Bailout Bust - Another Massive McCain Failure

By: Josh
Published On: 9/29/2008 4:02:39 PM

Today the Congress failed to pass a measure seeking to address the worst economic crisis since the Great Depression.  At every step of this developing story, John McCain has show impotence and incompetence. Today, McCain has failed yet another major test.

Let's take a moment to review how we got here.

First, John McCain came to power as a self-proclaimed "Reagan Revolutionary". He has been devoted to "supply-side", aka voodoo, economics throughout his career.  As a member of the Keating 5, and the closest senator to Charles Keating, John McCain set the tone for his career, failed economic policies bordering on criminal activity, the absence of regulation and a slavish devotion to the myth of free markets.

Next, he surrounded himself with the most tainted lobbyists in Washington. The clearest case is that of McCain's own campaign manager, Charlie Black, who remains an officer of the lobbying company which has been receiving tens of thousands of dollars a month from Fannie and Freddie. Did he do any work for them?  Did he fight off regulation, or was he simply paid to deliver access to Senator McCain, potentially the next president of the United States.  

Moreover, McCain's closest economic advisor and mentor, Senator Phil Gramm, was the ultimate leader of the charge for deregulation.  Gramm even said that the current recession is "mental" in nature and evidence that we are a "nation of whiners."

John McCain was clearly under the influence of Phil Gramm, his likely Treasury Secretary if elected, when he failed to understand the economic issues that created this situation. When John McCain declared that "the fundamentals of the economy are strong", he proved himself completely out of touch with working Americans.  

When John McCain finally realized his catastrophic failure to see the political disaster in this crisis, he became a radical drama queen and parachuted into the middle of the tense negotiations in Congress. McCain hadn't voted in the Senate since April, but he decided he would make himself out as the great savior of the economy. He "suspended" (not really) his campaign and begged for a debate delay. McCain's unhinged shenanigans shone a white hot spotlight of presidential politics in the middle of the Paulson bailout plan negotiations and destroyed them.

With his erratic power grab, McCain took full ownership of the Paulson plan. He made it his own and then failed to see it through. The Democrats delivered their votes, but McCain, who gave his support to the plan, failed to garner Republican support in the House. Instead, 133 Republicans told McCain to take a long walk off a short pier.

In sum, this is yet another massive failure for John McCain, demonstrating once again his instability and inadequacy.  McCain was unable, even in the face of pending economic disaster, to rally his party.  With this failure, McCain has gone from primary hero to Pee Wee Herman. Unworthy of trust, and unable to cash the checks his ego writes, John McCain is the one to blame more than anyone for today's 777 point loss on the Dow.  

From ideology to ignominy, John McCain owns this disaster.


Comments



For someone with so much experience (Silence Dogood - 9/29/2008 8:07:19 PM)
You'd think he'd have the legislative wherewithall to call the House Minority Whip and find out which way the caucus was going to vote before saying the ridiculous s**t that Schmidt's going on about.  This is bush league.


The bailout plan is Bush administration's deception (Ned2012 - 9/30/2008 3:14:54 PM)
Actually, the fact of the matter is that this financial crisis was artificially created by the Fed by pulling out $125 billion from the markets to reduce liquidity, as Denninger's ticker points out at the following link:

http://market-ticker.denninger...

See John McCain's suggestion to the treasury, today, on how they can take action now to prevent any financial crisis:

http://news.yahoo.com/s/ap/200...

On the other hand Obama is calling for an immediate passage to the resolution or otherwise he is warning of dire consequences, just like the Bush administration. He is playing on the fear in the minds of the people. So, Obama has always been going along with what the Bush administration has been saying since they artificially created the crisis. Does something smell fishy? It looks to me that the Bush administration artificially created this crisis, to favor Obama's ratings at the Presidential election. Could there be an NWO / Illuminati / Shadow Government link that is working behind the scenes to manipulate this election?