Breaking: McCain suspends campaign to deal with economy, calls for debate to be postponed; Update: Obama wants debate to go on; Update: Don’t come back, Reid tells McCain

posted at 3:04 pm on September 24, 2008 by Allahpundit

Country first.

John McCain asked the Presidential Debate Commission on Wednesday to postpone Friday’s scheduled debate with Barack Obama so that he can work on the financial crisis bailout plan now on Capitol Hill.

The Arizona Republican senator said he will suspend his presidential campaign on Thursday to return to Washington to help with bailout negotiations. He urged Obama to do the same.

He’s trying to siphon off some of Obama’s strength with voters on the economy, obviously, but er … at the expense of a debate on foreign policy that would have played to his own strength? What does McCain gain by steering the campaign towards an issue for which the public blames his party?

Update: Is there any way The One can say, “No, let’s debate”?

Update: Slublog suggests this is Maverick’s way of dragging Obama and Biden back to D.C. while keeping Palin out on the trail. Eh. Given the media’s disposition towards her, how do you think they’ll cover her stumping for votes amid this dire national crisis?

Update: I guess McCain figures he’s at enough of a disadvantage on the economy that if he doesn’t do something bold to cut into Obama’s lead, he’ll disintegrate by election day. Meanwhile, Barry O says … the debate is still on:

“I have spoken to Senator Obama and informed him of my decision and have asked him to join me,” McCain planned to say in New York City, according to advance excerpts released by his campaign. “I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.”

However a senior Obama campaign official said Obama “intends to debate. The debate is on.”…

Obama is willing to return to Washington “if it would be helpful.” But Obama intends to debate on Friday, an official said.

Update: The Weekly World News blows the lid off the secret reason for McCain’s ploy.

Update: Team Maverick’s in the process of yanking its ads as we speak. I think this is actually an opportunity for Obama to show some stones. Call what McCain’s doing a stunt and reiterate the need to debate on grounds that both sides can spare a few hours for a moment of national import in which the public is extremely interested. It could backfire, or it could destroy the political benefit McCain’s getting out of this.

Update: Ole Miss says it’s been told by the debate commission that for the moment it’s full speed ahead.

Update: Ah, the search for a victim ends with Ole Miss claiming it’ll be “devastated” if McCain pulls out now:

Andrew Mullins, special assistant to university Chancellor Robert Khayat, told ABC News that the Ole Miss campus has been transformed to accommodate the candidates and the press. Road blocks are in place on campus and in the community and the debate set for the candidates has already been constructed. He said the university has spent roughly $5.5 million getting ready for the debate…

“It’s huge. You cannot just say that you’re not going to do this thing,” Mullins said. “I don’t have any idea whether we do the debate” at a later date. (We) probably wouldn’t do it.”

People are e-mailing to say that McCain should send Palin in his place. Yeah, I’ve got a funny feeling that’s not in the offing, although it’d be clever if Obama proposed it.

Update: A source inside the Obama camp tells NBC The One will reject the idea of cancelling the debate and argue that presidents should be able to multitask. Er, what if McCain simply doesn’t show, then? Meanwhile, Obama mega-shill Joe Klein offers a clever way to call Maverick’s bluff: Simply move the debate to D.C. so that the two candidates can be in town to work on the bill and change the topic from foreign policy to the economy.

Update: As expected, he just said at his presser that he thinks it’s important for Americans to hear from the candidates right now given that one of them will have to deal with this mess in January, etc etc, so the debate is presumably still on as far as he’s concerned. Your move, Maverick.

Update: Reid told McCain on the phone his presence is neither wanted nor needed.

“This is a critical time for our country,” says the Reid statement. “While I appreciate that both candidates have signaled their willingness to help, Congress and the Administration have a process in place to reach a solution to this unprecedented financial crisis. I understand that the candidates are putting together a joint statement at Senator Obama’s suggestion. But it would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy. If that changes, we will call upon them. We need leadership; not a campaign photo op. If there were ever a time for both candidates to hold a debate before the American people about this serious challenge, it is now.”

