Agreement Reached: How John McCain Gambled and Lost on the Bailout

https://www.politicususa.com/en/McCain-Bailout-GambleImageWith the announcement by Sen. Chris Dodd that congressional negotiators have reached a fundamental agreement on the federal bailout for the financial sector, it is clear that Republican presidential candidate John McCain took a big gamble on the crisis and lost.

Emerging from a 2 hour negotiating session, Dodd said, “We are very confident that we can act expeditiously.” Republican senator Bob Bennett said, “I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president.”The deal came without the intervention of either presidential candidate. However, the sides are still discussing regulatory measures, and how to phase in the $700 billion cost, but this is essentially a done deal.

The person who looks bad in all of this is John McCain, who apparently either didn’t know or care how close an agreement was. By saying yesterday that the bill would not pass, so he was suspending his campaign and calling for a delay of Friday’s presidential debate, he gambled and lost. It turns out the McCain campaign completely misread the situation.

McCain was taking a chance that the bill really was stalled, and then he could ride in and save the day. By trying to whip this thing into a 9/11 style crisis, McCain could project the image of leadership in a desperate time. The problem is that the government was already close to a solution without John McCain’s input. In fact, his drastic overreaction makes McCain look more out of the loop, and brings into question his judgment.

The moves by his campaign yesterday appeared to be a knee jerk reaction by a candidate that was completely out of the loop. In contrast, Obama seemed more plugged in to the situation. McCain’s call to postpone the debate now has the look of a shallow political tactic.

The Republican’s campaign was trying to turn the attention of the electorate back to the character issue, and McCain did reveal a great deal about his character. McCain was willing to overstate a crisis to benefit his campaign. This is a fine example of the attitude of campaign over country that has personified the McCain/Palin ticket.

29 Replies to “Agreement Reached: How John McCain Gambled and Lost on the Bailout”

  1. They still hope this dog will hunt?

    I BET they’ll stick with this failed strategy, and that at least SOME repubs WILL swallow it.

  2. I’m ok with the government buying up the bad mortgages. This isn’t like giving the companies money to fix themselves; the government is getting real, solid property out of this and a strong chance to turn things around. They are in a position to 1. receive a constant influx of money to offset the out going, 2. a possibility to revitalize neighborhoods, even rent when selling isn’t reasonable, 3. keep existing homeowners in by re-financing existing mortgages, 4. even a chance to end up with more than was spent.
    There’s a reason that real estate is the way most mentioned to become well off.

  3. Ask yourself that question and multiply by millions of neighbors you have that freddiemac and fanniemae allowed to buy homes they cannot afford by letting them buy the american dream according to Barney Frank and Chris Dodd, the poor and social justice advocates, the leftist mantra, all at the expense of all american taxpayers..700 hundred billions and counting. Do you really think the government can manage collecting a $700 hundred billion debt. Can you really trust the government, its employees digging into the private enterprise of collecting debts? Go McCain, please ruffle every feather of Congress and fight for me.NO bail out

  4. I agree 100%.

    Also, there is always two sides to every story. What has happened to fair and unbiased “news” reporting? The media has gone mad and out of control. It appears that they have all comdemned McCain for showing up and doing his job. They have no idea what went on behind closed doors but they have all blamed McCain for what they guess has happened. As they always do they are trying to elect a Democrat without a fair process. They interview Democrats and believe every word they say. Don’t they realize that anyone can input a biased opinion? If they would only do their job they should be reporting on the real news that is going on around us and allow the politcal process to do it’s job and sort this out the way that it is intended.
    Do you think maybe we could just do away with congressman and senators and let the media handle everything? Hum?

  5. Wow talk about a missed opportunity. I should have purchased a bunch of houses I could not afford, sat back and let the government come in and bail me out.
    We use to have rules:
    1. Do not buy what you can not afford!
    2. If you make poor business decisions you will loose you business!
    Only in America, Being an idiot gets rewarded!!!!

