRASH...

The allcaps and bold doesn't make us think better of you.  It makes you look like the guy on the bus who is shouting to himself.

by the mystical vortexes of sedona 2008-09-25 09:46AM | 0 recs
It's all political, and groundbreaking

also posted at Daily Kos.

Advanced by Chuck Todd at MSNBC: McCain is the de-facto leader of the Republican Party.  He needed to signal to His party that they had ZERO chance of getting anything (like elected) if his buddies killed this bailout.

The R's were not getting on board, and unless this bailout is structured to make both parties blameless or equally culpable, nothing will happen.  McCain had to get his guys in line.  What better way to wake them up than threaten to quit the campaign?

Make no Mistake, this bailout will MUST happen. Either as a complete package or a stopgap measure with the heavy lifting left to the next administration.  The alternative at this point is worldwide economic collapse.

Moving forward, this whole debacle shows the fallacy of Reaganomics, and the need to re-structure the economic system to re-distribute the wealth from its current concentration in the top of the economic pyramid toward the bottom.  Supply Side Economics must die now.

We are witnessing the first step.  Paulson's bailout plan is predicated by Our Money being tossed at the Banks (supply side).  It is being countered by Dems and conservatives in Congress who want to look at the Consumer's Side (consumer side - note: need better name for this) and address the root of the problem.  Unfair terms for mortgages and credit cards, executive compensation, ownership stake for advancing the money, and prior lack of infrastructure investment for advancement.  

We sit at a unique opportunity to re-structure the economic world for the better. Create a new economic model or recast an older one based on support of the grassroots and infrastructure.  Sustained growth at a reasonable rate, with good government regulation avoiding the creation of conditions that create economic bubbles (Hi-tech or housing).  

We can help create it by being vocal to our elected representatives now and after the election.

by NvDem 2008-09-25 06:36AM | 0 recs
Re: It's all political, and groundbreaking

If he had issued a statement with Obama and told his party that he expected them to pass this bill, it would have accomplished the same thing in a more elegant and worthwhile way. They were balking because he started it and CLEARLY never had any issued communication that told them which way he wanted them to go. Obama did, and that's why the principles he wanted in place (that came from Dodd) are largely getting done.

McCain's opportunity for leadership was two weeks ago. He failed it and came up with a thousand different angles that ultimately left his party hopelessly divided.

by vcalzone 2008-09-25 06:41AM | 0 recs
Re: It's all political, and groundbreaking

Agree.  What can I say? I think McCain likes the dramatic approach.

Does it work?  It distracts from the issue.  

Remember, if the campaign is about issues Obama Wins, if it is about something else, McCain wins.  Right now the Country is focused on One Issue (bailout).

by NvDem 2008-09-25 07:30AM | 0 recs
WOULD YOU GIVE CRACK TO A CRACKHEAD?


NO..

THIS IS THE SAME THING..

by architek 2008-09-25 09:34AM | 0 recs
Re: WOULD YOU GIVE CRACK

What about methadone to a Heroin addict?

by NvDem 2008-09-25 10:10AM | 0 recs
Re: Make no Mistake

My hypothesis is: The Crisis is Real.  It is perpetrated by the past 30 years of Regan model Supply Side Economics.  

Bush is trying to have the outcome break in his favor.

It is now Time for the Economic Model to Change.  A bottom-up model if you would.  (really need to fine a new catchy name for it...)

by NvDem 2008-09-25 07:36AM | 0 recs
Re: Make no Mistake

It is a real crisis caused primarily by the effect that rampant bribery under the aegis of lobbyism - has had on our American system of laws.

Derivatives trading has been around, and corrupt - since Enron. In fact, it was one of themajor reasons Enron unwound. After Enron, McCain led a charge to keep from regulating anything related to these types of investments - which are subject to huge short selling pressures as a result of offshore and "pump and dump" scams that run without certificate calls.  Although the president is talking about "bad loans" the real situation is that the derivatives and essentially off-market trades can and have always been able to bring more pressure to bear on prices (including oil arbitrage) than is legally allowed (the number of stocks traded should always match the total number of certificates isssued. this is not the case).

The SEC stopped all short selling in these past few days on key stocks, and dropped financial GIANT .. AIG from the DOW JONES INDUSTRIAL AVERAGE.  Which is also huge. And things still kept dropping.

So combine this, with what seems to be now the foreign perception of loss of trust in the American dollar and you are getting a stock market that is trading so hard downward, with so much money to be made short that nobody is long or they work hard to keep anyone bullish on America. Nearly dead on the ropes.