A source close to Reid said McCain didn’t have much to say after that.


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CP on September 24, 2008 at 8:23 PM

agreed postponement is all that is needed. but postponement works for McCain becaue it will give a bigger audience when it does happen, will most likely be on a weekday instead of a friday and would be on forgien policy closer to the election. Esp if the present economic crisis is adverted by then.

unseen on September 24, 2008 at 8:27 PM

NEWSFALSH:

BUSH ASKS OBAMA TO COME BACK TO DC….

unseen on September 24, 2008 at 8:29 PM

Everyone is posturing to be the first to pick up the fiddle, meanwhile Rome burns…

xyzzy on September 24, 2008 at 8:33 PM

NEWSFALSH:

BUSH ASKS OBAMA TO COME BACK TO DC….

unseen on September 24, 2008 at 8:29 PM

Seriously? Where did you see/hear/read that?

Oink on September 24, 2008 at 8:33 PM

CTDeLude on September 24, 2008 at 8:09 PM

I can see your point on that one. In fact that is the strongest point i have heard instead of all the “let them eat cake” comments. However, the commerce clause and the fact that the US fed gov gives them the right for interstate commerce gives them the power true somewhat on a limited basis. the laws enacting the FEd and regulations governing that FED also give them the power, same with the laws forming the SEC, FDIC etc. the precedent is there in case law and in common practices over the course of the last 70 years. Bringing up that THIS is finally enough is alittle late to the party don’t you think.

unseen on September 24, 2008 at 8:17 PM

True enough…true enough. And in many ways that’s the depressing thing about it all. That the rock have may already rolled down the slope and there’s no stopping it. Of course maybe this is the bottom to help correct that. The next few days will certainly help decide that.

CTDeLude on September 24, 2008 at 8:33 PM

xyzzy on September 24, 2008 at 8:34 PM

Oink on September 24, 2008 at 8:33 PM

DRUDGE HAS IT UP ON FRONT PAGE
http://www.drudgereport.com/

unseen on September 24, 2008 at 8:34 PM

unseen on September 24, 2008 at 8:12 PM

This country would never get into that position again.

Like I said, there are lots of smart people with money that would infuse it back into the system after feeding off the financial corpse’s of those that started this mess.

We will survive.

csdeven on September 24, 2008 at 8:35 PM

CTDeLude on September 24, 2008 at 8:33 PM

agreed but understand my position I believe that a bailout is the best hope of NOT having the country turn to socialism…kind of fight fire with fire thing.

unseen on September 24, 2008 at 8:37 PM

NEWSFALSH:

BUSH ASKS OBAMA TO COME BACK TO DC….

unseen on September 24, 2008 at 8:29 PM

Biden too?

Chakra Hammer on September 24, 2008 at 8:37 PM

BUSH ASKS OBAMA TO COME BACK TO DC

dude

Spirit of 1776 on September 24, 2008 at 8:38 PM

KentAllard on September 24, 2008 at 7:28 PM

First, I think people are less likely to do that these days but I think the public is settling down, the stock market was pretty flat today.

Cindy Munford on September 24, 2008 at 8:38 PM

More on Bush’s invitation to McCain/Obama to meet in Washington here.

Pianobuff on September 24, 2008 at 8:40 PM

csdeven on September 24, 2008 at 8:35 PM

I think your wrong because most of that wealth is not based on production of more wealth but is just based on believed vaule. For instance a person that has a million dollar home today means what exactly? Next month the home could be worth 500,000 or even 100,000 How is he going to be able to reinflate anything?

capital is very hard to get back once it is gone. that is why the 1st rule on Wall street is protect capital.

unseen on September 24, 2008 at 8:40 PM

True enough…true enough. And in many ways that’s the depressing thing about it all. That the rock have may already rolled down the slope and there’s no stopping it. Of course maybe this is the bottom to help correct that. The next few days will certainly help decide that.

