McCain's Gamesmanship

by John M. Curtis
(310) 204-8700

Copyright September 26, 2008
All Rights Reserved.                    

              Seeking to stem his slide in the polls, GOP presidential nominee Sen. John McCain (R-Ariz.) suspended his campaign Sept. 25 to return to Washington to work on congressional approval for a $700 billion White House bailout plan.  McCain asked to postpone his Sept. 26 debate with Democratic presidential nominee Sen. Barack Obama, citing urgent action to save the nation from financial disaster.  President George W. Bush addressed the nation Sept. 24, warning of “financial panic” should the congress not pass his $700 billion rescue plan.  Bush echoed the views of Treasury Secretary Hank Paulson and Federal Reserve Board Chairman Ben S. Bernanke who warned of financial disaster should the White House plan stall in congress.  White House officials asked congress to accept its $700 billion plan without oversight or accountability as the best hope of saving the economy.

            When Paulson and Bernanke testified before the Senate Banking Committee Sept. 23, they presented no independent corroboration from reputable economists confirming their theory that the nation faced an economic calamity of paralleling the Great Depression.  Paulson and Bernanke advocated for congress to hand over the cash or face imminent disaster.  Their bailout plan offered CEOs “golden parachutes,” bonuses and compensation for running companies into the ground.  When Paulson refused any oversight, claiming to protect American taxpayers but, in reality, guaranteeing the compensation and bonuses for CEOs, a tsunami of opposition hit GOP lawmakers.  They couldn’t fathom the intense pressure to give Paulson the cash to pay failed CEOs and companies.  McCain seized on the chance to play hero, painting Obama look self-serving and conspicuously political.

            Congressional negotiators wanted no pressure from either presidential nominee, preferring instead to build a consensus among White House and congressional negotiators.  “We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved,” threatening to boycott Friday’s debate.   McCain’s team needed something dramatic to stem a freefall in the polls.  Playing politics with the financial crisis and debate appears to have boomeranged for McCain, now reneging agreeing to attend.  “If the package is reached and the country is saved, there will be a debate,” said an unnamed McCain aide.  “But if there’s no deal, how can you get on a plane . . . for a debate,” holding the debate hostage.  McCain finally acquiesced to the debate when he realized he was antagonizing voters, losing more ground and shooting himself in the foot.

            Recent fiscal crisis has harmed McCain’s standing in the polls.  Obama enjoys a 14%-16% lead among registered voters on his ability to manage the economy.  McCain’s fiscal plan continues President George W. Bush’s tax cuts, hoping the Supply-Side “trickle-down theory” will eventually save the economy.  With Washington Mutual going down Friday as the largest bank failure in U.S. history, voters are becoming more frightened by the prospects of the same economic policies.  Obama promised to end the war in Iraq, saving taxpayers $12-16 billion a month, the only real stimulus that can save the economy.  McCain wants to cut domestic spending and preserve texorbitant defense spending now breaking the economy.  While the congress works feverishly this weekend on an acceptable plan, it’s become obvious that the economy lacks the “fundamentals” for real growth.

            McCain’s first big gamble in the campaign was selecting Alaska Gov. Sara Palin, a neophyte on the national stage.  While the campaign has kept Palin away from the press, she faces Sen. Joe Biden Oct. 2 in a face-to-face debate.  She has already exposed some of her weakness to CBS Evening News’ Katie Couric on foreign policy, claiming experience from seeing Russia from parts of Alaska.  Threatening to boycott the debate was another calculated risk, hoping to slow down Obama’s momentum.  Playing games with the debate displayed McCain’s propensity for the dramatic, not too reassuring for presidential decision-making.  His recent tough talk about Iran and Russia gives voters reason to worry, concerned about his presidency opening up new fronts.  With the military weakened and the economy in ruins, there’s no room for miscalculations during the next four years.

            McCain has begun to run out of tricks as the election draws near.  Judging by his drop in the polls, voters questioned his selection of Palin and threat to boycott the debate to impose a premature bailout plan.  Taxpayers are appalled by Bush’s plan to save irresponsible CEOs, giving “golden parachutes” and handing over $700 billion in cash.  Most of McCain’s colleagues on the Hill oppose Bush’s plan to give a blank check to Treasury Secretary Hank Paulson to bailout Wall Street’s shrewd manipulators.  Whatever bailout plan passes, it must have concrete provisions for prosecuting corrupt CEOs and protecting homeowners.  If two-thirds of U.S. Gross Domestic Product is based on consumer spending, bailing out Wall Street offers more “trickle-down economics” but little real help.  Instead of clever gimmicks, McCain should offer more straight talk and less gamesmanship.

About the Author

John M. Curtis writes politically neutral commentary analyzing spin in national and global news. He's editor of OnlineColumnist.com and author of Dodging The Bullet and Operation Charisma.

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