Finally, the investment banks needed a form of regulation for years. Just simply the architecture of their trillions of dollars of assets - required the same sort of proposals on board that the very founding of the SEC wanted to include - but back in 1929 they convinced the govt. to exclude the SEC from that type of regulation and it finally caught up with them.

This is an era of automated trading. A crash will happen in slow motion.

McCain was one of the key architects of the crash. He sat on the committees that led to this disaster, he helped pen legislation that opposed tightening this regulation - and he has a 15,000.00 per month paid lobbyist as his chief financial advisor. Who just so happens to be taking his money from Freddie Mac. (Rick Davis - they quickly got rid of him this week! Pay no attention to the man behind the curtain)..

So what does McCain want to do? Another dog and pony show.  He isn't succeeding. He is afraid of the debates. You can smell the fear.

by Trey Rentz 2008-09-25 08:04AM | 0 recs
That's not true The banks KNEW they were bad risks


THAT IS WHY THEY WENT AFTER THE POOR, THE SICK, THE RECENTLY INJURED PUSHING THEIR EASY CREDIT.

THE GOAL WAS TO STEAL THESE PEOPLE'S EQUITY AND HOMES. ANYBODY WHO DOES NOT SEE THAT IS BLIND.

It's all been documented EXTENSIVELY by Professor Elizabeth Warren at Harvard. These banks knew EXACTLY what they were doing and how it would end.

They took this risk KNOWING that they would lose the loans, and that they had the political clout to STEAL this money from ALL OF US.

NO NO NO...

For us to GIVE THEM MONEY is absolutely obscene. Any Democrat who votes for anything that rewards these crooks and hstlers will have to answer for it to the American people.

NOBODY WANTS THIS BILL EXCEPT FOR A VERY FEW.

by architek 2008-09-25 09:40AM | 0 recs
Re: Make no Mistake

Hmmmmm... you have two points here, but let's focus on your second one.  You're right, there is no model for bottom up economic change.  

Now is the time & opportunity to Create a Bottom up model for change.  (and avoid getting sucker punched in the future, it's way to late for us to do anything about the current one, IMHO).

I think that this is something we need to discuss looking toward the future. Paulson's plan is a bailout and a give away, everyone sees that. This is why everyone is so pissed and letting their Congresscritters know it.  So, what to do?  Push your Congress Critters to only pass a Band Aid. Push everything else to be taken up 1st thing in the next session.

As an example of trying to create bottom up economic policy, what if.....  In the next session, any future bailout money was tied to infrastructure investment, $1 for the bank, $1 for infrastructure investment (still 700B total, keep the same price tag).  

Sidebar: God knows, in order to get off of the oil standard there has to be massive infrastructure investment.  An example here is Windpower, the best place to take advantage of windpower is on the great plains, but there is no efficient transport system to get it to the demand center markets on the coasts.  
The current power transport system is not set up to deliver it and there is no incentive for state run utilties to invest in such power transport structures.  Use the infrastructure investment money to give them the incentive to upgrade, (or have other companies take advantage and build transport structure).  /Sidebar

The infrastructure investment will create a push from the bottom to develop and execute projects for the public benefit that create employment as an added benefit.  let it be used on roads, sewers, drinking water systems, energy generation, any number of infrastructure improvements that benefit the public.  

A perfect system? I don't know, but it's better than just handing over the money and getting a few shares of stock or  oversight of executive pay.  At the same time, a solution like this re-distributes wealth downward so there is more purchasing power on the lower end of the pyramid, enabling faster distribution of the 'troubled' assets by the government.

by NvDem 2008-09-25 10:03AM | 0 recs
Re: Now may be the time...

This makes our immediate job to get the democratic majority.

A Small bailout will keep the voters focused on the Economy, the MSM won't let go if it.  

Remember, We win on the issues, McCain wins if it's about Obama.  Right now the Country is focused on One Issue.  Obama is already pulling away from McCain on this issue, if we can keep it focused there, We. Win. Big.

Possibly to the Magic 60+ in the Senate.

Using the power of the internet, we as activists can hammer together a plan that can kill Supply Side economics and replace it with better long run economics.

We can also use the internet to coordinate and present as one voice, when we'll be listened to.

Time to get started....

by NvDem 2008-09-25 10:33AM | 0 recs
Re: What you're saying sounds good...

The reality is that the Democrats have agreed...

The attacks will happen no matter what.

Keep it focused on the Issue of Economic Uncertainty.  Win the Election, Massively.

Work the next Session to Reverse what the R's have done all these years.  After all, it took them 30+ years to fuck it up this much.

This is not an overnight project.  I we have any hope of prevailing we must take a long view and develop a cohesive plan.  

If we have a plan we can push it on the next session(s).

by NvDem 2008-09-25 10:53AM | 0 recs
Re: Why Isn't McCain Debating Again?

