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post #1 of 259 (permalink) Old 09-24-2008, 12:06 PM Thread Starter
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He thinks the bailout package will not pass, and will suspend his campaign and the debate he was sure to win, in order to try and bring the country together in order to fend-off disaster! Wow!!

NEW YORK (AP) - Republican John McCain says he's directing his staff to work with Barack Obama's campaign and the debate commission to delay Friday's debate because of the economic crisis.
In a statement, McCain says he will stop campaigning after addressing former President Bill Clinton's Global Initiative session on Thursday and return to Washington to focus on the nation's financial problems.

McCain also said he wants President Bush to convene a leadership meeting in Washington. Both he and Obama would attend the session.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

McCain seeks to delay debate to focus on economy

Don't believe everything you think
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post #2 of 259 (permalink) Old 09-24-2008, 12:07 PM
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You have got to be kidding..... So McCain wants to hide in the same closet he's been keeping Palin in?

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #3 of 259 (permalink) Old 09-24-2008, 12:10 PM Thread Starter
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WASHINGTON (AP) - President Bush readied a prime time speech to the nation and Treasury Secretary Henry Paulson accepted a major change in legislation for a $700 billion bailout of the financial industry on Wednesday as the administration scrambled to prevent further deterioration in the economy.
Republican officials said that Paulson had bowed to demands from critics in both parties to limit the pay packages of executives whose companies benefit from the proposed bailout. They spoke on condition of anonymity because Paulson's decision had not been formally announced.

White House officials said Bush's speech would dwell on the financial crisis.

Press secretary Dana Perino said the president wants to tell the American people how the crisis affects them and help them understand the depth of the problem.

The developments came as the administration sought to overcome obstacles in Congress to speedy enactment of an unprecedented government bailout of the beleaguered financial industry.

Federal Reserve Chairman Ben Bernanke told Congress on Tuesday that failure to act quickly could trigger deepening in the credit crisis that would lead to a recession, with rising unemployment and increased home foreclosures.

Appearing before lawmakers for the second day in a row, he added on Wednesday that global financial markets are under "extraordinary stress."

Paulson, who with Bernanke heard withering criticism of the bailout plan on Tuesday, met for the second consecutive day with House Republicans, some of whom have announced their opposition to any federal bailout of the private financial markets that form the backbone of American capitalism.

Other Republicans appear to be more open to legislation, according to congressional and administration officials, although on different terms than the White House proposed last weekend.

Majority Democrats have also criticized the administration's legislation, demanding major changes. At the same time, they have stressed they stand ready to work with the White House to head off an economic catastrophe.

House Speaker Nancy Pelosi met with administration officials to discuss the legislation, and told reporters later, "we're moving in a productive direction." She declined to discuss specifics.

Amid speculation that votes on any legislation could slip into next week, she said, "We'll finish it when it's ready. I'd rather it be sooner rather than later."

Numerous Democrats have said privately in recent days they are wary of voting for the administration's proposed legislation without significant Republican support.

But so far, there was little evidence of support within the GOP rank and file.

"It's a tough sell to most of our members," said Rep. Tom Davis, R-Virginia, after a closed-door meeting with Paulson and Bernanke. "It's a terrible plan, but I haven't heard anything better."

Compounding the administraiton's challenge, Republicans and Democrats both say Bush has lost credibility, particularly in cases where he argues there will be dire consequences if Congress doesn't act.

"They sold the war, they sold the stimulus package and some other things. It's the 'wolf at the door' " argument, Davis said.

The presidential campaign added yet another layer of complexity.

Some Democrats expressed concern that they would side with an unpopular Presidnet Bush, only to have Republican presidential candidate John McCain oppose the measure and try to ride his opposition to victory over Barack Obama.

So far, neither McCain nor Obama has indicated how they would vote on the measure.

Paulson has been negotiating for days with Democrats over the details of the legislation, and while his acceptance of some limitation on so-called "Golden Parachutes" for departing executives removed one obstacle, others remained.

Democrats have called for greater protection for taxpayers, possibly by requiring that the government receive partial ownership—and a share of future profits—of companies that accept help through the proposed bailout.

Additionally, they want to allow bankruptcy judges to rewrite mortgages to ease the burden on consumers who are facing foreclosure.

Another demand, for provisions that give Congress greater authority over the bailout, have already been accepted in principle.

For their part, some Republicans have called for a suspension of the capital gains tax to free money for investment.

Even some of the supporters of the bailout sounded less than enthusiastic.

"It's not my job to just echo people being mad. I'm going to choose the bad choice over the catastrophic choice," said Sen. Lindsey Graham, R-S.C.

Speaking to South Carolina reporters, he added, "We don't have the luxury of kicking this can down the road like we did with immigration or Social Security and dealing with it another day hoping somebody braver than us will come along and have courage that we can't muster to deal with immigration or social security. This is on our watch."

Reflecting the urgency, Bush scrapped plans to fly from New York, where he addressed the Uninted Nations General Assembly earlier in the week, to a political fundraiser in Florida.

Bush to address nation tonight on economy woes

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post #4 of 259 (permalink) Old 09-24-2008, 12:12 PM
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LOL.. that's what i am thinking too GS. he should just admit that he's skeert.. what a douche

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post #5 of 259 (permalink) Old 09-24-2008, 12:15 PM
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Who would want to be dealing with the fall-out of this shit for the next four years?

The nest president is unlikely to be popular,whoever he/she may be.

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post #6 of 259 (permalink) Old 09-24-2008, 12:17 PM
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Clueless McCain.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #7 of 259 (permalink) Old 09-24-2008, 12:21 PM Thread Starter
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But McCain looks determined! And here's what he said:

Wed Sept 24 2008 14:58:02 ET

MCCAIN: America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration' proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night's debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.


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post #8 of 259 (permalink) Old 09-24-2008, 12:23 PM
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Someone must have accidentally told McCain he was going to get slaughtered during the debates, and Palin too.

What spineless fucking bullshit.
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post #9 of 259 (permalink) Old 09-24-2008, 12:24 PM
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Originally Posted by GermanStar View Post
You have got to be kidding..... So McCain wants to hide in the same closet he's been keeping Palin in?
BO was the one who turned down the offer to debate in 10 open forums!
Um ah,why I don't know!

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post #10 of 259 (permalink) Old 09-24-2008, 12:35 PM
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Originally Posted by Multipurpose View Post
BO was the one who turned down the offer to debate in 10 open forums!
Um ah,why I don't know!
Town HALL forums, not open forums. Totally different things.


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