McCain's Brilliant Play: Bets Presidency on Blocking Bailout Deal

[debbierlus]

That is the title of the article, I thought I would post it because it explains this whole crazy ploy:

http://finance.yahoo.com/tech-ticker/article/73110/McCain's-Brilliant-Play-Bets-Presidency-on-Blocking-Bailout-Deal?tickers=

John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal. In doing so, he went against not only Democrats but the Republican president, the panicked Republican Treasury Secretary and Fed Chairman, and Republican Congressional leaders. Instead, he sided with a small band of outraged Republicans grousing about violation of free-market principles.

So was this idiotic McCain self-destruction, as most people are suggesting? Or was it a brilliant populist move?

We think the latter.

Americans hate the Hanke-Panke plan, which they accurately view as a bailout of the financial-services companies and executives that helped get us into this mess. Some Americans are so angry, in fact, that for now they'd rather see "this sucker go down" -- as Bush put yesterday, referring to the U.S. economy -- than support a financial-services bailout. By aligning himself with a small band of Republicans who are refusing to go along with the Hanke-Panke plan, McCain not only appears to be standing up for this outrage but is reinforcing his desired image as a maverick.

Given the ongoing crisis in the credit markets, a bailout plan will likely be struck today or Monday -- whether McCain plays ball or not. Assuming this happens, McCain will:

Take credit for brokering a compromise (assuming the final deal is palatable to Americans)
Crow that he was the candidate who tried to stand up against the bailout of Wall Street fat-cats
Note every five minutes in the next six weeks that the enormous sop to Wall Street hasn't saved anything (if the bailout works, it won't work until long after the election is over)
Blast President Bush, who everyone hates anyway, thus reinforcing his "change" message
Say he's the only guy with the balls and experience necessary to deal with this crisis.
And on the off chance that a deal doesn't go through in the next couple of days, McCain can just rail about the outrage of the Democrats' desire to bail out Wall Street at the expense of Main Street and say he's the only one standing up for the little guy.

In our opinion, this was a brilliant political play (and we're voting for Obama). If only it were likely to lead to a better bailout plan.

(What's a better bailout plan? One that injected equity into the banks -- or, better yet, converted debt to equity -- thus penalizing banks for their stupidity, not taxpayers, and actually accomplishing the desired recapitalization).

....................

This bail-out is an out and out set up and scam. It is a trap, and it is disgusting. The Republicans threaten Financial Armageddon and then, when the dems try to work out something out of fear of what will happen (if they don't act), McCrazy can come in and state that NO NO NO - let's privatize this whole thing and not put the public at risk (of course, it will be a total sell-out to the Saudis & a complete screwing of American - but man, GREAT TALKING POINTS...McCain the Maverick rides again....McCain won't let Main Street Bailout Wall Street...Then, he will put in play the real Bush plan that they were planning on all along. Selling America to the Saudis.

Of additional note, they have been slipping in MAJOR NEWS STORIES that aren't getting ANY coverage such as Cheneys Plame testimony becoming classified, 25 billion dollar 'loan' to the auto industry, Conflict on the Ground between US & Pakistan - including a shoot out of a US drone helicopter out of the sky, Condi Rice being in on torture meetings, and so many more. They are coming so fast and furious, frankly, I can't keep up and I am a junkie. Planned Chaos.

Obama needs to stand up and call them out on this tonight. He needs to reveal that this plan was concocted over months and sat on. And, it is the ultimate scam. Tell them democrats are not going to play this game, and that the Republicans have lost any integrity they might have salvaged by playing this head game with the American people.

If he does this, he will win this election.