From John Dickerson over at Slate:

It's not clear what, exactly, McCain is going to do in Washington. He doesn't sit on any of the relevant committees, and everyone is already deep in negotiations. Still, he's coming anyway. It doesn't make much logical sense. The only way to understand it is politically: In a presidential campaign, the surest sign that a candidate is playing politics on an issue is when he claims not to be playing politics on an issue. The only way for McCain to convince everyone that his intentions are 100 percent pure is for him to drop out of the race completely. A campaign doesn't end--and its distracting affects don't disappear--just because one candidate says so.

Kinds says it all.

by jsfox 2008-09-25 06:40AM | 0 recs
Re: Why Isn't McCain Debating Again?

I beg to differ on the issue of whether or not McCain is responsible for this mess.
He is a member of the commerce committee,

and his TOP 5 contributor are

Merrill Lynch $306,813  <--- the investment bank!
Citigroup Inc $277,251
Goldman Sachs $234,345  <--- Investment bank!!
Morgan Stanley $234,272
AT&T Inc $192,557

He has to go back to Washington to TALK TO HIS LOBBYISTS.

If it were only that he were on the commerce committee, which would be you know - something that we as voters could keep track of.
But you see. Washington is run by lobbyists.
And they are upset right now. So they called McCain back.

by Trey Rentz 2008-09-25 08:10AM | 0 recs
Re: Why Isn't McCain Debating Again?

I think he's scared of Obama.
He knows he can't win any questions on the economy.

And he knows Palin will lose to Biden.

It's just another move like he did when he picked Palin....

by Dickie Simpkins 2008-09-25 06:41AM | 0 recs
Re: Why Isn't McCain Debating Again?

"After today's photo-op at the White House, what function, exactly, is McCain planning to play in the negotiations?"

One could hope that he's arm twisting Republicans to vote for it, but that's about all I can picture.

One thing to consider, if McCain does end up swooping in and taking a lot of credit for a bill he didn't write, how will that play with the free market voters who hate the idea?

by thezzyzx 2008-09-25 06:45AM | 0 recs
Re: Why Isn't McCain Debating Again?

Let's face it.  The majority of voters are pissed off about the need to bail out the financials, even if they support some form of bail out.

A couple days ago, McCain was saying he didn't even know if he would vote for it (as some Repubs argued this was a golden opportunity to separate themselves from Bush).

My gut tells me that McCain's erratic (read risky) behavior will hurt him more than being a faux white knight will help him.  Sure, he'll get some talking points but most people will see this for what it is, a stunt.

Bottom line, I think it helps McCain with folks who want to believe in the maverick, apolitical McCain myth.  For every undecided that leans towards him because of this, there's probably at least one that goes the other way.

Of course, when McCain goes up by 10 in the polls because of this, I will officially give up on the voting public (and my gut as well).

by Fluffy Puff Marshmallow 2008-09-25 06:54AM | 0 recs
I thought that at least McCain had courage...

by activatedbybush 2008-09-25 07:09AM | 0 recs
McCain doesn't care!!!!
Senator McCain Said Tuesday That He Hadn’t Read The Bailout Proposal
according to Cleveland NBC station WKYC: “In an exclusive interview he told Tom Beres, ‘I have not had a chance to see it in writing. I have to examine it.’”
by cobsjo 2008-09-25 07:25AM | 0 recs
Re: Why Isn't McCain Debating Again?

Funny isn't it that it took McCain a day and half to get to Washington for this "urgent" crisis. He had to stop to pick up a bag of money from Lady "redneck" de Rothschild, schmooze Katie Couric for the evening news and speak for Bill Cinton's Ego Festival. By the time his campaign is actually suspended he will be starting it up again. He will then take a bow with the idiots in Congress and return to give a rousing, screeching assault on Obama at the debate. Someone said Sarah Palin might suspend her campaign as well? Does she have her own campaign now? Did she ever begin a campaign? She just thinks she is in another beauty pageant. All she has been doing is smiling and waving for photos and giving her "bridge to nowhere" speech.

by billreef 2008-09-25 07:58AM | 0 recs
No walking while chewing gum?
""I want someone who can walk and chew gum at the same time."
Great comment by the little gator at the groupnewsblog!
http://www.groupnewsblog.net/2008/09/wal king-and-chewing-gum.html
by Gray 2008-09-25 08:19AM | 0 recs
Re: No walking while chewing gum?

Btw, afaik LBJ created this slur, but in more drastically form:
http://www.brainyquote.com/quotes/quotes /l/lyndonbjo384005.html

Oh, and imho Gerald Ford still was a better president than McSame could ever hope to be...

by Gray 2008-09-25 08:24AM | 0 recs
Congress should delay this deal

long enough to study it and have substantive amendments.