CTDeLude on September 24, 2008 at 8:33 PM

The last time it happened we got the New Deal, which contained a lot of extra-constitutional socialism. If we allow another depression, I’m certain we will get far more extra-constitutional socialism. People will turn to government intervention like never before and president Obama will be happy to oblige.

phronesis on September 24, 2008 at 8:41 PM

Bush just stabbed McCain in the eye, way to go W, what a F’in dumb a$$. All hail the Messiah!

dmann on September 24, 2008 at 8:42 PM

How about this: McCain calls for a postponment; Obama says no, puffs his chest out, and demands the show go on; McCain returns to Washington, does the leadership thing, while everyone waits to see if he’s gonna debate; McCain makes sure everyone gonna watch, (remember it’s on a Friday)the media is implying McCain is running scared; McCain decides he has to go, since Obama won’t back out, then while everyone turns in, they weren’t going to before, McCain kicks Obama’s @#$ in Foreign Policy.

You don’t think this will be a well watched debate, NOW? Remember, Obama wanted Foreign policy first and it’s on a Friday (who thought up that one). What better way to make sure there is a tune in factor? (To see the scared old man going against THE ONE!) Just a thought!

sophiesmom on September 24, 2008 at 8:42 PM

Meltdown, Obama and Biden are needed by the president, it shows they are needed in the Senate. They aren’t there: they are screwed. Thank you President Bush for putting the heat back on Obama. I hope he makes it known in his speech tonight, I want everyone to hear him say they need to be in Washington not out there at fundraisers.

Cardiganfox on September 24, 2008 at 8:43 PM

agreed but understand my position I believe that a bailout is the best hope of NOT having the country turn to socialism…kind of fight fire with fire thing.

unseen on September 24, 2008 at 8:37 PM

I can see where you’re coming from with that but my only issue is that in the investigations and committees that follow this whole ordeal (as they surely will) will the truth of why this occurred be let out to the people? Or will Washington cover and protect its own so that the blame will simply fall to “corporate greed?” If that happens, then we’ve learned nothing and will once again head down this path again.

There’s a reason why our economy outlasted Russia’s during the Cold War. I just wish more people understood why.

CTDeLude on September 24, 2008 at 8:44 PM

Bush just stabbed McCain in the eye, way to go W, what a F’in dumb a$$. All hail the Messiah!

dmann on September 24, 2008 at 8:42 PM

I’m not seeing it that way.

Enoxo on September 24, 2008 at 8:44 PM

phronesis on September 24, 2008 at 8:41 PM

agreed and my fear. the spector of Lenin is on the horizon…

unseen on September 24, 2008 at 8:44 PM

Bush just stabbed McCain in the eye, way to go W, what a F’in dumb a$$. All hail the Messiah!

dmann on September 24, 2008 at 8:42 PM

How do you figure? Looks to me like McCain chose to do the right thing on his own accord and Obama had to be dragged into it.

phronesis on September 24, 2008 at 8:44 PM

BREAKING NEWS: Obama Accepts Bush Invitation To Meet In Washington…..that’s gonna leave a mark!….Gotta have the big guy call you in!?….So much for obama knowing whats best for America!

christene on September 24, 2008 at 8:45 PM

dmann on September 24, 2008 at 8:42 PM

In what way? you idiot.

Cardiganfox on September 24, 2008 at 8:45 PM

obama had to be dragged into doing what is right….what a loser. not ready to lead indeed…

unseen on September 24, 2008 at 8:45 PM

obama had to be dragged into doing what is right….what a loser. not ready to lead indeed…

unseen on September 24, 2008 at 8:45 PM

And that we ALL can freakin agree on.

CTDeLude on September 24, 2008 at 8:47 PM

CTDeLude on September 24, 2008 at 8:44 PM

when the house is on fire first put out the fire then find the person that set it. there is enough blame ot go aroubnd and hopefully the voters will punish the ones responsible in 6 weeks. Barney Frank should lose by a landslide if there is any justice in the world.

unseen on September 24, 2008 at 8:47 PM

Biden too?

Chakra Hammer on September 24, 2008 at 8:37 PM

Now THAT was funny….

