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 Did Sen. John McCain's scaremongering send the markets into negative
territory Wednesday? No sooner had the Republican presidential
candidate announce he was suspending his campaign and requesting that
Friday's presidential debate be postponed, than the market started
tanking.
After opening Wednesday on a down note, Wall Street recovered as
lawmakers began to arrive at a consensus on Treasury Secretary Henry
Paulson's $700 billion bailout plan. But McCain said, "It has become
clear that no consensus has developed to support the administration's
proposal to meet the crisis. I do not believe that the plan on the
table will pass as it currently stands, and we are running out of
time." Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, was moved to suggest it was "more of a rescue plan for John McCain and not a rescue plan for the economy." "Now that we are on the verge of making a deal, John McCain airdrops himself in to help us make a deal," said Representative Barney Frank, D-Mass., chairman of the House Financial Services Committee, complaining that McCain's arrival would simply mean having to "troop down to the White House for a photo op." Accoroding to Politico, Frank, the chief author of the economic rescue package, likened McCain to comedian Andy Kaufman in his Mighty Mouse costume -- "'Here I Come to Save the Day,'" Frank said as he left a Thursday morning caucus meeting with House Democrats, saying the Republican presidential candidate's decision to enter the mix "is not helpful." "He hasn't been involved," Frank said. "He doesn't know anything about it." Frank believes McCain's entry "injects an ... element of partisanship" into already tenuous negotiations. McCain also canceled an appearance on the David Letterman show, prompting the talk show host to say: "I think somebody's putting something in his Metamucil." During
the show Dave also said, "You don't suspend your campaign. This doesn't
smell right. This isn't the way a tested hero behaves." Other Letterman comments: "He can't run the campaign because the economy is cratering? Fine, put in your second string quarterback, Sarah Palin. Where is she?" "What are you going to do if you're elected and things get tough? Suspend being president? We've got a guy like that now!" - Donna Block CategoriesComments Deal Video
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Politico, Huffington Post, David Letterman, etc. means this story is almost a hit piece for the DNC!
Try to make your stories two-sided vs. becoming another DNC.com websites.
A better story would have been everyone wants the final credit, but is this a good solution. Only 4 Republicans in the house would have supported the bill until McCain's comments. After McCain's action every Dem. & Republican want to cut deal a deal to get credit for saving the day!
Why is Washington spending our dollars vs. looking for real solutions!