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McCain's Brilliant Play: Bets Presidency on Blocking Bailout Deal
Cluster Stock ^ | Sept. 26, 2008 | Henry Blodget

Posted on 09/26/2008 9:42:51 AM PDT by Candor7

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).


TOPICS: Business/Economy; Editorial; Politics/Elections
KEYWORDS: bail; baiout; boondoggle; mccain; mccainpalin; putsch
John is doing the batting on this today. May God be with him. This boondoggle bail out is a Socialist Putsch attempt to communize our economy and redirect our economy to socialism community activity instead of profit.

Read Jonah Goldbergs new book: " Liberal Fascism: The Secret History of America's Left, from Mussolini to the Politics of Meaning."

Then you will know what this bail out represents. Its a nationalist socialist takeover of out economy. BTW, there is no Democrat Party anymore. It died at the Denver convention. What you have is a Nationalist Socialist Party led by Obama and his thugs, aided and abetted by the MSM.

Raines, Obama, Frank, Soros, Howard Dean, all wanted this, and now they want to hammer nails into the coffin to put our economic freedom to rest!

Scream blue bloody murder to your reps in Congress!

There goes your retirement income baby boomers. Wave goodbye to it, and your ability to invest in stock to provide for your own retirement. All baby boomers will get now is whatever the government wants to hand out, IF you are a socialist you might do quite well when ACORN or LAZAR-US knocks on your door to "help" in times to come?.

Thats 200 to 300 billion to Acorn etc, in the current bail out package. WHO the F'k wants that? Nobody I know. John McCain is right in what he is doing. We need to help him succeed.

1 posted on 09/26/2008 9:42:52 AM PDT by Candor7
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To: Candor7
From your keyboard to God's ears, I would rather have a Depression that have our children be saddled with a mountain of debt. It would be painful medicine but we would survive. What we cannot survive is a government that literally has life and death power over each and every one of us.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

2 posted on 09/26/2008 9:48:21 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Candor7

Amen

We need to let McCain know we’re standing behind him every step of the way.


3 posted on 09/26/2008 9:49:41 AM PDT by Carley (she's all out of caribou.............)
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To: goldstategop

Is the hold up on this deal, Reid attempting to attach a drilling ban to it, as I saw reported somewhere today?


4 posted on 09/26/2008 9:50:11 AM PDT by Concho
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To: Candor7

What you have is a Nationalist Socialist Party led by Obama and his thugs, aided and abetted by the MSM.
:::::::::::
Without any doubt...and the socialist pigs are using this crisis for presidential politics — they are NOT interested in a solution. All they are doing is trying to screw it up, as best they can, to make it look like McCain is somehow (total insanity) at fault as opposed to criminals like Cox and Frank and the rest of the criminal liberal mob of the Congress.


5 posted on 09/26/2008 9:50:27 AM PDT by EagleUSA
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To: Candor7; Beckwith; Fred Nerks; LucyT; SatinDoll; F15Eagle; george76; forkinsocket

Ping!


6 posted on 09/26/2008 9:50:33 AM PDT by Candor7 (Fascism? All it takes is for good men to say nothing, (http://www.theobamafile.com/))
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To: Candor7
"I’m not running for president because I think I’m blessed with such personal greatness that history has anointed me to save our country in its hour of need. My country saved me. My country saved me, and I cannot forget it. And I will fight for her for as long as I draw breath, so help me God.

If you find faults with our country, make it a better one. If you’re disappointed with the mistakes of government, join its ranks and work to correct them. Enlist in our Armed Forces. Become a teacher. Enter the ministry. Run for public office. Feed a hungry child. Teach an illiterate adult to read. Comfort the afflicted. Defend the rights of the oppressed. Our country will be the better, and you will be the happier. Because nothing brings greater happiness in life than to serve a cause greater than yourself.

I’m going to fight for my cause every day as your President. I’m going to fight to make sure every American has every reason to thank God, as I thank Him: that I’m an American, a proud citizen of the greatest country on earth, and with hard work, strong faith and a little courage, great things are always within our reach. Fight with me. Fight with me.

Fight for what’s right for our country.

Fight for the ideals and character of a free people.

Fight for our children’s future.

Fight for justice and opportunity for all.

Stand up to defend our country from its enemies.

Stand up for each other; for beautiful, blessed, bountiful America.

Stand up, stand up, stand up and fight. Nothing is inevitable here. We’re Americans, and we never give up. We never quit. We never hide from history. We make history.

