Author Topic: NYT: McCain's Gambit Becomes Obama's Big Break  (Read 1358 times)

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Brassmask

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NYT: McCain's Gambit Becomes Obama's Big Break
« on: September 26, 2008, 03:24:12 PM »
Epic FAIL.

September 26, 2008
News Analysis
McCain Leaps Into a Thicket
By ADAM NAGOURNEY and ELISABETH BUMILLER
Senator John McCain had intended to ride back into Washington on Thursday as a leader who had put aside presidential politics to help broker a solution to the financial crisis. Instead he found himself in the midst of a remarkable partisan showdown, lacking a clear public message for how to bring it to an end.

At the bipartisan White House meeting that Mr. McCain had called for a day earlier, he sat silently for more than 40 minutes, more observer than leader, and then offered only a vague sense of where he stood, said people in the meeting.

In subsequent television interviews, Mr. McCain suggested that he saw the bipartisan plan that came apart at the White House meeting as the proper basis for an eventual agreement, but he did not tip his hand as to whether he would give any support to the alternative put on the table by angry House Republicans, with whom he had met before going to the White House.

He said he was hopeful that a deal could be struck quickly and that he could then show up for his scheduled debate on Friday night against his Democratic rival in the presidential race, Senator Barack Obama. But there was no evidence that he was playing a major role in the frantic efforts on Capitol Hill to put a deal back together again.

On the second floor of the Capitol on Thursday night, Senator Lindsey Graham, Republican of South Carolina and one of Mr. McCain’s closest confidants, complained to a throng of reporters that Democrats were using Mr. McCain as a scapegoat for the failure of the rescue package. But Mr. Graham was met with a barrage of questions on why Mr. McCain never explicitly said he favored the bailout proposal.

The situation was evolving so rapidly that it was all but impossible to judge the political implications; with the government under intense pressure to avoid another breach in confidence in the global financial markets, it was possible that a deal could be struck without further reshaping the campaign and that Mr. McCain could still be able to claim a role in a positive outcome.

Still, as a matter of political appearances, the day’s events succeeded most of all in raising questions about precisely why Mr. McCain had called for postponing the first debate and returned to Washington to focus on the bailout plan, and what his own views were about what should be done. Those political appearances are a key consideration for Mr. McCain less than six weeks from Election Day and at a time when some polls suggest he is losing ground against Mr. Obama, especially on handling the economy.

The substance of the financial crisis aside, it was already proving a tough stretch for Mr. McCain. Gov. Sarah Palin of Alaska, his running mate, struggled through questions about her foreign policy credentials during an interview with CBS News. Mr. McCain was lampooned on television by David Letterman.

Mr. Obama might not have fared much better. He had come to Washington only reluctantly, opening himself to criticism by Republicans that he was putting his election bid ahead of the need to resolve the Wall Street crisis, and prompting concern among Democrats that his reaction to the events was simply too measured, considering the stakes.

Still, by nightfall, the day provided the younger and less experienced Mr. Obama an opportunity to, in effect, shift roles with Mr. McCain. For a moment, at least, it was Mr. Obama presenting himself as the old hand at consensus building, and as the real face of bipartisan politics.

“What I’ve found, and I think it was confirmed today, is that when you inject presidential politics into delicate negotiations, it’s not necessarily as helpful as it needs to be,” Mr. Obama told reporters Thursday evening. “Just because there is a lot of glare of the spotlight, there’s the potential for posturing or suspicions.”

“When you’re not worrying about who’s getting credit, or who’s getting blamed, then things tend to move forward a little more constructively,” he said.

At the very least, Mr. McCain’s actions have shaken up the campaign and the negotiations over the bailout package. It has put him at center stage, permitted him to present himself as putting his country ahead of his campaign — a recurring theme of his candidacy — and put him on deck to, if not help orchestrate a deal, at least be associated with one.

But Mr. McCain is certainly seeing the risks of making such a direct intervention. He now finds himself in the middle of an ideological war that pits conservative Republicans, loath to spending so much taxpayer money on Wall Street, against the Bush White House, which, with the support of Democrats and a sizable number of Republicans, sees a bailout package as essential to averting a potential economic disaster.

While there is no doubt a middle ground, at the moment Mr. McCain finds himself between conservatives that he needs to keep on his side for the election, a group that while long wary of him had rallied to his side after his choice of Ms. Palin as his running mate, or being identified with the failure to complete a plan.

Mr. McCain’s actions have put into doubt what was shaping up as a critical moment in the campaign: the first presidential debate, scheduled for Friday night in Mississippi. In suspending his campaign, Mr. McCain declared that he would not attend the debate unless a deal was worked out. That threat drew considerable criticism on Thursday, from Mr. Obama’s camp, as well as newspaper editorial boards. And as the day went on, Mr. McCain dropped a hint that the ultimatum was not as ironclad as he once said it was.