CC

CapedConservative on September 24, 2008 at 8:48 PM

unseen on September 24, 2008 at 8:40 PM

Perceived value is a fact. I think that the perceived value of the mortgages held will be deemed to be lower than they actually are, just so they can recoup some money. At firesale prices, the new investors can begin to stabilize the market and those values rise, making them the beneficiaries of the previous companies bad investment choices.

csdeven on September 24, 2008 at 8:48 PM

Cardiganfox on September 24, 2008 at 8:43 PM

And this says what about the the power of The One, think before you leap to pick the low hanging fruit. W just threw a life line to Obama at McCains expense….

Obama or Die!

dmann on September 24, 2008 at 8:48 PM

What power of the one? HES A DAMN SENATOR! HE HAS TO BE THERE! Whatever broham, go take polisci and get back to us.

Cardiganfox on September 24, 2008 at 8:51 PM

In what way? you idiot.

Cardiganfox on September 24, 2008 at 8:45 PM

Well thank you very much……time to put on that sweater, your core temp. is dropping!

dmann on September 24, 2008 at 8:53 PM

Sweatergirl……

dmann on September 24, 2008 at 8:56 PM

csdeven on September 24, 2008 at 8:48 PM

Perceived value is a not a fact. It is preception. Preception changes on a hourly, daily, monthly, yearly basis. Add into that mix the thing you use to vaule things changing also (dollars) and you have a problem. the perceived vaule of the Zimbabaw’s money is different today then it was 10 years ago. And that means the percieved values of homes in that country are different today then they were 10 years ago.

An economy id fliud and great stress can destroy an economy in hours or days that have lsted for years as people’s preceptions change.

this is why presidents get up and say the fundementals of the economy are strong, it is why leaders do not talk down the economy because if preception changes the economy can change in a heartbeat.

unseen on September 24, 2008 at 8:57 PM

Well it looks like the Godfather made a phone call THE MANCHILD could not refuse! LMAO! Dragged back by those fake grey hairs!

This is rich, this is supremely grand and Toesucker Morris says Rove could have been the genius behind it. LOL!

freeus on September 24, 2008 at 9:05 PM

Sweater-girl……
Lets spell it out, W has given The Messiah an excuse (out) to acquiesce to McCain’s lead without having to pay a price; (1) by defending an undefensible position, (2)or admitting that McCain is right. Most reasonablly intelligent folks would conclude that W is a democrat whos got Obama’s back.

dmann on September 24, 2008 at 9:07 PM

For the love of god, will the McCain campaign please take my advice (or maybe just let me run the campaign):

http://myriadscreed.wordpress.com/2008/09/24/what-mccain-needs-to-do-on-the-debate-and-the-bailout/

MyriadScreed on September 24, 2008 at 9:12 PM

President Bush”Obama could you come back to work,you know the job your paid to do”…Obama”Do I have to? I have all the answers in my head on Foreign policy,I’ve been doing my studies for 3 whole days!”

christene on September 24, 2008 at 9:15 PM

“It’s my belief that this is exactly the time when the American people need to hear from the person will be the next president,” Obama said in Clearwater, Florida. “It is going to be part of the president’s job to deal with more than one thing at once. It’s more important than ever to present ourselves to the American people.”

Clueless git! This comment further reveals what a weak lightweight that he is!!

1) America needs to hear a debate about foreign policy right now?!?

2) How many distracting things does Obama suggest a president engage in simultaneously to prove his mettle?

Using same logic: Obama would select the brain surgeon to operate on him that he thinks would able to wield a scalpel, solve a Sudoku puzzle and recite the periodic table of elements, all at the same time!

electric-rascal on September 24, 2008 at 9:33 PM

Ooops, left this out:

3) Present ourselves to the American people?

Right now, we need able bodied sailors taking action, not engaging in self-aggrandizing showmanship.

Keep it up Obummer, keep it up!

electric-rascal on September 24, 2008 at 9:36 PM

For the love of god, will the McCain campaign please take my advice (or maybe just let me run the campaign):

MyriadScreed on September 24, 2008 at 9:12 PM

But now that Obama has said he wants the debate to go on and the public, at least in early polls, seems to agree, what should McCain do?