Thank you, and God Bless you. "

- John McCain, nominating acceptance speech, September 4, 2008.
7 posted on 09/26/2008 9:51:09 AM PDT by Question Liberal Authority (Don't call us, Barry. We'll call you.)
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To: Concho

Biden just tacked on a $51.5 Million earmark for some pet project.


8 posted on 09/26/2008 9:51:22 AM PDT by Concho
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To: Candor7

This is right on. I just hope the Republicans stand their ground. If they do they will save this country as well as win this election.


9 posted on 09/26/2008 9:51:37 AM PDT by truthandlife ("Some trust in chariots and some in horses, but we trust in the name of the LORD our God." (Ps 20:7))
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To: Candor7

“McCain’s Brilliant Play: Bets Presidency on Blocking Bailout Deal”

When the news came out about this, THAT is exactly the way I read it!!


10 posted on 09/26/2008 9:51:38 AM PDT by SMARTY ('At some point you get tired of swatting flies, and you have to go for the manure heap' Gen. LeMay)
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To: Candor7
John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal.

If anyone's listening to Rush, we know this is an outright lie. There was no deal in place to be broken. The Dems handed the meeting over to Obama and it was a complete disaster.

11 posted on 09/26/2008 9:52:02 AM PDT by edpc
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To: Candor7

Good article, I am reading the msm about McCain’s decision to debate. It would be real hard to make the coverage any more biased. According to the msm, McCain is a no good lying disruptor who accomplishes nothing. Meanwhile Obama hovers above it all as the American dream.


12 posted on 09/26/2008 9:52:32 AM PDT by Williams (It's The Policies, Stupid.)
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To: Candor7
Thank God for John McCain and the CONSERVATIVE REPUBLICANS!!

ACORN is a CRIMINAL ENTERPRISE that specializes in VOTE FRAUD! ACORN should be RICO'ed!!

WHO put ACORN in this bill?? Obama who was their lawyer??? DODD....BARNEY FRANK??? WHO??

13 posted on 09/26/2008 9:53:20 AM PDT by Ann Archy (Abortion.....The Human Sacrifice to the god of Convenience.)
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To: Candor7

You forgot the “BALD-FACE PACK OF LIES -ALERT” warning.


14 posted on 09/26/2008 9:54:16 AM PDT by expat_panama
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To: Candor7

Henry Blodget? Isn’t he serving 14 to 99? Oh that’s right, he should be. Next. I trust Henry Blodget about as far as I can legally blodgeon him.


15 posted on 09/26/2008 9:55:01 AM PDT by kinghorse (Is market intervention a moral hazard if it stops people who arent forced sellers from selling out?)
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To: Candor7

I got this in my email today!

^^^^^^^^^^^^^^^^

Good day American taxpayer, complments of the season to YOu. Please allow me to introduce myself I am Mr. Henry PAULSON very high official of United States Treasury of United States, Washington, USA. I please to be writing you this day because someone of our mutual acquaintance Mr. BERNANKE vouch for you as trustworthy and gullible individual of high moral standards.

Through no fault of my own I am come to hard straits and although I am a proud man and father, I must beseech your partnership in resolution, an urgent and vexing matter. Through malfeasance and rascality, certain individuals of my close acquaintance have sabotage national banking system, hence an imminent disaster will befall if I am unable to secure the amount of $700,000,000,000 DOLLARS U.S with all utmost haste. This amount is currently being held by millions of fellow Americans but thus far these scoundrels refuse to release the money to me on grounds of that it is not mine infact.

Therefore I must, find a partner who can assist in the collection of this funds with, advance fee of $179.99 DOLLARS U.S a nominal amount I am sure you will agree. In return for you cooperation I am authorized to release as a token of my good faith to you one iRobot Scooba Floor Washing Robot, can thoroughly clean a floor with FOUR (4) cleaning stages, prep,wash,scrub,dry, and include one bottle of 8 OZ. (8 ounce) Scooba Juice cleaning fluid. This robots can follow walls and crisscroos rooms without need of human agency. Not to be use on carpet, laminate, stone of course I am sure you understand. for such price you would not expect to buy such Scooba but I, can assure you.

After funds of $700,000,000,000 DOLLARS U.S I will forward informations regarding fully protection of all funds, liabilities, equities and other such financial aspects. For now I must ask you to simply place your trust in me as you would a brother, for, are we, all not brothers?

I pray, that this message find it in your heart, to enter in partnership with me in interest of forestalling disastrous circumstance. Should you prefer not to assist me, with funds, I shall direct my I.R.S agents to procure the funds anyway from you, this voluntarily way is more amenable and you will atleast get a SCOOBA mop robot out of the deal, as fate wills it.

