Lunacy or genius II
Thu September 25, 2008 10:02 am

Here is a blog post from my favorite national web site, politicalwire.com, which includes cqpolitics.com, on the subject of McCain's intentions. The conclusion is the same as in my previous post (McCain's strategy: luncacy or genius?): that McCain is getting ready to vote against the bill and distance himself from Bush.

I am going to reproduce the entire item:

Last night around 8:30 p.m., Sen. Barack Obama and Sen. John McCain released a "joint statement" pertaining the the crisis in the financial markets:

"The American people are facing a moment of economic crisis. No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake.

"Now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people. The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail.

"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country."

However, the Obama campaign also released a "set of principles" that Obama wanted McCain to support. However, Marc Ambinder reports McCain would not agree to this so they were left on "the cutting room floor."

Here are the five principles outlines by Obama:

First, there must be oversight. We should not hand over a blank check to the discretion of one man. We support an independent, bipartisan board to ensure accountability and complete transparency.

Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers.

Third, no Wall Street executive should profit from taxpayer dollars. This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis.

Fourth, we must help families who are struggling to stay in their homes. We cannot bail out Wall Street without helping millions of families facing foreclosure on Main Street.

Fifth, we both agree that this financial rescue package should move on its own without any earmarks or other measures. We have different views about the need for other action, but this must be a clean bill.

Interestingly, when President Bush addressed the nation just minutes later, he essentially agreed to the exact same set of principles in his own speech. So the question is: Why wouldn't McCain agree to a fairly innocuous, Mom and apple pie set of conditions for a bill?

Democrats fear this morning that McCain is setting up a scenario in which he will vote against the bill, rally conservatives to his side and, most importantly, distance himself from both President Bush and Congress before the election.

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