The current situation has little to do with Democratic policies over the last two years (reconmike) or NATFA (scout) and everything to do with how the banking and financial lending institutions have been and should be regulated or de-regulated....and now, with the govt in the position to decide if, how miuch, and with what oversight safeguards, it should step in.
The problem for McCain is that he has been all over the map on the issue. His problem is further compounded by the fact that the conservative base is opposed to any bailout at any level. From the Republican platform:
“We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself.”
McCain did the only thing he could...he punted with the idea of postponing the debate ...hoping to stall until he can enunciate a position that he can sell to his supporters....as his poll numbers drop by the day.
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There will be a bailout...we should just accept that as a given...whether we like it or not.
What the Democrats (and even many Republicans) in Congress have done, and what Obama has articulated in a far more consistent manner than McCain, is a push back against the WH proposal in a meaningful way, with details....that it should include more safeguards (ie regulations) than the WH proposal, provisions preventing more "golden parachutes" for CEOs, more oversight than the WH wants, and a lower price tag...particularly in light of a recent statement by a Dept of Treasury official:
In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
Friday's debate will be held with or without McCain....its up to him...but I dont think he should expect to see his poll numbers rise if he ducks the debate and attempts to play the "country above politics" martyr.