  6. IN YESTERDAY’S LOUISVILLE-COURIER JOURNAL
    SARAH PALIN WAS QUOTED AS SAYING, “REALLY,
    I DON’T THINK THE AMERICANS ARE GOING TO
    SUPPORT THIS.” OH REALLY AND SHE GOES ON
    “AND WE WILL NOT SUPPORT THIS.” THIS LADY
    IS NOT ALL THAT SMART. IT IS CLEAR WHY SHE
    DOES NOT ANSWER HONEST QUESTIONS BY REPORTERS,
    BECAUSE SHE NEEDS A SCRIPT SEN MCCAIN SHOWED
    POOR JUDGMENT IN CHOOSING HER. SHE IS NOT
    QUALIFIED TO BE VICE PRESIDENT AND BECAUSE
    OF HIS OBVIOUS POOR JUDGMENT HE IS NOT QUAIFIED
    TO BE PRESIDENT. TRUE, SHE HAS STAR POWER
    AND HE IS AN AMERICAM HERO BUT IT’S NOT ENOUGH
    IN THIS DANGEROUS WORLD. THE BOTTOM LINE
    IS WE HAVE A UNIQUE OPPORTUNITY TO INVEST IN
    OUR COUNTRY AND PROTECT OUR INVESTMENT PRES.
    BUSH MUST NOT ALLOW FAILURE OF THE PLAN TO
    HAPPEN. IT IS A CHALLENGE OF A LIFETIME.

  7. The list of voter grievances goes on and on.
    A Middle Eastern armed conflict based on faulty intelligence and possibly misinformation from our top executives.

    FEMA’s poor performance during Hurricane Katrina.

    Economic instability resulting from deregulation and unsound lending practices by business executives who should be charged with treason.

    Oil profits balloon while working class Americans become poorer and poorer.

    Now… there’s a connecting through-line to all these events and trends.

    George W. Bush, Dick Cheney, and Republicans who support their initiatives.

  8. For all of you claiming that the government is bailing out irresponsible homeowers solely – shame on you. I have family members that DID put their downpayments down on homes, have worked and paid their mortgages for years without any problems. They have since seen their jobs leave the country – unemployment rise and can’t find work. I’ve seen two family members lives be turned completely over and all I see are people claiming that “lazy people” bought homes irresponsibly. I believe there were many homeowners taking on loans to buy homes that they thought they could afford, or could resell or refinance later on the down the line, but there are THOUSANDS of responsible homeowners affected by this travesty as well. America needs to bring back compassion for others. This “me” attitude is sickening.

  9. Lets bail everyone out! We will all be paying for this for years to come.

    Talk about “NO EXPERIENCE” What has Obama done? NOTHING. He can talk that’s it that is it!

    Demo/rep it’s time to quit supporting a party and support what is right. Palin is accused of having

    no experience, what has Obama done? She is not ready to be president but she will make a great vice-president. And with that under her belt, she would in 8 years have everthing needed to lead this country.

    And for all those haters, you do not even want to talk about religion, Obama stayed in a church that damed amaerica (remember). and I know this is a stretch but the right to practice our personal religion is that not what this country was built upon?

  10. Lets bail everyone out! We will all be paying for this for years to come.

    Talk about “NO EXPERIENCE” What has Obama done? NOTHING. He can talk that’s it that is it!

    Demo/rep it’s time to quit supporting a party and support what is right. Palin is accused of having

    no experience, what has Obama done? She is not ready to be president but she will make a great vice-president. And with that under her belt, she would in 8 years have everthing needed to lead this country.

    And for all those haters, you do not even want to talk about religion, Obama stayed in a church that damed amaerica (remember). and I know this is a stretch but the right to practice our personal religion is that not what this country was built upon?

  11. Ironically, I found the link to this post right next to an article, dated the 26th, entitled “Bush scrambles to save bailout plan.”

    Maybe we should all save our invective comments until we see how the story turns out…..

