Bailout Fails; McCain Blames Obama

Now let met get this straight... John McCain "suspended" his campaign last week in one of the biggest political stunts ever, tried to avoid Friday's night's presidential debate and said he wanted to be in Washington to help "seal the deal" on the bailout plan. Well, John, you just had your ass handed to you...and here's your hat, too. McCain, who agreed the bailout was needed, was unable to coerce his fellow Republicans to go along. These are the same Republicans whose support of Bush often spilled over into fanaticism, but are now in full revolt throwing their beloved Dubya and his administration under the bus. They've thrown McCain under there as well. That's what happens when you continue to support an unpopular president. I guess McCain missed that email on his Blackberry. So much for McCain's leadership savvy.

After the vote today, McCain was very angry and the only person to blame was Obama. McCain and Company tried to shift blame today, with one of his "strategists," Doug Holtz-Eakin, saying that Obama injected presidential politics into the debate and killed the bill. Holtz-Eakin even said Obama "phoned it in," which is hilarious since it came to light today that McCain never event went back to Capitol Hill over the weekend, but was literally phoning in for developments from his condo in Virginia!!! MSNB reports that McCain's glory march back to save the day amounted to a sum total of SIX HOURS -- five on Thursday and less than two on Friday. The wheels have totally fallen off the McCain campaign and Palin's debate with Biden on Thursday night will certainly seal at least one deal -- the end of a viable presidential campaign.

Personally, I'm not in favor of the bailout. The Wall Street crowd got themselves into this mess and they should be allowed to survive or fail. However, I've heard from enough economists that if we don't do some kind of bailout, we'll be headed for another depression rather than a deep recession.

P.S. to Angry Johnny, more polls released today show that Obama beat the shit out of you at the debate on Friday night. Grrrrrr.


ButtonHole said…
I really hope Biden shows Palin no mercy. I can't see how she'll possibly hold up under a debate. She can't even manage an interview.

I do regret we won't get to see H. Clinton go at Palin, though. You know that would be one nasty battle!
stacebro said…
My understanding of the bailout is that if something doesn't happen, there won't be any capital for these banks and other lending institutions to draw from, which would trickle down to you and me (metaphorically) when we need to get credit to buy a car or use a credit card to cover the growing chasm between our incomes and our expenses of food and gas or get a home equity loan to cover medical expenses and the like. Of course it starts on Wall Street, but it really does eff up the working and middle class even more. As usual.

Obviously *something* needs to be done (exactly what, I don't know), and Obama was working to ensure that taxpayers received some sort of return on their investments in these entities. It was incredibly smart of him to position himself as "monitoring" it rather than trying to be a caped crusader like McAngry over there.

As for the debate, you can bet that the moderator won't be asking these two to engage each other directly. From what I've read, Palin has a "gift" in debates for stating the obvious and taking 45 seconds to do so--obviously a holdover from her pageant days.

All I know is I'm letting my night class out early so I don't miss a thing.
Rachel Mallino said…
oh my god, that picture is fantastic!!!!

I could say more about the bailout, but I've already said a small piece on my own blog. bah!

I can't wait for Thursday!!
DeadMule said…
We're in one hell of a mess. But to blame Obama???

BTW, I love that picture of McCain. Chances are, I'm stealing it. LOL
Collin said…
Steal away, Helen. lol

I don't know what the solution is either, but whatever it is should have minimal effect on the taxpayers.
glory march ... ha ha ha.

Radish King said…
Oh my god, that photo -- sometimes a man's true face emerges.
I can't believe you didn't mention their bullshit "I have a bracelet," "Oh yeah? Well I ALSO have a bracelet" pissing contest in the debate. I was disappointed in Obama for sinking to that.

The "K-G-B" quote was my highlight of the whole debate.
Collin said…
Actually, my mother called right at the moment the bracelet thing was happening to ask if I was watching the debate and I totally lost that moment. I actually didn't think Obama was sinking to that level, but getting off a great little zinger. McCain has been peddling that bracelet story for a year now.
bracelet? what? im so removed from all this stuff thanks to no tv and six anti-psychotic drugs.
ButtonHole said…
MM--not necessarily a liability!
I think the difference between a deep recession and a depression is that in a depression, rich people feel the pinch a teeny bit. I'm against the bail-out, but I think it's inevitable.

In my ideal world we'd take that trillion dollars and put it into schools, universal childcare, the infrastructure and health care for everyone. One of the biggest reasons people go bankrupt is not because of a high mortgage but because they get sick and have shitty or no health care insurance.
ButtonHole said…
Kate Evans: what're you, some kinda FREAK? LOL
Ned said…
Personally, I'm not in favor of the bailout. The Wall Street crowd got themselves into this mess and they should be allowed to survive or fail. However, I've heard from enough economists that if we don't do some kind of bailout, we'll be headed for another depression rather than a deep recession.
I agree with you in that if one plays the market and gets burned the government should not be subsidizing his/her failure. I'm not completely sold though on the idea that we would head for another depression. In the short run, things look ugly. If left alone and the government doesn't meddle, then the free market will be allowed to run its course and in the long run, we'll all be better off. If the government meddles, they're setting a president for subsidizing failure giving an excuse for money managers and anyone involved to not be as cautious in the future.

Oh yeah, McCain was wrong on this one. The Republicans did not revolt because of Nancy's speech or anything Obama did. They were hounded by their constituents the past few days to vote NO.

I find it interesting that the majority of Democrats fell in line with Bush and the majority of Republicans did not.
Enjoyed this post, Collin. Great photo, by the way.

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