By his own account, John McCain’s understanding of economics comes chiefly from reading the biography of Alan Greenspan. As the country is convulsing under the financial crisis, and while politicians and bureaucrats cannot agree on what to do about it, John McCain is coming to Washington, to the rescue!
McCain has “suspended” his campaign in order to go to Washington to try to help politicians reach a consensus on the Wall Street bailout. This is right after he fired a mighty salvo towards Republicans when he said that the bailout proposal could not go through in its current form. I believe this was very detrimental to the original bailout plan proposed by Paulson and Bernanke, because this plan had from the beginning relied on a vast amount of political spin and outright deception. Of course it did not help that the utterly discredited President Bush went on TV last night, trying to tell Americans how great this plan was.
What exactly is McCain going to do in Washington? He already helped to derail the plan, and he obviously does not understand what’s going on with these complex, fictitious assets, nor could he ever come up with tangible ways to deal with the problem, so… I don’t know. Is he going to try to get all of his pals in Washington together so that they can solve the problem together?
But wait, isn’t John McCain the guy who tells his fellow Republicans that they suck, in addition to being the guy who runs one of the dirtiest campaigns ever launched against the Democrats? Why is he going to Washington to talk about things he does not understand with people who don't like him?
McCain’s campaign is simply becoming ludicrous. He knows that this focus on the economy is hurting his poll numbers, and he knows he can’t win a debate about it, so he tries this thing. Republicans, Democrats and voters alike are simply laughing at the stunt, as it turns out.
Maybe Sarah Palin could help, though. We could propose to build a tunnel to New Zealand, take the money, and then oppose it, then use the money to bail out Wall Street!