Your friend everlasting,

Mr. Herny PAULSON
United STATES Treasure


16 posted on 09/26/2008 9:55:29 AM PDT by Attention Surplus Disorder (Tired from wondering whether we wake up in the newest socialist country tomorrow.)
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To: Concho

THIS IS ONE BILL THAT SHOULD BE EARMARK FREE! Man O Man!


17 posted on 09/26/2008 9:55:52 AM PDT by divine_moment_of_facts ( "The carnage of the free love generation has come home to roost.")
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To: Candor7

Because McCain so often aligns himself with the DeMint and Shelby branch of the party. Yeah right. Nice reach.


18 posted on 09/26/2008 9:56:43 AM PDT by kinghorse (Is market intervention a moral hazard if it stops people who arent forced sellers from selling out?)
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To: Candor7
reportedly broke up an agreement on the bailout deal.Rush just made it clear, McCain did NOTHING to blow up the deal. There WAS NO DEAL. Obama was put in charge of the meeting and screwed it up royally!!! It was a Marxists sham meeting to make Obama look good and he blew it big time. Rush says he spoke to several people in the know, who were there.
19 posted on 09/26/2008 9:58:16 AM PDT by RetiredArmy (Dimocrats are Marxists and socialists. A shame that 50% of America identifies with them.)
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To: Question Liberal Authority

How I love those words. How I felt hearing them the first time, realizing that he was giving us the speech Bob Craner gave him... I hope to never forget their impact.

Tatt


20 posted on 09/26/2008 9:58:43 AM PDT by thesearethetimes... ("Courage, is fear that has said its prayers." Dorothy Bernard)
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To: kinghorse

Something happened in that meeting yesyerday... McCain saw what when down, and is going to the debate, because he knows which button to push to make Barry-O lose it. Let us all pray he is successful.


21 posted on 09/26/2008 9:59:47 AM PDT by BigEdLB (Let's get serious - there is only one choice - McCain/Palin 2008)
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To: Concho

Liberals, once again CANNOT think past the immediate, temporary and personal.

Some things never change.


22 posted on 09/26/2008 9:59:51 AM PDT by SMARTY ('At some point you get tired of swatting flies, and you have to go for the manure heap' Gen. LeMay)
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To: kinghorse

Something happened in that meeting yesyerday... McCain saw what when down, and is going to the debate, because he knows which button to push to make Barry-O lose it. Let us all pray he is successful.


23 posted on 09/26/2008 10:00:02 AM PDT by BigEdLB (Let's get serious - there is only one choice - McCain/Palin 2008)
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To: SMARTY

Bingo!


24 posted on 09/26/2008 10:01:40 AM PDT by divine_moment_of_facts ( "The carnage of the free love generation has come home to roost.")
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To: Question Liberal Authority

McCain is right it is time to start fighting the evil Demorats.

Compassionate Conservatism Is Dead!!!!!


25 posted on 09/26/2008 10:02:34 AM PDT by blf1776 (Compassionate Conservatism Is Dead)
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To: Candor7

Explain something to me - Wayne Hage used to say that the federal government took ownership of the public lands and eliminated split estate interests to perfect collateral for our {inter]national debt. In this deal, it would seem that the US would end up owning some paper on our private mortgages. Will this be a sort of collateral ballast to offset our growing huge national debt?


26 posted on 09/26/2008 10:03:44 AM PDT by marsh2
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To: EagleUSA
Meanwhile, while the dumboRATs play politics with our financial future, the Russians are sending military assets south of our border in South America........

The dumboRATs fiddle while our country burns.

Sickening......

27 posted on 09/26/2008 10:04:02 AM PDT by bayliving (Democrats used to be funny. Now they're just plain dangerous.)
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To: Candor7

“The Hanke-Panke Plan”

Love it!


28 posted on 09/26/2008 10:07:03 AM PDT by mr_hammer (Checking the breeze and barking at things that go bump in the night.)
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To: Candor7
the panicked Republican Treasury Secretary

Note to author - Paulsen is a democrat

29 posted on 09/26/2008 10:07:56 AM PDT by Go Gordon
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To: Candor7

Great angle to this story. But, it will only work if the McCain campaign and surrogates play it out this way and ALL OF THEM stay on the same page on this.

So far, I have seen little evidence that ‘our side’ is taking it to the people with the true situation.


30 posted on 09/26/2008 10:14:57 AM PDT by LibFreeUSA (..)
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To: Attention Surplus Disorder
That's from today's WOOT.
31 posted on 09/26/2008 10:20:04 AM PDT by dpwiener
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To: Candor7
John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal.

