McCain has aligned himself with house Republicans to kill the bailout agreement.

[Barack_America]

That's what it looks like at this point.

There are reports that McCain went into the meeting at the White House requesting less business regulation as a component of the bailout plan. (Dana Bash from CNN also reported that he spent much of his day talking to House Republicans.)

Paulson's $700 billion plan ran into trouble late Thursday when it got tangled up into presidential politics. Sen. John McCain met with House Republicans prior to the White House meeting and brought some new language to the White House meeting, upsetting Democrats.

It seems that McCain was advocating the House Republicans' bailout plan, which relies on "private investments" instead of tax payer dollars to bailout the financial industry. Sounds interesting, but if it requires corporate deregulation and tax breaks to achieve, I'll pass.

The Republican proposal backs the removal of regulatory and tax barriers to help facilitate the use of private capital to produce liquidity; temporary tax relief provision to help companies free up capital; and temporary suspension of dividend payments by financial institutions.

The question is, why? John McCain has never been particularly interested in the economy before. If John McCain is so concerned about the bailout, why didn't he read Paulson's 3-page plan? Why didn't he place a single call this week to Senator Shelby, the ranking member of the Senate Banking Committee?

Is he really willing to interfere with Congress' attempts to stabilize the financial industry in order to detract from his plummeting poll numbers and push back the VP debate? If not that, why the sudden full-throated interest?

While you contemplate that, check out this link where you can watch the Stock Market futures tank:
http://money.cnn.com/data/afterhours/

P.S. The Dow Jones futures were only -36.00 when I started this OP.

Tomorrow is going to be a bloodbath on Wall Street. All thanks to John McCain and his meddling today. Meddling that likely had nothing to do with his concern for our economy and everything to do with his own political gain.

Sources:
McCain statement:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=7187195&mesg_id=7187195
http://www.marketwatch.com/news/story/paulson-urges-all-sides-work/story.aspx?guid=%7BED271F4E-AC9C-47D2-B967-9AC8B42FD0F5%7D&dist=msr_1
House Republican plan:
http://thehill.com/leading-the-news/house-gop-we-have-leverage-on-bailout-2008-09-25.html

[Shakespeare]

1. We need to pound the hell out of this: they want less regulation and taxes.

Un-fucking-believable. They should be publicly flogged for this.

[Barack_America]

2. Interesting that McCain suspended his campaign because an agreement "was taking too long"...

(to paraphrase)

And the first thing he does when he gets to Washington is to destroy an agreement in the works.

Agreed. They should be called out on this. Country first, my ass.

[iceman66]

17. Damn right they need to be called out on this!

[Mojambo]

3. I think they may need to shut it down at some point tomorrow. n/t

[dana_b]

6. shouldn't they have to stay in session?

or are we on our own until after the elections?

[Mojambo]

8. No. I mean the stock market. n/t

[dana_b]

9. oh, yeah. sorry!

:blush:

[msallied]

4. I just still don't get it...

WHY is he doing this at all? Why?? This is damaging him considerably! There is no way that he can come out of this looking good at all. I've been wracking my brain all day and I still can't figure it out. Sigh...

[Barack_America]

7. That's a good question and I can only come up with two answers...

1). His corporate masters called on him to bring some additional corporate welfare their way. (non-financial industry corporate masters, that is)

and/or

2). He sensed that his campaign was tanking and that either the Presidential debate tomorrow or VP debate next week would be the final nail. In short, a Hail Mary at all our expenses.

[malik flavors]

12. Because he wants to cancel tomorrows debate and then replace the VP debate with a 3rd debate.

He wants to cancel Palin's debate and just have 3 presidential debates.

Just have tomorrows debate next week, or whenever the VP debate was scheduled for, and completely shut the VP debate down.

And house republicans are blowing up the bailout deal so that this can happen, becasue of the bill passed McCain wouldn't have an excuse to not debate.

That's what i'm thinking.

[iceman66]

20. Yet another desperate move to try and 'change the game'

Just like picking Palin.

