latest…Debate latest…Debate latest…
According to Today on Radio 4, the discussions in Washington about the economic bailout turned into “a shouting match” yesterday. And according to HuffPo, John McCain “sat quiet through most of the meeting, [and] never offered specifics”. Probably because he doesn’t know much about the economy, eh? I mean, don’t get me wrong, I don’t know much about the economy, either. But then, I didn’t just fly to Washington saying that I was going to help. Although I’m perfectly happy to make tea for everyone if they need me.
Meanwhile, back in Oxford, Mississippi, preparations are taking place for tonight’s televised debate. Or rather: would-be televised debate, as according to news sources, it is still ‘in limbo’*. John McCain has said all along that he won’t take part until and unless a deal has been reached in Washington - and, well, it doesn’t look like that’s gonna happen today, Johnny boy.
So will he really balk? Will Barack Obama be standing there tonight opposite an empty lectern? I somehow doubt it. If McCain doesn’t show up tonight, he will have thrown away the election. Instantly. Of course, if he still turns up before any deal has been agreed, he will look like he’s going back on his word - but in the big scheme of things, that would be far less damaging and I’m sure the GOP could spin it, as they spin everything else.
More on the goings-on in Washington yesterday here and here - and here’s our man Obama giving his sensible take on the whole affair:
I have to say, I find it both remarkable and quite, quite hand-rubbingly brilliant that it’s the right wing of the Republican party that’s scuppering Bush’s bailout plan - because, to their minds, this is “socialism” and the free market should be left to, well, run free (oh, and by the way: John McCain is in their ranks). The Republicans didn’t squirm when Hurricane Katrina happened and millions of people needed aid. They don’t squirm when they need health care, because they can afford it. But they’re squirming now.
I keep thinking of a great quote I heard from a commentator the other day: “Profits are privatised, but debt is socialised”.
And so it seems. In the Republicans’ America, at least.
*I love that headline: Debate Remains In Limbo. Is that ‘Limbo, Ohio’? I wouldn’t put it past my American friends and their crazy place names… 
Tags: barack obama, debates, economic crisis, economy, George Bush, John McCain, washington
September 26th, 2008 at 3:34 pm
I am watching the drama unfold with the same helpless gawking as everyone else. But one truth is solidifying itself here. John McCain is lost on all issues economic. The 11th Hour Surprise Counter-Proposal by House Republicans yesterday left him speechless, literally. He was unable to articulate it’s merits, had no strong position on it, and was unable or unwilling to prod John Boehner into a productive role. If that’s the crisis leadership he has been talking about, get real.
I had hoped Obama would take a stronger tone in the discussions, but at least he is coming off as composed, focused, and attuned. He is winning the battle of attrition as we speak.
And as for the issue itself. Don’t even get me started. Any fool debating a bank-supported insurance scheme as an emergency measure while the Libor Rate has skyrocketed clearly failed in Uni Undergraduate Economics Class. But don’t worry - the combined economic brilliance of Boehner and McCain hasn’t sorted that out yet. CDO’s anyone?
September 26th, 2008 at 3:45 pm
A side note that I absolutely love. As WaMu went into receivership overnight, I was reminded of this new term. It was “invented” several weeks ago in advance of the Bear Stearns Crisis and implemented for the Fannie Mae & Freddie Mac Intervention. The term (crafted by Bush Administration Officials) was designed to describe a “temporary nationalisation”. Temporary nationalisations, particularly in banking, are as old a concept as financial crises are. However, Americans couldn’t handle the “idea” of nationalisation philosophically or culturally….so poof! We just invent a new term and problem solved! And we wonder why House Republicans have scuppered the deal for an unworkable insurance scheme?
September 26th, 2008 at 3:48 pm
ha! that’s brilliant, “temporary nationalisation”. fascinating. just as the “s” word is a dirty word in America, isn’t it? (eg “socialised medicine” - heaven forbid!)
September 26th, 2008 at 4:06 pm
A few minutes ago, Senators Reid and Dodd (Senate Majority Leader and Senate Banking Committee Chairman for those less geeky than I) held an unusual press conference. The briefing had 2 main points…..
1. They are re-working the draft legislation to craft an acceptable deal to resolve the crisis.
2. The specifically admonished McCain in blistering terms for his unhelpful stances and injecting “presidential politics into” this and that specifically his involvement has been “absolutely not helpful”.
Wow….
September 26th, 2008 at 4:26 pm
ha! brilliant. that’s what Obama said in his statement earlier too - am about to post it. thanks!