McCain broke up nothing; there was nothing to break up. I just wrote this on another thread, it bears repeating here: the reason this POS plan didn't sail through yesterday is due to the fact that no one bothered to get any House Republicans on board. Why is that important, when there is a majority of Dems in the House? Because they are all up for re-election in little more than a month, the folks back home are burning down the phone lines telling them not to vote for the Paulson plan. They remember what happened to reps who voted against the wishes of their constituents, ie., Marjorie Margolies-Mezvinsky, who let Clinton con her into being the tie-breaking vote for his first budget, and Dave McCurdy, who let Clinton talk him into voting for his crime bill. They both lost their seats.

There are not enough House Dems willing to risk it and they need the Republicans for cover votes, it's as simple as that.

32 posted on 09/26/2008 10:22:05 AM PDT by MozarkDawg
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To: Go Gordon
"the panicked Republican Treasury Secretary

Note to author - Paulsen is a democrat

Correction, Paulsen is an Obama Democrat who kneels in subjugation before uberliberal Nancy Pelosi.

33 posted on 09/26/2008 10:23:42 AM PDT by cookcounty ("A ship in harbor is safe, but that's not why the ship is built." ---Governor Sarah Palin)
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To: marsh2
I guess it depends on what kind of mortgage you have.I would say that the federal government will own paper on roughly 30% of all residential mortgages in the US, if this bail out succeeeds in its present form.That should make the job of the IRS much easier in going about its business, as well as other governmental seizure processes. Financial privacy will become a thing of the past for many Americans.

If I had a mortgage ( Which I do not, we paid ours off a year ago) that was packaged to the Fannies, I would be refininacing for a strictly in house mortgage with a bank that has most of its assets outside the USA, like Barclay's or say one of the clean US three ( Wells Fargo etc.), even if it meant a higher interest rate, 30 year fixed.

I would be on that like a dog on the bone.

People need to get as far away from these socialists as possible. I still invest in US stocks, but through an off shore investment bank. Like many Americans now, I have no money in US banks, nor any money in country where the US dollar can quickly be converted to a more stable currency. I had my "bank run" a year ago. Of course I still pay US taxes and always will, but the socialists will never have anything to say about my money and how it is invested, either directly or indirectly through any market manipulation, including this bail out.

Anyone can do that. It just takes a little work.

There are three US banks that are clean. Wells Fargo is one. I forget who the two others are. I had no way of knowing that a year ago, or I would have went with them.

34 posted on 09/26/2008 10:23:49 AM PDT by Candor7 (Fascism? All it takes is for good men to say nothing, (http://www.theobamafile.com/))
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To: Go Gordon
Note to author - Paulsen is a democrat

Yep and who appointed him
35 posted on 09/26/2008 10:25:28 AM PDT by uncbob
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To: edpc

Just goes to show that ZeroBama has Zero leadership abilities. Without his teleprompter, tied into George Soros’ microphone of course, ZeroBama cannot even speak a complete, cogent sentence.


36 posted on 09/26/2008 10:26:34 AM PDT by RightWingConspirator (Swiftboating: Revealing inconvenient truths about Democrat candidates)
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To: Candor7
John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal.

Only wish this was true
37 posted on 09/26/2008 10:26:39 AM PDT by uncbob
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To: MozarkDawg
There are not enough House Dems willing to risk it and they need the Republicans for cover votes, it's as simple as that.

Exactly --the GOP better not cave
38 posted on 09/26/2008 10:29:16 AM PDT by uncbob
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To: MozarkDawg
McCain broke up nothing..............

Think again FRiend. I do not know the details of what happened in the White House cabinet room. What I do know is that Obama would not have been there TO BLOW IT if McCain had not gone off his campaign. ( Obama was supposed to tie McCAin up and keep him busy outside of Washington, he failed). Harry Reid was in an absolute tizzy that McCain showed up, like a pedophile caught in a kids bedroom with his pants down. What a bunch of sick crooks he and Barney Franks are.

Whatever. McCain is the spoiler here, and I wish him and his Conservative Group every success at ending the ACORN/ LAZAR socialist boondoggle move to convert our economy to community service rather than profit.

39 posted on 09/26/2008 10:31:20 AM PDT by Candor7 (Fascism? All it takes is for good men to say nothing, (http://www.theobamafile.com/))
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To: Candor7
John McCain roared into Washington yesterday and reportedly broke up an agreement on the bailout deal.