The debate on Friday night would appear to play to Mr. McCain’s strengths: Its subject, by the agreement of the two campaigns and the debate commission, is supposed to be national security and foreign affairs. But the debate’s moderator, Jim Lehrer, said Thursday that he did not feel constrained to stick to those two topics, considering what has been going on in the country the past two weeks.

“I am not restrained from asking questions about the financial crisis,” Mr. Lehrer said in an e-mail message. “Stay tuned!”

One way or another, it could be in Mr. McCain’s interest to get this issue behind him. A New York Times/CBS News poll released Thursday found new evidence that the deteriorating economic environment was helping Mr. Obama. Voters who said the economy was the key issue for them were far more likely to support Mr. Obama. And 64 percent of voters expressed confidence in Mr. Obama’s ability to make the right decision on the economy, compared with 55 percent who said they were confident in Mr. McCain’s ability, according to the poll.

In a finding suggesting the difficult terrain Mr. McCain needs to navigate as Congress considers the Wall Street bailout 52 percent of respondents said Mr. McCain cares more about protecting the interests of large corporations, compared with 32 percent who said that he cared most about protecting the interests of ordinary people. By contrast, 16 percent of respondents said that Mr. Obama was more concerned with protecting the interests of large corporations, compared with 70 percent said he was more concerned about ordinary people.

The survey found that Mr. Obama was supported by 47 percent of registered voters, compared with 42 percent for Mr. McCain; essentially the same as a Times/CBS News poll found last week, when Mr. Obama had 48 percent compared with 43 percent for Mr. McCain. The poll, of 936 adults, of whom 844 are registered voters, was taken from Sunday through Wednesday.

Mr. McCain and Mr. Obama both left the tense hourlong session at the White House through side doors, to avoid waiting reporters. Mr. McCain did a round of interviews timed on the network evening news, using the opportunity to say again and again that he understood the severity of the crisis and believed it would be resolved.

“Again, I hate to be so repetitious — I am confident we’ll reach an agreement,” he told ABC News. “We have to.”

Megan Thee contributed reporting.

http://www.nytimes.com/2008/09/26/us/politics/26campaign.html?_r=3&oref=slogin&ref=politics&pagewanted=print

Lanya

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #1 on: September 26, 2008, 03:36:23 PM »
http://www.nytimes.com/2008/09/26/business/26bailout.html?_r=1&hp&oref=slogin

Talks Implode During a Day of Chaos; Fate of Bailout Plan Remains Unresolved
Mitch Dumke/Reuters

Representative Barney Frank, the chairman of the House Financial Services Committee, left, and Senator Christopher J. Dodd, chairman of the Senate banking committee, spoke to reporters.

By DAVID M. HERSZENHORN, CARL HULSE and SHERYL GAY STOLBERG
Published: September 25, 2008

This article was reported by David M. Herszenhorn, Carl Hulse and Sheryl Gay Stolberg and written by Ms. Stolberg.

WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.

“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.

It was an implosion that spilled out from behind closed doors into public view in a way rarely seen in Washington.

By 10:30 p.m., after another round of talks, Congressional negotiators gave up for the night and said they would try again on Friday. Left uncertain was the fate of the bailout, which the White House says is urgently needed to fix broken financial and credit markets, as well as whether the first presidential debate would go forward as planned Friday night in Mississippi.

When Congressional leaders and Senators John McCain and Barack Obama, the two major party presidential candidates, trooped to the White House on Thursday afternoon, most signs pointed toward a bipartisan agreement on a grand compromise that could be accepted by all sides and signed into law by the weekend. It was intended to pump billions of dollars into the financial system, restoring liquidity and keeping credit flowing to businesses and consumers.

“We’re in a serious economic crisis,” Mr. Bush told reporters as the meeting began shortly before 4 p.m. in the Cabinet Room, adding, “My hope is we can reach an agreement very shortly.”

But once the doors closed, the smooth-talking House Republican leader, John A. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies.

Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand.

The talks broke up in angry recriminations, according to accounts provided by a participant and others who were briefed on the session, and were followed by dueling news conferences and interviews rife with partisan finger-pointing.

Friday morning, on CBS’s “The Early Show,” Representative Barney Frank of Massachusetts, the lead Democratic negotiator, said the bailout had been derailed by internal Republican politics.

“I didn’t know I was going to be the referee for an internal G.O.P. ideological civil war,” Mr. Frank said, according to The A.P.Thursday, in the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.

“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”

Mr. Paulson sighed. “I know. I know.”

It was the very outcome the White House had said it intended to avoid, with partisan presidential politics appearing to trample what had been exceedingly delicate Congressional negotiations.

Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate banking committee, denounced the session as “a rescue plan for John McCain,” and proclaimed it a waste of precious hours that could have been spent negotiating.

But a top aide to Mr. Boehner said it was Democrats who had done the political posturing. The aide, Kevin Smith, said Republicans revolted, in part, because they were chafing at what they saw as an attempt by Democrats to jam through an agreement on the bailout early Thursday and deny Mr. McCain an opportunity to participate in the agreement.

The day seemed to hold promise as it began. On Wednesday night, Mr. Bush had delivered a prime-time televised address to the nation, warning that ”our country could experience a long and painful recession” if lawmakers did not act quickly to pass a huge Wall Street bailout plan.

After spending Thursday morning behind closed doors, senior lawmakers from both parties emerged shortly before 1 p.m. in the ornate painted corridors on the first floor of the Capitol to herald their agreement on the broad outlines of a deal.

They said the legislation, which would authorize unprecedented government intervention to buy distressed debt from private firms, would include limits on pay packages for executives of some firms that seek assistance and a mechanism for the government to take an equity stake in some of the firms, so taxpayers have a chance to profit if the bailout plan works.

“I now expect we will indeed have a plan that can pass the House, pass the Senate, be signed by the president, and bring a sense of certainty to this crisis that is still roiling in the markets,” said Robert F. Bennett, Republican of Utah, a member of the banking committee.

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BT

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #2 on: September 26, 2008, 03:49:47 PM »
I'd go with Mikey's instincts on this one.


Knutey

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #3 on: September 26, 2008, 05:00:37 PM »
I'd go with Mikey's instincts on this one.



Do you know what his instincts are or are you going with whatever it turns out to be?

BT

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #4 on: September 26, 2008, 06:59:37 PM »
Quote
Do you know what his instincts are or are you going with whatever it turns out to be?

Yeah.

He has a bad feeling about the whole thing. Thinks perhaps Obama is being punk'd.

richpo64

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #5 on: September 26, 2008, 07:59:18 PM »
He's not the only one. Gathering opinion is Barry is headed for a slap down.

Knutey

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #6 on: September 26, 2008, 08:00:54 PM »
Quote
Do you know what his instincts are or are you going with whatever it turns out to be?

Yeah.

He has a bad feeling about the whole thing. Thinks perhaps Obama is being punk'd.

Right- i think he should offer more than just a fatcats bailout as well:
It could go either way for Obama. The great noise machine could paint McCain as a self serving opportunist who pooched the deal, and then had to fix what he broke. Ignorant Schmuck that he is.

But let's put partisan bullshit aside for a minute.

There is lot of talk about rescuing Main Street too.

Primarily by either freezing foreclosures or restructuring mortgages so that homeowners are no longer upside down on their loans.

And this could be because they got into subprime loans, or were flippers who got in over their heads or refinanced regularly in effect using their house as a piggy bank.

Should these people be bailed out and in the process bail out the predatory lenders who enabled them?


McSameastheBusgidiot is an ignorant schmuck equal or worse than the Bushidiot himself

The answer to your main question is a resounding yes. It is what should have been proposed in the first place and definitely what big O should say when he is by himself tonight on stage in MS.
Bush wanted a money grab for the big kids as he always does and was doomed to failure because no one with any brains believes him anymore. If we bail out the little folk we are starting from the bottom up which is infinitely better. It will accomplish the same with the banks but really help people and therefore the economy. I know your ilk will say "but we are bailing out a few speculators too. Well SFW. Not only was this country built on  speculation, the banks were the biggest speculators of all , but were doin it with their depositors money. At least most of the Fflippers " and outright speculators had some of their capital at risk. And they patriotically spent what money they made on other goodies just like their retarded Pres said to.

Brassmask

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #7 on: September 26, 2008, 08:18:52 PM »
I'm dying to get home so I can see the debate from the beginning!!!!

I'm extremely hopeful that Obama will come out as the far and away optimum choice.

I hope that McCain doesn't have a meltdown on national television.

richpo64

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #8 on: September 26, 2008, 09:25:11 PM »
>>I'm extremely hopeful that Obama will come out as the far and away optimum choice. I hope that McCain doesn't have a meltdown on national television.<<

Based on the foam around this place, you people are seriously worried about this. Barry doesn't do well under pressure. As for me, I'm hoping McCain brings up what Barry's minions are saying about Sarah. This is a chance for more Americans to see just how low democrats are willing to go to further their own personal power.

Plane

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Re: NYT: McCain's Gambit Becomes Obama's Big Break
« Reply #9 on: September 26, 2008, 09:36:07 PM »
McCains symbolic stand put him at the mercy of the Congressional Democrats , who gleefully kicked his presented posterior.

This is important enough to waste the time it took?


I am glad that the debates will go on , I wish there would be more of them , with a little luck the people might learn some actual knoledge about these people.