Do we really want someone who is so prone to reckless and impulsive decisions to be president?

[tridim]

30. I think the big banks really don't want transparency and oversight..

where criminal activities will likely be exposed.

[Barack_America]

5. Added another link demonstrating McCain's alignment with House Republicans to kill the bailout

[nc4bo]

10. This needs to be blown all over the airwaves. Wouldn't this have the potential to blow up in

Mccain's face?

[Barack_America]

11. Keith is trying right now. And there's an AP article...

That JeffersonDem just reported.

And, by the way, Dow futures are -100 now.

[Hugabear]

13. Because he's a goddamned fucking idiot.

He'd rather see the country go into another Depression than allow anything meaningful to happen. He's a mean spiteful bastard.

[Barack_America]

15. McCain's fundamental misunderstanding with the economy is he's always gotten his money...

...from someone else.

He doesn't know how to personally shoulder a economic burden. He's always had someone to take care of him financially, whether it be Cindy or Charles Keating or his lobbyist friends. So I'm sure that he was shocked that Americans might actually have to pay for Wall Street's fuck up. And he did what he always does, turn to a rich benefactor and see if they can pay for it. Oh wouldn't he look like the hero if he could get taxpayers out of this mess? But the fact is that we have to take on this burden. The only way other corporate giants are going to kick in the money for that is if the American people dig themselves, personally, into a larger economic hole by giving those corporations further tax breaks and deregulation. Well we all know who pays for tax breaks and deregulation in the end...us.

So sorry Johnny, but the American taxpayer is fucked and, yes, it was your policies that did it. Time to own your mistakes like you say you do.


ETA: I think I might make this an OP. These are some thoughts I've been kicking around for a while and today's events helped gel in my mind.

[dionysus]

28. do it! a great post

:hi:

[FatDave]

14. So that's it then. We tried, McCain killed it. His fault, enjoy your crash.

Also: Isn't this yet another flip flop for McCain? Wasn't he just going on about more regulation? Now he wants less?

[doc03]

16. The overwhelming majority of the American

people are against this bail-out. It looks like a win for McCain either way if they agree to his plan he can take credit. If not he can come out the hero for opposing Bush's bail-out plan.

[Barack_America]

18. Perhaps they are now. But when they see what Wall Street does tomorrow...

After the bailout failed today?

Might be a different story. And apparently there are already new polls showing the American position on the bailout softening.

I'm not crazy about the bailout, but I've pretty much resigned myself to the fact that something has to be done and I'll have to pay for it.

[iceman66]

21. I'm sure that's the plan.

Win/win for McCain, regardless of the consequences for the American people!

[doc03]

22. If it looks like it will pass without his vote he will oppose it

then blame the Democrats for taking all your money. If they need his vote he will take credit and the Republicans will give him cover. I have a bad feeling about this, I think this may be ultimate October surprise.

[Barack_America]

23. Not going to work. If he wants Republicans to vote for it, he's going to have to vote for it too.

nt

[doc03]

24. So then he claims he worked the deal out and saved the day n/t

[Barack_America]

27. That only works if he got House Republicans to support THIS plan...

The market is going to tank tomorrow and the word is already out that McCain torpedoed this plan.

He's already been exposed for complicating these negotiations.

[jgraz]

25. It's cynical politics, but ultimately killing the bailout is the best thing for us

This bailout was written by the Wall Street criminals, for the Wall Street criminals. Personally, I hope Congress deadlocks until after the election.

[Hugabear]

29. Most Americans are just fucking stupid.

Sorry to be so blunt, but it's true. Most people don't understand the full repercussions of what could easily happen if this doesn't go through.

Without this, many small businesses won't be able to borrow money. Wont' be able to afford to pay their employees. We'll see unemployment go through the roof, more banks fail, etc. In short, we'll be looking at another Great Depression.

McCain knows he's going to lose. He knows damned well that by opposing this, he'll look like the "good guy", and then be able to sit back with his wife's money and watch the country implode financially under an Obama administration. Won't matter that it actually started under Bush, many people will just remember that Obama was president during the worst of it.

