[Vision2020] Bailout Reaction From Obama and McCain

[Tom Hansen]

>From The Guardian (London, England) at:

http://tinyurl.com/5xgnm7

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Bailout Reaction From Obama and McCain

The stunning failure of the Bush administration's massive financial rescue 
plan is prompting a day of reassessments and adjustments from the 
presidential candidates.

The early consensus had John McCain suffering more than Barack Obama from 
the defeat of a bail-out they both cautiously backed. After all, it was 
McCain who swept back to Washington last week to help bring his party in 
line -- his aides today were claiming credit for Republican conversions 
that failed to materialise. 

McCain's camp took their time in responding to the shock developments in 
the House of Representatives, but the Politico managed to procure a 
statement from economic adviser Douglas Holtz-Eakin:

"From the minute John McCain suspended his campaign and arrived in 
Washington to address this crisis, he was attacked by the Democratic 
leadership: Senators Obama and Reid, Speaker Pelosi and others. Their 
partisan attacks were an effort to gain political advantage during a 
national economic crisis. By doing so, they put at risk the homes, 
livelihoods and savings of millions of American families. Barack Obama 
failed to lead, phoned it in, attacked John McCain, and refused to even 
say if he supported the final bill. Just before the vote, when the outcome 
was still in doubt, Speaker Pelosi gave a strongly worded partisan speech 
and poisoned the outcome. This bill failed because Barack Obama and the 
Democrats put politics ahead of country."

The Republican's case to deflect blame to Obama is specious for a number 
of reasons. Democrats are already mocking McCain for his "phoned it in" 
jab, given that McCain himself chose to literally phone it in on the 
weekend rather than travel the 6 miles from his Virginia condo to 
participate in Capitol negotiations.

Moreover, more Democrats supported the bail-out bill than Republicans, 
making the "politics ahead of country" argument borderline impossible to 
make. And Obama and McCain both refused to say whether they supported the 
final bill, although both promised to cast a vote one way or another after 
the Senate debate -- which is still scheduled for Wednesday.

Obama's response, by contrast, came at a public rally in Colorado, where 
he assured the audience that "there are going to be some bumps and trials 
and tribulations and ups and down before we get this rescue package done".

"It is important for the American public and for the markets to say calm 
because things are never smooth in congress and to understand that it will 
get done. That we are going to make sure an emergency package is put 
together because it is required for us to stabilize the markets and to 
make sure that when a small business-person wakes up tomorrow morning, he 
will be able to make payroll. ... I am confident we are going to get there 
but it's going to be sort of rocky. It's sort of like flying into Denver. 
You know you're going to land but it's not always fun going over those 
mountains."

Which response was, as Americans like to say, more presidential? The polls 
should tell the tale in a few days.

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Seeya round town, Moscow.

Tom Hansen
Moscow, Idaho


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