Screw the polls! McCain should LEAD and not commit to the debate unless economic situation well on way to resolution.

electric-rascal on September 24, 2008 at 9:41 PM

Obama hesitates to actually attend the Congressional effort.

Obama does not know how to accomplish anything in Congress.

Obama knows that McCain is an agile manipulator in Congress.

Reid knows that McCain in attendance will steal the show from Reid and Pelosi.

Whether McCain rides the fence or toes the line is much more interesting to note than the malarky that supposedly represents “debate”.

Obama knows that McCain would trounce him in Town Hall forum. By being the only one who shows up, he thinks he’ll win debate by default with his “Present” presence. Only if at the debate, he again misses the opportunity perhaps to cast another “present” vote in Congress.

maverick muse on September 24, 2008 at 9:53 PM

MM

Yup. Obama is a clear and present moron.

electric-rascal on September 24, 2008 at 9:56 PM

I really couldn’t see a way for McCain to pull this off…

I was telling my wife “I hope he knows something we don’t Know.” Turns out this was an organized hit & Obama took the bait.

Just Damn. The Maverick pulled it off! This seemed ballsy. It also seemed…stupid.

Whew! Crisis averted.

Dorvillian on September 24, 2008 at 10:00 PM

America needs to hear a debate about foreign policy right now?!?

Lacking all grace, Obama just finished cramming for the test, and he ain’t gonna accept any postponement. That would require RETENTION which Obama lacks.

Though the economy is the obvious focus of our national attention, there are matters of grave international import occurring between Medvedev and Chavez as Russian military aircraft and warship loaded with nuclear missiles float around Cuba and South America just now. Georgia, Russia’s neighbor, is still smarting from invasion. We do have the illegal aliens particularly from Mexico still streaming through our border.

Everybody knows. Yet, it is moments like this when we focus attention on our own backside that we get blindsided by surprise attack. Not that Obama would do any good; he is incapable of doing any good. Obama has made himself the annoying virulent mosquito carrying disease. WE have vaccines and cures. But too many don’t take the necessary precautions to avoid contact with the carrier of malaria.

maverick muse on September 24, 2008 at 10:04 PM

McCain is going to come out on top.

Obama threw a fit and said he was staying on the campaign trail. Ooops… until Bush called him back to DC. McCain +1, Obama -1.

Bailout as written stinks. Must be rewritten. I feel McCain will insist there are safeguards implemented that will save taxpayers. Once that happens, the GOP WILL rally around McCain. McCain +1, Obama -1.

If the DEMS or Obama don’t back him and the GOP or if they DARE try to add in pork, McCain will call a press conference and expose them. McCain +1, Obama -1.

How can McCain lose?

Oink on September 24, 2008 at 10:26 PM

Perceived value is a not a fact.

unseen on September 24, 2008 at 8:57 PM

OK, now we’re off into left field. Perceived value as a concept is fact. I was agreeing with you.

The perceived value of these mortgages are very low, or non-existent at this point. Now we all know they have value, but we aren’t sure what that value will be.

I say let the scum with the bad notes take a bath on the perceived value. And then allow the new investors take the risk and receive the rewards after the perceived values level out.

That’s free market. It gets the government out of the loop. Gets the tax payer out of the loop. And allows the greed merchants that started this take it in the ass exactly as they deserve.

New investors WILL replace them. Guaranteed!

csdeven on September 24, 2008 at 10:31 PM

1. I couldn’t help but think of Reagan’s saying about the gov’t: “The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’”
2. Alan Keyes anyone? I’m tired of having to vote for the lesser of two evils here. Good grief, we haven’t had one good Republican President in 45 years (take out Eisenhower and we’re forced to look all the way back to T. Roosevelt). The GOP abandoned us, so we should seek life elsewhere. No longer will I allow them to take my vote for granted and do whatever they wish, thinking the whole time I’m right there with them. I just wonder if others have the courage to vote on principle, for the good, rather than out of fear, a dread of losing what little we have left. Right now we’re playing to not lose rather than to win. There is a difference.
3. How about mailing each of our individual Congressmen your used tea bags? It worked in Tennessee.

