McCain responds to failed bailout with promise to work for a new plan - and harsh attacks on Obama

The world finally got a response from John McCain late this afternoon to the monumental failure of the Fed bailout bill in the House thanks to Congressional Republicans and moderate Democrats worried about quasi-socialism. McCain had stayed silent for hours after the plan that he had taken a large amount of credit for negotiating last week blew up in Congress today.

McCain’s speech was short but vital to his campaign, for it set the tone of his economic ability and showed what his campaign’s plan is to explain away such a failure in the face of dire warnings from the Fed and members of Congress about what would happen to the economy and financial markets were the bailout to die permanently. This is the time when McCain could put the high-profile wobbles behind him and change the minds of voters teetering on the verge of real fear for their lifestyles and financial futures.

McCain made a point of being optimistic about tweaking the bailout legislation to make it more palatable to GOP opponents - McCain included, having said he was concerned about the bill but would “swallow hard” and vote for it.

But was that steady reassurance clouded by what the Obama campaign has called a “hyper-partisan” attack on Obama and House Dems for themselves playing politics with such important legislation? McCain accused Obama and his “Congressional allies” of putting “short-term political goals” ahead of  “what’s best for the American people.”

Remember that it was McCain who made a huge spectacle of suspending his campaign last week and holding his participation on the Mississippi debate hostage in what was essentially a move for political gain, a trick to bolster his economic image and seize the momentum and dialogue from Obama. It didn’t work, but no question that he was playing for “short-term political goals.” To accuse Obama of the same is flatly hypocritical - plain and simple.

Script and video of McCain’s remarks are below.

“I speak to you at an hour of crisis for our nation’s economy.

“I believe the crisis facing our economy could have a grave impact on every American worker, small business owner, and family if our leaders fail to act.

“I share the anger and frustration that many Americans feel toward reckless and corrupt mismanagement on Wall Street and in Washington.

“I returned to Washington last week to work on a bipartisan rescue plan. It was the only plan at that time on the table but lacked enough support to pass. It also lacked sufficient accountability and transparency to justify expenditure of the taxpayers’ money.

“At the time, the concerns of all members were not being heard. My colleagues were worried about the size of the plan and the risk it posed to taxpayers. I shared those concerns and I laid out principles that I thought must be adhered to. Those principles included responsible oversight, effective transparency, added protections for the taxpayers, and a cap on excessive salaries for executives.

“I also believe that the legislation should have no earmarks. I worked hard to play a constructive role in bringing everyone to the table. The plan is now significantly improved. We strengthened taxpayers’ protections and oversight, and the taxpayers were on the hook for less money up front. Don’t get me wrong - it isn’t perfect. And the fact that taxpayers could have to spend a single dollar to create stability in our economy is a decision that I do not take lightly.

“I was hopeful that the improved rescue plan would have had the votes needed to pass because addressing a credit crisis is of vital importance to families, small businesses, and every working American who must be assured that their assets are safe and protected and that our economy will continue to function.

“Today, I’ve spoken to the Federal Chairman Bernanke, Secretary Paulson, Congressional leaders and now it’s time for all members of Congress to go back to the drawing board.
“I call on Congress to get back obviously immediately to address this crisis. Our leaders are expected to leave partisanship at the door and come to the table to solve our problems. Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time to fix the blame. It’s time to fix the problem.

“I would hope that all our leaders, all of them, can put aside short-term political goals and do what’s in the best interest of the American people. Thank you.”

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