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Midnight Mike
09-24-2008, 02:12 PM
McCain suspends campaign & return to Washington

MCCAIN: Remarks on the Economic Crisis
Wed Sept 24 2008 14:58:02 ET

America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration' proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.

Matt Molnar
09-24-2008, 02:53 PM
"The debate is on," a senior Obama campaign official told ABC News.

bonanzabucks
09-24-2008, 03:54 PM
The problem is not bipartisanship. Amazingly, that's not an issue as both parties have grave misgivings about the plan, especially considering its size and scope and the new powers it will give the Department of Treasury. It's just that Bush has zero credibility now, even within his own party and nobody wants to listen to him. Most of the opposition is from Republicans and much of it is for ideological reasons and much of it because they don't even trust the President. Democrats want amendments, which Paulson and Bernanke are willing to give. Surprisingly, both Republicans and Democrats backed the change to limit executive pay, which Bush and Paulson were initially against.

McCain's call to end "bipartisanship" on this issue is just silly because he just isn't getting what the problem is. It's just backlash from both parties against Bush.

I think Obama would be wise to heed McCain's call, though. Obama would look like an ass if he went ahead and campaigned.

As for the bailout plan, the Treasury Department could turn this into a profitable venture. Hong Kong and the Nordic countries did the same type of things during their fiscal crises in 1997 and the early 90's, respectively. They both turned their toxic debt investments into profitable ventures. Hong Kong went further and even made a sovereign wealth fund out of it. If done right, we could -- and should -- do the same thing. Then it wouldn't be places like Dubai and Singapore buying us out.

Matt Molnar
09-24-2008, 04:37 PM
As for the bailout plan, the Treasury Department could turn this into a profitable venture. Hong Kong and the Nordic countries did the same type of things during their fiscal crises in 1997 and the early 90's, respectively. They both turned their toxic debt investments into profitable ventures. Hong Kong went further and even made a sovereign wealth fund out of it. If done right, we could -- and should -- do the same thing. Then it wouldn't be places like Dubai and Singapore buying us out.

At current market prices, $700 billion could actually buy all of the country's largest banks outright. Then, the government would get the good, profitable portions of the banks rather than just the garbage they can't unload on the open market. Here's a pretty good case for doing that...

:arrow: An Offer They Couldn't Refuse (http://www.smartmoney.com/blog/index.cfm?story=viewentry&entryID=733) [SmartMoney]

Midnight Mike
09-24-2008, 05:10 PM
The problem is not bipartisanship. Amazingly, that's not an issue as both parties have grave misgivings about the plan, especially considering its size and scope and the new powers it will give the Department of Treasury. It's just that Bush has zero credibility now, even within his own party and nobody wants to listen to him. Most of the opposition is from Republicans and much of it is for ideological reasons and much of it because they don't even trust the President. Democrats want amendments, which Paulson and Bernanke are willing to give. Surprisingly, both Republicans and Democrats backed the change to limit executive pay, which Bush and Paulson were initially against.

McCain's call to end "bipartisanship" on this issue is just silly because he just isn't getting what the problem is. It's just backlash from both parties against Bush.

I think Obama would be wise to heed McCain's call, though. Obama would look like an ass if he went ahead and campaigned.

As for the bailout plan, the Treasury Department could turn this into a profitable venture. Hong Kong and the Nordic countries did the same type of things during their fiscal crises in 1997 and the early 90's, respectively. They both turned their toxic debt investments into profitable ventures. Hong Kong went further and even made a sovereign wealth fund out of it. If done right, we could -- and should -- do the same thing. Then it wouldn't be places like Dubai and Singapore buying us out.

To be perfectly honest, I think Congress would have a fall-guy that they can blame, afterall, it is Congress fault that we are in this mess...

Matt Molnar
09-24-2008, 05:17 PM
I never thought I would agree with Harry Reid on anything, but I think he has a point here...