  12. Ok, so you admit that she is not ready to be president…then she is not ready to be VP!!!! If something happens to McCain then what..you have to look at this things, who says that she will even have eight years. I don’t get why it is so hard for people to accept the fact the McCain has made some bad choices and now he is dealing with them, you can try your best to pull things out of hat to make him look better but when it comes down to it it is all a failure. Deal with it and lets focus on what we need to do as a country instead of hating on the fact that Obama is actually the right one. People aren’t hating on McCain/Palin they are seeing the truth and not hiding behind the lies trying to make it look better…

  13. BE AFRAID BE VERY AFRAID IF JOHN MCCAIN AND SARA PALIN ARE ELECTED. SHE IS A MORON WITH NO QUALIFICATIONS TO RUN ANYTHING. JUST WATCH ThE KATIE COURIC INTERVIEW!!! SCAREY.

  14. When this event broke McCain was ready to go to washington, suspend his campain, and help get an agreement: Obama said if they need me I will go to washington and vote on a deal. He must have been going to vote like he was told since hewould not know what was in the deal. WHICH ONE LOOKS MORE LIKE A LEADER?

  15. You libs are incredible. Obama goes on record saying this is the worst economic crisis since the Great Depression and you say that McCain overstated the crisis!! Even if it is, don’t you think he could have toned it down a little bit so as to show the American people and the world he has a little resolve.

    When President Bush got the news about the 911 attack he was reading to a group of school children. Instead of disrupting the entire event and creating a panic among the kids-he kept on reading and left calmly. For that he was crucified by the libs for not reacting quickly enough!!

    It’s simple-you LIBS have no clue what true leadership is.

  16. i think the biggest remaining issue is “who eats the write-downs”. it is pretty clear we can’t let the institutional dominoes start to fall. also clear that the underlying assets need to be re-financed at their actual current value, in order for the housing finance sector to re-start. if the mortgagors and mortgagees [and those who packaged the paper and rated it AAA] will be eating the asset write down, then i’m for the bailout. errrr…..that and significant re-regulation, including the petroleum futures markets.

  17. Obama said it is the worst economic crisis????? I heard McCain say that. Or was he parroting Obama again? McCain has no mind of his own. He has mimicked Obama during this whole campaign. McCain acted like a man who cannot handle stress Wednesday. Honorable as his POW duties may be, those experiences lead lifelong scars that can inhibit ones ability to handle stress. Obama is the one who initially presented the principles they are trying to build on before any of this was strung out by the news media via McCain.

  18. We’re already are in the poor house!!!

    And it only took 8 years of President Chimpy to get us there. We had a surplus before that.

    Grandpa Simpson, I mean McSame, McCain is out of touch. He should retire to one of his 10+ homes. PAINlin should go back to running bake sales and hockey games.

  19. Jason, you are so quick to join the bash McCain bandwagon & criticize the man for going back to Washington during this crisis and doing exactly what he was elected to do, which is: Be present, be informed, be involved & cast a vote. Why should Congress rush into a 700 billion dollar rescue plan on 48 hours notice? This is, after all, OUR money we’re all talking about… I think this very expensive and serious bailout deserves more time than that.

    For the record, as a registered Independent, I still haven’t decided who deserves my vote. Both candidates are men of straw. But I will say I admire McCain for suspending his campaign and doing his job during this severe crisis. I was looking forward to the debate, but Obama’s insistance on holding it as scheduled on Friday is pure nonsense. A political debate is of secondary importance to what is happening in Washington today.

    The American public should READ more about the candidates, anyway. And when I say read more, I mean read more than just generally sarcastic; off-the-cuff, politically biased blog sites.

  20. You’ve been paying for your neighbors’ mortgages for years. Homeowners, including me, are able to deduct from taxable income the interest we pay on our mortgages. You and other renters don’t get any similar deduction, even if you had to borrow money to pay your rent. (Up until 1986, you could have deducted interest on personal loans.) So your income taxes subsidize my house payments and those of most middle- and upper-income homeowners.

    It gets better, though. The value of the mortgage interest deduction, of course, increases with a taxpayer’s income and with the amount of the mortgage.