I think in this case the heroes of the bailout block are others in Congress. I think it was a decision made by the rank and file before McCain hit town, and that he was the follower and not the leader in this. But he did have the good sense to join in and take the stand.

40 posted on 09/26/2008 10:35:06 AM PDT by Non-Sequitur
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To: Carley
For some reason the image of Matt Dillon and the words “The Sheriff is back in town” come to mind!
41 posted on 09/26/2008 10:47:50 AM PDT by Left2Right ("It's going to be a long eight years...maybe not!")
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To: Candor7
What I'm saying is that McCain showing up at the White House was not the impetus to whatever *deal* was bargained being destroyed, it was NOT getting any House Republicans on board in the first place, since they obviously do not have 218 House Democrats willing to risk their seats to vote for this load.

Spoiler ... yes, I'll grant that one, Reid was correct in his first comment about this, McCain is necessary to getting the House GOP to commit some cover votes -- he just didn't bargain on the fact that McCain would actually go back to D.C. to do it.

42 posted on 09/26/2008 10:57:51 AM PDT by MozarkDawg
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To: Candor7

Well, the Rass daily tracking poll seems to be indicating the McCain misstepped. I have to say that in hindsight he could have come to Washington without suspending his campaign.


43 posted on 09/26/2008 10:59:31 AM PDT by FlipWilson
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To: FlipWilson
I have to say that in hindsight he could have come to Washington without suspending his campaign.>>>>>>>>>>>>

Too true, But think about it. Obama was supposed to keep McCain tied up and away from Washington. Mccain , in suspending his campaign, put the Dems into a veritable tizzy. Look at Harry Reid. " Stay away McCAin! Stay away from my preciousssssssss!" LOL.

McCain revealed to the nation with his actions that 2 to 3 billion in this bailout is designated to ACORN. Thats enough to get McCain elected by uncommitted voters ,even if the ACORN earmark is left in the bailout.

I am glad McCain "suspended" his campaign and dedicated it to revealing the truth about the Bailout Bill. In so doing he dragged Obama after him, and apparently, Obama made a comlete ass of himself in the cabinet room last night.

The suspending of the campaign was bait, and the Dems fell for it, hook, line and tinker.

Now EVERYBODY knows that the Dems attempted to dedicate 30% of our financial sustem to socialist causes rather than profit, EVEN AFTER THE HOUSING INITIATIVE OF SUB PRIME AFFIRMATIVE ACTION MORTGAGES FAILED>

These A$$ HATS never quit do they? America knows now that they need to be turfed , and I look for a shift in the House and Senate because of it. Even Dems like Senator Bernie Sanders know the populist sentiment on the bail out, and he is against the bail out, so he can stay in office.

44 posted on 09/26/2008 11:56:56 AM PDT by Candor7 (Fascism? All it takes is for good men to say nothing, (http://www.theobamafile.com/))
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To: Concho

I wonder why NV shoots itself in the foot with its loyalty to Reid: probably why DE does the same with Biden and Carper


45 posted on 09/26/2008 11:59:36 AM PDT by Theodore R. (Cowardice is forever!)
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To: bayliving

The dumboRATs fiddle while our country burns.
::::::::
Fear not. With an Obamunism presidency, we would be pandering to Chavez and Castro -— all the while we are disarming and devastating our military as Carter and Clinton did....such a comforting feeling laced with looming financial disasters in this country.

I am sooooo proud of Washington, DC and the fine job they have done TO Americans.


46 posted on 09/26/2008 2:21:50 PM PDT by EagleUSA
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To: truthandlife
This is right on. I just hope the Republicans stand their ground. If they do they will save this country as well as win this election.

Despite the pollution from the smoking heaps of sh*t in the dnc and msm, this seems like an emerging no-brainer. If the GOP blows this one, then we are truly screwed.

47 posted on 09/26/2008 5:45:00 PM PDT by hinckley buzzard
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To: Candor7
Harry Reid was in an absolute tizzy that McCain showed up, like a pedophile caught in a kids bedroom with his pants down.

Perfect analogy. And we thought GW was the "new sheriff in town."

48 posted on 09/26/2008 5:48:23 PM PDT by hinckley buzzard
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To: blf1776

Compassionate Conservatism Is Dead!!!!!

__________________________

Well said. Perhaps we can practice “Constitutional Conservatism” instead. That has a nice ring to it.

Most of our fellow citizens believe capitalism failed. We don’t have true capitalism! The government engineered this problem and I question their ability to fix it while protecting the taxpayer.


49 posted on 09/26/2008 6:02:18 PM PDT by volunbeer (Dear heaven.... we really need President Reagan again!)
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