[doc03]

32. My former Congressman Bob Ney used to pull that stunt

all the time. If say there was some kind of bill that labor wanted passed he would sit back and wait and if it was going get voted down he would vote for it and claim he backed labor to the people back home. But any time he was backed in a corner he always voted in the Republicans favor. That's how he managed to get re-elected in an area 2-1 Democrat over and over. The average voter never figured it out. Thank God and Abramoff he went to prison.

[understandinglife]

19. Watch the Asian markets tonight and the European markets early tomorrow ...

... and, you will begin to see the consequences of McStunt's totally clueless behavior.

This is going to get real ugly real fast unless some adults step in tonight and do major league damage control.

[doc03]

26. The Democrats got to get out there tonight and

in no uncertain terms put the blame square on Mccain's back.


on edit: they better mussel Bill Clinton...

[crazy_vanilla]

31. you could've knocked me over with a feather !!!

over this decision of his; he'll do anything to win; erratic as ever

[Barack_America]

33. kick. nt

[Barack_America]

34. Dow Jones now at -176.

How low can it go before it even opens?

Thanks McCain! :eyes:

[TankLV]

35. What a "maverick"...

just like his "not a part of this GOP instigated/fathered mess"...

he's so "not a repuke" repuke...

[vaberella]

36. Of course he did. He's the McKing of flip-flops. n/t

[Barack_America]

37. Kicking for the fallout. nt

[EnviroBat]

38. Listen up republican theives and champions of corruption.

I personally am all for my tax dollars going to bail out these firms. Yep, read it again, I'm all in. With the agreement that my tax dollars are being used as an investment, much in the same manner my retirement accounts have been for quite a few years now. That being said, I want a RETURN on this investment to be used as a supplement to my social security retirement account. So, in short the deal is, I'm OK with the dems approving this deal as it was, with proper oversight. No executive compensation, (in fact they should all be summarily fired without pensions). Complete regulation, and oversight. A complete quarterly report made available to the public which outlines how our collective "investment" are doing. A mortgage restructuring settlement for every homeowner which allows the annual mortgage to be paid in ten (10) monthly installments, allowing the homeowner to effectively "skip" two payments a year in case of financial hardship, (now that would really be looking out for our interests). Add to that a fixed rate mortgage for everyone currently struggling with an ARM. Stricter market regulation, (not a trade is done without backing). Go for it. But what the fuck do I know?

[Barack_America]

40. My thoughts too. I'm willing to pay $3000 to own these motherfuckers...

So that they can never pull this shit again.

Might just be the best investment in my future and my country's future that I could ever make.

[EnviroBat]

41. High Five!

:hi:

[Romulox]

39. McCain is making the Obama people look like fools on this issue.

He has pulled the rug out from under Pelosi, Reid, and Obama, and left the "party of the little guy" to be the ones to champion massive government bailout for their fatcat campaign contributors.

[Overseas]

42. That's the Gingrich plan, but it was too obvious to fool the Democrats.

They made sure to work more accountability into the Paulson plan and won't let it pass without substantial Republican commitment.

Link & Clip: http://blogs.abcnews.com/politicalradar/2008/09/gingrich-mccain.html

If McCain were to come out against the bailout plan, Gingrich said that Republicans would rally to his side and it would become possible for the McCain-Palin ticket to style itself as "taking on the Bush-Obama establishment."

"Either McCain is going to go along" with Obama in supporting the plan, said Gingrich, "in which case the establishment will have the fix in . . . or you are going to see McCain decide, much in the way that he did in picking Palin, that, in fact, he is a genuine maverick, that he genuinely defends the taxpayers, and that this is a terrible bill."

"If the latter happens," Gingrich continued, "I think you will see the emergence overnight of a 'McCain Reform Wing of the Republican Party' and you'll see House and Senate members siding with McCain by overwhelming margins and then you'll be in a very different political environment. You'll have 'Bush-Obama ads' on the one side and 'taking on the Bush-Obama establishment' on the other side, and that will be, frankly, one of the more amazing elections."