    Long story short — renters, who tend to be lower- and middle-income folks pay higher income taxes largely to the benefit of high-income folks with big houses. What a country!

  21. My Grandparents had a Vodka Factory with 500+ employees in Lithuania prior to the Soviet Union coming in and taking it over and sending my grandfather to Siberia. A simple government takeover!!! If my business fails is the government going to bail me out to? What about the New CEO of WaMu 11 million dollar sign on bonus 3 weeks ago with a severance package of 25 million three weeks later…He’s not having to bad of a month. Corrupt Financial Leaders and a government bailout/takover and JP Morgan gets a 300 billion $$$ company for 1.9 billion wish I had 1.9 billion to take advantage of such a great deal. Who else was in on this closed door deal? Look out America if the Democrats take over we may become the American Union…BIG Government gets bigger, Social & Business Welfare and the Peoples Expense…What if they want your company?

  22. She has more experience than the Demo’s Presidential Candidate. That is the point, the one that the media and you Demos continue to gloss over. She will only become the President if something happens to McCain but your BOZO becomes the President in January if elected. That, my friend, is the difference. Your BOZO continues to flip flop on issues but allows no one else to change their mind. He is not even a good father. Who would allow his children to be subjected to a bigot and hate-ridden preacher’s language? We are trying to teach our children acceptance and he is teaching his children how to hate. She is even a better parent than he is. DO NOT GO TO THE TEENAGER. If anyone has children, you know, but for the grace of God, there go I.

  23. Absolutely, especially here in Florida. The homeowners insurance has made the difference when dealing with shorter hours if you’ve held on to your job, or the loss of your job entirely.

  24. Sorry, Zeek – but I’m sending what little I have left to my family. I live in Florida and I’ve been struggling as well – with homeowner’s insurance, property taxes, and flood insurance premiums increasing, life has become difficult for me, too. So quit being a jerk and add value to this comment board.

  25. Hate to burst your McCain/Palin balloon, but Obama handled the crisis much more appropriately than McCain. McCain went running back to Washington merely to portray himself as the one to “save the day” on the bailout proceedings. His move was purely political and to give people a false sense of security that he can be the President that takes action. McCain should be ashamed of himself. He’s selfish and doesn’t give a hoot about anyone other than himself. His “spur of the moment” choice to toss aside the debate, select a totally naive Palin, and his nasty disposition whenever someone doesn’t agree with him would undoubtedly cost this country dearly. The debates last night show Obama way ahead in the polls now.

    McCain did NOT need to suspend his campaign (which he really didn’t do – he got more TV time than when his ads ran) and his attempt to stall on the debate (which clearly he wasn’t ready for). 60% of his answers to the debate questions last night were about HIM and not what he will do for us. I began yawning at the history lessons he kept providing. Obama has a clear direction and I was thoroughly impressed by his calm manner in presenting his ideas to push this country forward. McCain will simply keep the country locked up in wars, continue to destroy America’s reputation abroad, and subsidize the rich. McCain’s is a “maverick” alright, for his “campaign to nowhere.” It is a shame that many here continue to use bad language in defense of a man who obviously is going to lose this election. I understand Republicans would like to keep Republicans in the majority office, continue with those policies that help the rich, so they would prefer to vote for a man that is a Republican than for his ability, but, this time America is waking up and outnumbering all of you!

    McCain proved to the American people that he either 1) can’t do two things at once (if there was an incoming nuclear missle and a call notifying him that there were 1,000 nuclear suitcases hidden among cities throughout the U.S. – which would he suspend then?); 2) is selfish and wants to be the one to save the day (who’d he previously give “the One” moniker to before?); and 3) has severe emotional issues that he hasn’t overcome since his days in the POW camp. He’s dangerous and his choice for Palin was completely ridiculous, manipulative, and threatening.

    America has a choice to either set aside racist attitudes and vote for the best candidate or face its own destruction out of its pure hatred for people of color. If Obama were white, he wouldn’t even be questioned as to his ability. Well, here’s one middle-aged white professional who’s voting for Obama – one of those that are said not to be voting for him!

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