ABC News:

Reid to McCain: Don't Come Back to Capitol (http://blogs.abcnews.com/politicalpunch/2008/09/reid-to-mccain.html)
[snip]

McCain this afternoon suspended his campaign and said he would skip the first presidential debate in order to return to Capitol Hill to work on the log-jammed Bush administration legislation, which, as of Wednesday afternoon, was in peril.

McCain had phoned Reid to ask about the prospects of him, Sen. Barack Obama, D-Ill., and others to sit down and work together on hammering out a bipartisan proposal.

"Sorry," Reid said to him, a Democrat close to Reid says.

Reid then read McCain the statement he had just put out: "This is a critical time for our country," says the Reid statement. "While I appreciate that both candidates have signaled their willingness to help, Congress and the administration have a process in place to reach a solution to this unprecedented financial crisis. I understand that the candidates are putting together a joint statement at Sen. Obama’s suggestion. But it would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy. If that changes, we will call upon them. We need leadership; not a campaign photo op. If there were ever a time for both candidates to hold a debate before the American people about this serious challenge, it is now.”

moose135
09-24-2008, 06:19 PM
Funny, but I don't remember GWB suspending his campaign so he could focus on the war in Iraq in 2004. This sounds like a desperation move by McCain.

T-Bird76
09-24-2008, 09:15 PM
I agree with Moose..sounds like McCain is trying to be the White Night riding in to save the day. I don't think stopping his campaign is bright move at all.

moose135
09-24-2008, 10:20 PM
Tune in to Letterman tonight. McCain was supposed to be on the show, but called Dave to cancel at the last minute so he could return to Washington. Apparently Letterman wasn't too happy about it, and tried to tell McCain he shouldn't suspend the campaign. During the taping of Letterman's show, he found out McCain wasn't rushing back to DC, but rather was down the hall, being interviewed by Katie Couric. Letterman had his director pull up the live feed from Couric's studio, showing McCain getting made up in preparation for his interview. Sounds like "Must See TV"!

Midnight Mike
09-24-2008, 10:32 PM
I agree with Moose..sounds like McCain is trying to be the White Night riding in to save the day. I don't think stopping his campaign is bright move at all.

I have to disagree with ya.

Obama & McCain butts belong in Washington, they are both US Senators & since both candidates claim to be able to work with the other side, then jointly they should be able to get a deal passed.

Tom_Turner
09-25-2008, 12:34 AM
Why didn't McCain cancel speaking at the Clinton Global Initiative as well?

I really think Obama's going to win at this point.

Midnight Mike
09-25-2008, 07:42 AM
Why didn't McCain cancel speaking at the Clinton Global Initiative as well?

I really think Obama's going to win at this point.

Would have looked political :wink: , if the person running the forum was a Republican, McCain would have cancelled.



There is no clear leader on either side, this race is going down to the wire.

According to real clear politics, which takes an average of polls:

Obama stands at 48.0%, McCain is at 44.4% (margin of error is usually 3%-4%)

Now this is interesting,both Obama & McCain have similar favorable ratings

Favorable Ratings Obama - 17.0%, McCain - 17.1%

Midnight Mike
09-25-2008, 08:32 AM
Bill Clinton: Don't 'Overly Parse' McCain Request to Delay Debate

http://blogs.abcnews.com/politicalradar ... on-do.html (http://blogs.abcnews.com/politicalradar/2008/09/bill-clinton-do.html)


"We know he didn't do it because he's afraid because Sen. McCain wanted more debates," Clinton said, adding that he was "encouraged" by the joint statement from McCain and Sen. Barack Obama.

"You can put it off a few days the problem is it's hard to reschedule those things," Clinton said, "I presume he did that in good faith since I know he wanted -- I remember he asked for more debates to go all around the country and so I don't think we ought to overly parse that."

If the debate moves forward as planned for Friday night, Clinton says "they should be able to talk about this some of the debate because it is a security issue."