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In the wake of the financial crisis, Republican presidential candidate John McCain has announced he is suspending his campaign to return to Washington DC to meet with leaders to resolve the crisis. He's also asked for Senator Barack Obama to do the same as well as for a rescheduling of the presidential debate. McCain's statement is after the jump.
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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Oh, good grief. This is silly. Equating this to 9/11 is ridiculous. First of all, 9/11 was a surprise. This crisis started with Bear Sterns, and is not, therefore, a surprise at this point.
Second, what kind of socialist is McCain? The government will meet to resolve this crisis? I thought he was a deregulator.
I don't think McCain cancelling the debate is even legal. I mean really.
Obama's campaign is saying the debate is still on.
WTF.
This guy honestly believes that changing the date of a NINETY minute debate is going to solve the economy's problems?
And if Obama doesn't agree to this, will McCain accuse him of being Unpatriotic?
What a load of malarkey! And you're right Chicago D...how dare he invoke 9/11 (who does he think he is, Guiliani?
"My friends, I need to go an write my good buddies on Wall Street a big honking check. I'll be back boring the hello out of you next week."
I'd say that right now we NEED a debate and John McCain needs to answer for why the republican majority in all three branches of government from 2000-2007 is NOT to blame for cataclysm on Wall St.
And when will he "resume" the campaign? When the dow is kissing 12000 again? Are we safe then John?
What BS. Saying he's "suspending" his campaign is STILL a form of campaigning. "Hey, look, America, I care so much about the economy that I'm going to stop campaigning. But of course I'm going to make a big statement about it. And of course I have to point out that it was I, and not Obama, that stated this and that I have asked him to do the same and if he doesn't, well, you'll see who cares most about America...."
Doublespeak BS.
Ok, so... instead of say, changing the debate subject to the economy, which would allow us to all see WHERE they stand on it... we're just going to cancel it? WTF?
Next thing you know, he'll try to cancel the election because he didn't have time to campaign.
He's not equating this with 9/11- he is suggesting that in the same way politicians put the partisan BS aside after 9/11, so too should they now.
Whether or not you think the campaigns should be suspended or not, I have a sneaking suspicion that if Barack was the one to initiate talk of suspending the debate and campaign most of you would be gleefully celebrating Barack's 'unmatched leadership' on economic matters.
McCain is such a two faced ass. When the financial crisis was only on Main Street he claimed, "the fundamentals of the economy are sound." As soon as Wall Street goes down the crapper he begins a monastic seclusion until the problem is solved. Give me a break!
Neither McCain or Obama sit on any committees that are relevant to the topic (or did I miss the Native American investment bank that failed [McCain sits on Indian Affairs]). Their presence in DC would only add to the circus. McCain wants a day to prepare for the debate and is using this as an excuse to get it. If they have suspended the campaign how come the donate link is still active? Why are there still commercials running? This is just a blatant pander to people who are pissed off about the bailout/wall street financial crisis.
By suspending the campaign, however, he keeps Palin out of the spotlight, and reduces/eliminates potential gaffes by her that could cost him the election.
Run and Hide! Duck and Cover!
This is just political maneuvering. Where was McCain when all these other financial decisions were being made, at a massage parlor? Jeez.
mepps,
yeah...but Barack isn't delusional. He would never stoop this low.
McCain is showing how arrogant and self-important he is. He's sooo worried about the economy. Right.
Then might I suggest that he ask that Fiorina woman to give her undeserved bonus back to HP? Oh...that's right...he doesn't know about any bonus she got.
The new campaign strategy is to hide?
Is it worth pointing out that the McCain is running on a platform of saving Washington from republicans just like him who've been in power for decades?
Run and hide John. Run and hide.
Mepps you must be joking: Obama wouldn't do this - he's not an idiot.
Yeah McCain is so worried maybe he should donate i don't know, half, of his "i don't know how many houses i have" to our economy...?
it's so sad this country is going to elect that moron. but this country is a bunch of morons. i kind of hate living in a blue state because everyone really thinks obama's going to get elected. at this point, we don't deserve such a great leader. we deserve to implode.
Albany,
I think we could use up all of Chicagoist's space by playing the "Let's point out the hypocrisies of the John McCain Campaign" game.
I'll start:
John Mcain's campaign manager was getting paid $15,000 a month by Freddie Mac up until one month ago, but J. McCain claimed he had nothing to do with Freddie Mac since 2005.