Send_Me on September 24, 2008 at 10:36 PM

Barney Frank should lose by a landslide if there is any justice in the world.

unseen on September 24, 2008 at 8:47 PM

Did you happen to catch that sack of crap on Greta’s show tonight? He had the unmitigated gall to claim that McCain was turning this into a political event.

One of the two guys whose finger prints are all over this crisis, and he points a finger at others.

I hope that after this is all said and done, we have some serious investigations by responsible journalists and hoist the dems, Obama included, up on their own petards.

csdeven on September 24, 2008 at 10:39 PM

Obama spent the last week screeching about how this crisis is the worst we have faced since the depression.

The way I THINK this plays out is like this…..

After McCain graciously giving Obama the option to go back to DC along with him without it looking like Obama was behind the curve, Obama’s advisers decided to play politics and advised Obama to reject McCain’s offer and suggest they type up a memo instead.

McCain goes forward anyway, showing his commitment to the American people by suspending his campaign.

Obama abdicates his PERSONAL responsibility to represent his state and leaves it to others to tell him what he should do. On their advice, he rejects going back and demands the candidates continue with the debate and they can do two things at the same time. His democrat leadership, attempting to cover for Obama, do not ask him to come help out. Effectively saying that THEY will watch out for the citizens of his state.

Bush, after echoing the gravity of the situation, requests Obama’s presence at a meeting to discuss the “greatest crisis since the depression”.

Obama looks like the petulant child that had to be reminded that his first duty is to the American people and not to his campaign. This crisis is a greater priority than any other issue (especially a debate on FP) in this country at this time (Obama’s own words).

Obama is exposed as an empty suit that only does what his handlers tell him to do. Their job is to get him elected and he deferred to them. He is exposed as a fake and a fraud who doesn’t really understand what it means to lead and that all his empty rhetoric about leading etc are exactly that. Empty rhetoric.

He isn’t Barak Obama, senator from Illinois…..he is a sock puppet for the views of the people who surround his campaign. He has no real experience or ability to act on his own.

Meanwhile, John McCain is proven to be a senator, war hero, and American patriot who puts his own interests aside and does what he feels is in the best interests of his state and country.

csdeven on September 24, 2008 at 11:03 PM

How can McCain lose?

Oink on September 24, 2008

It still seems like a mistake to have to come out and say he is going to suspend the campaign. The average guy on the street, it sounds like he’s quiting or overreacting,, but, listening and watching this tonight,, it also almost sounds and looks as though the congress needed him,, almost like the President needed him and Obama,, but Obama didn’t want to come.
All so insane,,, and the ones who should be sent to jail are the Dems! Makes me sick!
I like what Gingrich said though,, why not just offer cheap government loans instead of nationalizing our economy.
Chaos within while our enemies circle like vultures around us.

JellyToast on September 24, 2008 at 11:08 PM

Bush can be a jerk but this move was slick.

He forced Obama’s hand. Obama dare not refuse the President’s request to assist in such a time.

This prevents Obama from doing what he normally does- wait for McCain to take a position and then hammer him on it.

That’s Obama’s MO. Always has been.

Now Obama has to look the team player and will likely appear to be less than McCain who already took the first step.

Slick.

drjohn on September 24, 2008 at 11:10 PM

csdeven on September 24, 2008 at 10:31 PM

ok i agree that the precieved vaule is a fact at the time it is precieved but changes rapidly so it is not a hard truth. And I understand your point about new investors. the problem is that they back up our entire economy. ( cmmercial paper etc). Therefore to let them fail for the vultures to come in means we must let the entire system fail. That is the problem. the bastards in wall street designed it that way. They took the system hostage, they made it so that if they failed we all failed.

unseen on September 24, 2008 at 11:14 PM

They took the system hostage, they made it so that if they failed we all failed.

unseen on September 24, 2008 at 11:14 PM

Breath….. deep breaths….Boeing, IBM, Catapillar, GE, Dell, Astra, Lockheed, Mobil, Apple, Verizon, Dunkin Donuts, Sears, Macy’s, Fredricks of Hollywood, Smith and Wesson, Toyota, Marriot, Blockbuster.. *.*…. are not going to fail, get a grip!

dmann on September 24, 2008 at 11:34 PM

Just curious, when “The One” talks about multi-tasking, what exactly does it mean for himself? What is the multi-tasking that Obama is doing? Seems like he is preparing for the single task of debating without a teleprompter.

