Power And Dollar

McCain: Statesman? Coward?

Obama now has 228 electoral votes versus McCain’s 174, after a month of conventions, bailouts, bankruptcies and an announcement of $700B bailout plan.  With only 40 days to go before the voting day, McCain suspends his campaign to work on a solution.  Is he looking for a distraction?  Is this statesmanship? 

 

The answer to that will be determined by the reasons of those 90 Representatives who are opposed to it.  Are they opposed to having a bail out at all?  Are they having a problem with the “principles”?  Are some of them looking for a pet project into this legislation?  If their reasons are spelt out, then that will decide if any thing can be done to have a bail out.  Only when that is determined could McCain (or anyone) be shown to be statesmen (or coward for running away from the debate).  Whereas, Clinton’s position is much safer for her political career.  At least, McCain got more attention now.

 

McCain could not have known those 90 different reasons when he suspended his campaign.  Therefore, he is gambling. 

 

The only up-side of this is, even if he loses the race, this gutsy move can be a nice chapter in his legacy.  

 

Now, what does it matter to us?

 

The generally agreement principles (GAP) among the two houses are good principles.  The devil is in the details, of course.  However, it does not appear that anyone in the 2 houses is playing games here.  Most of them, 66 out of 495, of them are not running for re-election this year.  They really have to think it through what their positions are.  When we scan through the news headlines, we can see that most commentaries are mostly in line with what the GAP is asking, regardless of the ideological spectrum.  

 

Seidman and Cooke take one side while Kessler take another, all in WSJ.  Editorial of Investor’s Business Daily is “For the Rescue to Work, It Must be Clean.”  Even the big money is cautious about the approach Bush administration is taking.  

 

This reservation is great.  But time is running out for this administration to work (not necessarily for us).  Someone has to give.  The danger we need to observe is:

1)       Is it wise to give money when this administration has very little time to administer the program?  This can be translated to: how much of this proposal is workable and not a bomb for the next administration?

2)       Is it wise to decide something of this magnitude at election time?

3)       Can this wait for post election?

4)       What if Bush is being his typical self – unable to compromise?

 

Looking back, why didn’t America react to the Patriot Act the way it is about this $700B?  Answer: Patriot Act (or the terrorist acts at the time) stroke an emotion; This is felt in terms of dollars.  Dollars dictate the power brokering.

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September 25, 2008 - Posted by | Barack Obama, Current Events, Democrats, economics, election, Election 2008, John McCain, mccain, obama, politics, Republican, wordpress-political-blogs

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