I'm not persuaded action needs to be taken in days. Bush didn't say we needed to raise taxes on the wealthy. He didn't acknowledge his administration got it wrong on Iraq.

If it were really important, Bush would have raised taxes on the wealthy and acknowledged getting it wrong last time he did the Chicken Little routine.

Positive Liberty has some reasons to be skeptical a crisis is imminent.

by Carl Nyberg 2008-09-25 08:31AM | 0 recs
Re: Congress should delay this deal

It think that they (Wall St.) want it in days to beat the Sept. 30th end of quarter reporting.  If the legislation isn't passed, a lot of quarterly statements are going to look very, very  bad.  

Pass legislation prior to Oct 1st & two things happen 1) everyone delays their quarterly announcements while they are calculating the numbers to 'accurately' reflect legislation. 2) What would have been a disastrous quarter can now be painted rosier as a result of the legislation (Lipstick-on-Pig theorem).

by NvDem 2008-09-25 09:13AM | 0 recs
Moose Stew for Everyone!

Maybe Palin can make some of her famous Moose stew, and McCain can deliver it those that are actually involved in the negotiations.

by zenful6219 2008-09-25 08:35AM | 0 recs
Re: Why Isn't McCain Debating Again?

"If it were really important, Bush would have raised taxes on the wealthy"

If a meteor was going to hit the earth, and the solution was raising taxes on the rich, Bush would pass on the deal.

by WashStateBlue 2008-09-25 08:38AM | 0 recs
re: Why isn't McCain

I just saw on Fox News that McCain is asking that the election be postponed until his poll numbers go up a bit.

by Cleveland John 2008-09-25 08:41AM | 0 recs
Re: re: Why isn't McCain

;>

ROTFLMAO

by NvDem 2008-09-25 09:14AM | 0 recs
McCain's Suspended Campaign
Yesterday, McCain said he was suspending his campaign until the economic bailout plan was decided. Of course, the first question in my mind, was why suspend? Why couldn't Palin pick up the slack and take over for McCain while he saved us from financial ruin (<roll eyes>)?

Well, it turns out, McCain lied AGAIN! Palin just didn't get the memo about the suspended campaign. Can you blame her? She was so busy speed-dating yesterday in NYC, she just couldn't keep up with current affairs. Nevertheless, she's campaigning TODAY in Pennsylvania!

by zenful6219 2008-09-25 08:55AM | 0 recs
He is desperate to stop the VP debate

He knows that Palin is ill prepared to debate Biden we should not yield a single inch on this.

by netgui68 2008-09-25 09:14AM | 0 recs
Re: He is desperate to stop the VP debate

Nah, I think this is about setting expectations for Palin's debate performance.  They're going beyond lowering the bar... they've buried it... in a mine in Nevada.  She will 'win' the debate just by showing up and saying 'New-Clear'.

by Fluffy Puff Marshmallow 2008-09-25 10:03AM | 0 recs
Re: He is desperate to stop the VP debate

LOL!

by nzubechukwu 2008-09-25 11:02AM | 0 recs
Re: Why Isn't McCain Debating Again?

John McSame is a liar about suspending his campaing I live in Tampa and have watched this morning his ads running on the local Stations so much for truth from a serial Liar!

by tpagy 2008-09-25 09:36AM | 0 recs
Ummm, is McCain winning the 'narrative'?
I find First Read reasonably even-handed in their analysis. Amusing to see them link to a clip of Casablanca when discussing whether McCain inserted politics into the bailout.

http://firstread.msnbc.msn.com/archive/2 008/09/25/1447537.aspx
by Fluffy Puff Marshmallow 2008-09-25 10:08AM | 0 recs
Maybe McCain has health (droopy face) issues

http://www.dailykos.com/story/2008/9/25/ 123742/608/99/610095

by Hesiod Theogeny 2008-09-25 10:23AM | 0 recs
Re: Why Isn't McCain Debating Again?

"According to a list of attendees circulating for today's White House meeting, McCain is bringing a campaign aide, while Obama's bringing a Senate staffer."

http://www.politico.com/blogs/bensmith/0 908/Staffing_the_White_House_meeting.htm l

Mr. "My Country Comes Before Politics" gets caught bringing his campaign aide to a meeting where an actual Senator brings his actual Senate staff?

Whoops!

by zombieflanders 2008-09-25 10:31AM | 0 recs
Re: Why Isn't McCain Debating Again?

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by WillNotBeFooledByObamaNATION 2008-09-25 08:38PM | 0 recs

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