Someone, PLEASE hold him accountable for that statement. Just this once. Just to see what happens.

But I’m sure that he’ll just tell us that we misunderstood what he said. Again.

connertown on September 24, 2008 at 11:37 PM

Smells and looks like panic and fear here in the comments.

Chimpy on September 24, 2008 at 11:44 PM

unseen on September 24, 2008 at 11:14 PM

Do you think the basic function of wall street is broken? IE: shorting etc?

csdeven on September 24, 2008 at 11:46 PM

JellyToast on September 24, 2008 at 11:08 PM

I disagree. The average guy on the street, according to the polls, is VERY concerned about what is happening. Ergo, I believe they will respect McCain’s decision to put country first.

csdeven on September 24, 2008 at 11:47 PM

unmitigated gall

God help us if Obambo ever has mitigated gall; I’ve seen others have it and boy howdy, it ain’t pretty.

Bishop on September 24, 2008 at 11:48 PM

Breath….. deep breaths….Boeing, IBM, Catapillar, GE, Dell, Astra, Lockheed, Mobil, Apple, Verizon, Dunkin Donuts, Sears, Macy’s, Fredricks of Hollywood, Smith and Wesson, Toyota, Marriot, Blockbuster.. *.*…. are not going to fail, get a grip!

dmann on September 24, 2008 at 11:34 PM

Are you nuts? Ba stock is down 50% apple’s stock is down $100. sears is off almost $200, Macy’s is on watch for failure. smith and Wesson have you checked out their stock? Can you say nosedive? blockbuster? please there are on death’s door. there stock is down to $2.31. All these companies are close to failure. Have you not been watching the market? and what of these companies if they can’t get credit to meet payroll? what happens when consumers can’t charge that $300 iphone? Do people really not understand how our economy works?

unseen on September 25, 2008 at 12:04 AM

Do you think the basic function of wall street is broken? IE: shorting etc?

csdeven on September 24, 2008 at 11:46 PM

yes. wall Street’s basic function is to raise capital for businesses to invest. the fact that IPO’s have not been coming online shows it is broken. Another function is to return some company profit to shareholders. The dividend has been no defense for stock price during this time so investors are saying they don’t care about divs and that the divs are not safe. So for two major functions Wall Street no longer works. So Wall Street can not do its job because of the credit problem until it is fixed Wall Street will be a broken system where people use it like a casino.

unseen on September 25, 2008 at 12:09 AM

Bishop on September 24, 2008 at 11:48 PM

Actually I was referring to “My boy lollipop”. But your point is valid just the same.

csdeven on September 25, 2008 at 12:14 AM

and what of these companies if they can’t get credit to meet payroll? what happens when consumers can’t charge that $300 iphone? Do people really not understand how our economy works?

unseen on September 25, 2008 at 12:04 AM

You continually look at this from the point of view that protects the status quo.

What will happen is that fiscally responsible companies will absorb them at firesale prices and then turn a profit.

csdeven on September 25, 2008 at 12:16 AM

csdeven on September 25, 2008 at 12:16 AM

You continually look at this from the point of view that protects the status quo.