And I have a sneaking suspicion that if McCain's response to this economic crisis hadn't gone from "the fundamentals of our economy are strong" to reports that his campaign manager was on a $15K retainer until last month with Freddie Mac, the media finally remembering he was a member of the Keating Five and if he was still ahead in polls, he wouldn't have tossed out this gambit.
They can mutually suspend campaigns through the end of the week but have the debate as scheduled, only focus on economic matters solely. Give us a chance to see that classic McCain temper — and some serious flop sweat — in hi-def.
From McCain, "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."
If it is so important why is he going to speak at the Clinton Global Initiative? That is almost 24 wasted hours. Imagine if Jack Bauer were on this. It would be solved just as McCain is finishing up at CGI.
What a pandering son-of-a-bitch McCain is.
Chuck, do you have evidence for this stuff about FreddieMac or are you just spewing this mornings posts from huffingtonpost?
How many times has a Chicagoist staffer research factual information?
Give us a chance to see that classic McCain temper — and some serious flop sweat — in hi-def.
I love you Chuck.
I've been clamoring for this since he became the front runner. The ghost of John McCain, pale, sullen, angry next to Obama.
Kennedy/Nixon. Except this time Kennedy not only looks more presidential, but has the substance to boot.
Mepps,
you: "He's not equating this with 9/11- he is suggesting that in the same way politicians put the partisan BS aside after 9/11, so too should they now."
Hmmm. I'm usually pretty solid on the reading comprehension. I am pretty confident that "in the same way . . ." is the beginning of, in fact, equating two items. 9/11 has no role in this discussion, except for McCain to remind people he was a stud fighter pilot (which he was).
As for your second point. Fair enough. Of course, Obama's entire record has not been one of deregulating and explaining that economic issues cannot be legislated out of.
@mepps:
If there weren't, oh, I don't know, less than six weeks until election day... I wouldn't think it was quite as much desperation, no matter WHO did it.
There is no TIME to suspend the campaign. Sorry. Deal with it, as a President would. Both of them.
Let's not forget about Phil Gramm, campaign honcho for McCain until he made the "nation of whiners" comment. His boy was neck deep in the lobbying and deregulation that drove the mortgage crisis as well as the Enron debacle.
I heard the McCain/Fannie Mae report on NPR this morning. That does not make it true, but it also is not Huffington.
You guys are nuts. I never said it's a great idea and there's a ton of time for it. Take a deep breath!
Kennedy/Nixon. Except this time Kennedy not only looks more presidential, but has the substance to boot.
Yep, and boy, Kennedy sure stuck it to that ol' Nixon! Biggest presidential blowout in history, right? Didn't Kennedy win the popular vote by 40-50 million votes? The debates will make Obama a shoo in for sure.
@ mepps
Rick Davis: McCain's Campaign manager
William Timmons Sr: Head of McCain's transition team
Your using the NYTimes?!?!
This is the same paper that put up a front page story about Mccain having an affair just several months ago, which within several hours of publication turned out to be a complete fabrication?!?!
"Today the New York Times launched its latest attack on this campaign in its capacity as an Obama advocacy organization. Let us be clear about what this story alleges: The New York Times charges that McCain-Palin 2008 campaign manager Rick Davis was paid by Freddie Mac until last month, contrary to previous reporting, as well as statements by this campaign and by Mr. Davis himself.
In fact, the allegation is demonstrably false. As has been previously reported, Mr. Davis separated from his consulting firm, Davis Manafort, in 2006. As has been previously reported, Mr. Davis has seen no income from Davis Manafort since 2006. Zero. Mr. Davis has received no salary or compensation since 2006. Mr. Davis has received no profit or partner distributions from that firm on any basis -- weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annual or annual -- since 2006. Again, zero. Neither has Mr. Davis received any equity in the firm based on profits derived since his financial separation from Davis Manafort in 2006."
The NYTimes puts qoutes around rumors and has no actual sources for this story.
Whether or not you think the campaigns should be suspended or not, I have a sneaking suspicion that if Barack was the one to initiate talk of suspending the debate and campaign most of you would be gleefully celebrating Barack's 'unmatched leadership' on economic matters.
Maybe some would, but I'd be just as pissed about it as I am right now. This is nothing more than gamesmanship.
This is almost as good as:Obama concedes bailout costs may force him to adjust plans.
Mepps:
Stop playing the refs, it's cheap and lame.
Plenty of non-partisan, even REPUBLICANS, have slammed McCains tactics, ideas and his campaigns deep connections to the finance-ocalypse.
26 years in Washington, Keating 5 and lobbyist running his campaign and the NY Times is the problem?
FAIL. Try again.
No HuffPo NYT and Newsweek. Unless even Newsweek is too liberal for you, Terpstra.
Bottom line, in the past week one candidate has acted with grace, thought and dignity during this crisis while the other has changed positions like a weather vane in a hurricane. Guess which one describes McCain?
@ Mepps:
Do you really want to be that jackass?!?!?!?. I also referenced bloomberg and for the record:
Rick Davis: McCain's Campaign Manager
The NYTimes puts qoutes around rumors and has no actual sources for this story.
Mepps, I like how you paste somebody else's lame piece on the NYT in your comment but don't even say where it's from.
Also I remember how conservatives loved the New York Times back when Judith Miller was basically just reposting the Bush admins lies about Saddam's wmd capabilities and sucking Chalabi's you know what. They loved the NYT back then..
If he's 'suspending' his campaign, does that mean he's not running any more?
I actually think it was refreshing to hear that both Obama and McCain were going to go do their jobs. I have a huge problem with someone that we elect (In Illinois case, Obama) running for another office while he is technically still on the hook to represent us.
In any case, McCain suddenly releasing the statement that he was going back to Washington and to delay the debate, all in the interest of bi-partisanship was bullshit. It was a stunt at that point. I think he is usually sincere when it comes to "reaching across the aisle" - its his lust for the presidency that is causing him to take advice from Rove, etc.
Obama refusing to cancel the debate was the right move. Regardless of them heading back to Washington or not, they can monitor things from afar and fly in for the vote if they need to. Being in the room doesn't help either of them, as they are not on the banking committees in a leadership role.
The time period covered by Capital eye goes back to 1989. In his relatively short time in the Senate, Obama has ALREADY managed to slop up more contributions from both individuals and PAC's associeted directly with Fannie and Freddie that all but ONE other member of either the House or Senate - over $126,000.
BTW John McCain, who has been in the Senate the entire time, was number 62, with 1/5 of Obama's total amount at $21,550. Not a big deal? Perhaps - but if the numbers were reversed, this would be page one news in the New York Times. As it is, don't expect to see much on it.
MWL
Jim Johnson, the former chairman of Fannie Mae who was one of three advisors tapped by Democrat Barack Obama to vet vice presidential candidates, resigned today after questions were raised about favoritism he may have received from Countrywide Financial Corp.
Yeah Obamas friends had nothing to do with this mess
Senator Barack Obama seems to have some really questionable friends and advisers. The latest thing on the radar is his housing adviser, Franklin Raines, who is reported to have “perpetrated an Enron-like accounting scandal as chief executive officer of Fannie Mae, resulting in him receiving millions in compensation over a six year period.”
Wow another Obama advisor getting rich of Fannie and freddie (that means the taxpayer now).
This BS with wall street is truly Bi partisan Obama is in it just as deep as Mcain.
This BS with wall street is truly Bi partisan Obama is in it just as deep as Mcain.
You're *almost* right fed. It *is* truly bi-partisan but undeniably more a result of Republican policy to be certain. I don't give Democrats much better marks, though. That's why we should all be voting for people who *aren't* in the Republican or Democratic parties. Both of them care more about the leaders of high-finance than us lower downs.
You're *almost* right fed
Wow Navin first fried pickles and now this. We will be sitting at a bar stool throwing back cold ones wondering whatever happened to Spook and Spav1 in no time.
Ha, if we can just agree that both Dems and Reps are generally worthless then I can see a round of beers for sure!
Obama right. Have the debate. It is blatantly obvious that McCain procrastinating.
Why the delay by McCain? So he won't enter the first debate in the MIDDLE of the crisis, as one who on the Republican side, i.e., the side that is perceived by the public as the more guilty side of the crisis.
And I write all that as one who is against Obama.
Ward Up, I have never agreed with you before . . . I am giddy.
Frankly, I would respect this move if McCain (or Obama) were actually on a relevant committee, or even known as an economics geek. He's not, and this looks like dodging, and posturing.
I ask again: does McCain suddenly believe that legislation is the path to resolving economic issues? This is contrary to his entire record. "Maverick" means something other than "random" right? Because the only thread I can discern in McCain's positions is that they are all calculated to win this election, come what may. From Palin to the bailout he seems to be acting solely to win this position. That worries me.
Hell-larious!
McCain does always say
"My friends"!!!
but hellfire, he aint no Friend-o of mine! I've never even recieved a Kwanza card from him let alone one of his surplus houses