What will happen is that fiscally responsible companies will absorb them at firesale prices and then turn a profit.

csdeven on September 25, 2008 at 12:16 AM

If by status quo you mean keeping the USa the world’s strongest biggest economy yes I do. the USA economy is run on credit. Credit to produce inventory and pay when retailers pay them, credit for retailers to buy inventory and pay their supplies when their customers pay them, credit for the consumers to pay the retailers and pay lthe credit card companies later when the people they work for (the supplies at the beginning of this chain) pay them. the supplies can not pay their people without credit to fund day to day operations. That is the credit cycle. From the shop floor making the widget to the consumer buying the widget. what we are talking about is that NONE of that chain is able to get credit. and if they are they will have to pay very high rates which will drive up costs of the final product which will cause a credit lead recssion to go along with the energy lead recssion, and the food lead recession.

these fically responsible companies you speak of will need credit to buy those other companies, they will need to use stock, or savings (which is tied up in MBS, other investments etc) Not many comapnies keep cash on their books. So if the credit markets are not there these companies can not buy other companies. Unless they use stock which is depressed right now and would require a maasive amount of shareholder dilution which is not a good thing. Face facts without credit we have no economy.

unseen on September 25, 2008 at 12:32 AM

unseen on September 25, 2008 at 12:32 AM

No. Status quo means those who have been the power brokers behind the scenes. These are the people the bailout is trying to protect. The economy doesn’t depend on a certain company. It depends on sound business practice. And as we have seen, this issue is largely one of confidence. If we infuse the economy with 700 billion to the same scumbags who put us in this mess, or watch them fail and let the free market replace them with more responsible leadership, the problem is on it’s way to being solved.

I see the choices this way.

a) We shore up the same people with the same philosophies.

b) We allow the market to act as it was designed.

csdeven on September 25, 2008 at 12:40 AM

csdeven on September 25, 2008 at 12:40 AM

oh I see. I disagree that is what the bailout is for. I don’t think the bailout is for the power brokers. I think it is for the avg joe. True it may help some on wall street but without it I think every americian is going to much worse off.

unseen on September 25, 2008 at 12:45 AM

well 15 pages is enough for one night. I’m out.

unseen on September 25, 2008 at 12:50 AM

It was a nice debate. Very enjoyable. Things are slowing down and I think I’ll do the same. See you later.

csdeven on September 25, 2008 at 1:06 AM

well 15 pages is enough for one night. I’m out.

unseen on September 25, 2008 at 12:50 AM

The root cause of this problem is the sheer number of godless atheists who have no morals because they believe in evolution.

I mean, the problem is all the religious wingnuts rejecting real science for the pseudoscience of creationism, from those Bibles they are bitterly clinging to.

That oughta get us up to 30 pages…

More seriously, the problem is very real, but not insurmountable. Here’s a crisis both parties had a hand in, but Bush and the Republicans did at least try to fix 3 years ago. Once again, Bush is doing something absolutely necessary that he will get absolutely no credit for, because he will be blamed for the problem in the first place.

Kinda makes you wonder why both McCain and Obama actually want the job…

theregoestheneighborhood on September 25, 2008 at 1:16 AM

It’s nice to see a politican at least attempt to look like he is doing the right thing by going back to Washington to actually pass some legislation that will help the country. This do nothing Congress is a disgrace.

However, it sounds like it’s going over like a fart in church. Especially with the “Obama First” crowd who doesn’t give a flying rat’s backside about the country or the economy until Jan 1.

McCain is at least trying to be Presidential (not act) before Day 1.

E L Frederick (Sniper One) on September 25, 2008 at 3:42 AM

1442.

hillbillyjim on September 25, 2008 at 7:32 AM

Reid must “go away”. We better win back the senate before this smug a-hole drives me completely insane.

ErinF on September 25, 2008 at 9:24 AM

Meanwhile, John McCain is proven to be a senator, war hero, and American patriot who puts his own interests aside and does what he feels is in the best interests of his state and country.

Much of what you say is true, but McCain’s campaign is doing him a great disservice. He’s addressing the nation today with his plan to ‘rescue’ the bailout legislation, but nearly every point that he’s raising has already been addressed in negotiations. Several days ago, it would have been sensible for him to talk about how additional oversight is necessary- but that’s no longer considered an outstanding issue. McCain sounds either out of touch or badly trying to play a political game that as a maverick, he should be trying to avoid.

bayam on September 25, 2008 at 9:56 AM

I think McCain should send Palin as a stand in to take on “the One”. I think that would elevate Palin, diminish Obama and I think she’d clobber him.

drewmesq on September 25, 2008 at 11:23 PM

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